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Hydrogen Energy Storage Market - Analysis, Opportunity & Forecast, 2027

Global Hydrogen Energy Storage Market Size By State [Liquid, Gas, Solid], By Storage Technology [Material based, Compression, Liquefaction], By End-User [Power Generation, Metal Workings, Transportation, Chemicals, Others], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027.

Market Overview

Global Hydrogen Storage market is expected to reach over $20 Billion by 2027 due to the increasing demand for hydrogen in the chemical industry.

Hydrogen energy storage is a form of chemical energy storage where electrical power is converted into hydrogen. This energy can be released again by using the gas as fuel in a combustion engine or a fuel cell. Hydrogen can be produced from electricity by the electrolysis of water, a process that is simple and can be carried out with relatively high efficiency.

Hydrogen energy storage helps to increase the efficiency of energy supply systems such as electric grid, transportation fuels, and gas pipeline systems. It can be stored in pressurized vessels at 100 to 300 bar and also in technologies such as metal hydrides. It facilitates re-electrification in fuel cells with higher efficiency.

Increasing demand for hydrogen energy storage in chemical industries, growing commercialization of power-to-gas technologies, rising demand for renewable energy are the key factors contributing to the growth of the hydrogen energy storage market globally.  

Market Segmentation

Global Hydrogen Energy Storage Market can be segmented into State, Storage technology, End users and Region.

By State, Global Hydrogen Energy Storage Market can be segmented into Liquid, Gas, and Solid. The gas segment is likely to grow significantly during the forecasted period of 2020-27. Storing hydrogen in gas form is cost-effective than liquefaction.

By Storage Technology, Global Hydrogen Energy Storage Market can be segmented into Material based, Compression, Liquefaction. The compression segment is expected to grow significantly during the forecasted period of 2020-27 due to consumers’ preference for storing hydrogen in gas form. Hydrogen in the compressed mode is variedly used in vehicles for road transportation, stationary application for dispensing hydrogen at refueling stations, and at sites for stationary power generation.

By End-User, Global Hydrogen Energy Storage Market can be segmented into Power Generation, Metal Workings, Transportation, Chemicals, and Others. Power generation holds the largest market share due to increasing demand renewable energy is likely to create demand for hydrogen energy storage. The chemical sector is expected to grow significantly during the forecasted period of 2020-27 due to the increasing demand for hydrogen energy storage in the sector.

By Region, Global Hydrogen Energy Storage Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Regional Analysis

North America Hydrogen energy storage market leads the global market and it is likely to dominate the market in the forecasted period of 2020-27. Increasing fuel cell applications, stringent regulations on emission control, and the use of cleaner fuels are key factors driving the growth of the hydrogen energy storage market. The US dominates the North America region as there is an increasing demand for hydrogen in chemical and oil refining industries. 

Competitor Analysis

The key players in Global Hydrogen Energy Storage Market are Air Liquide, Air Products and Chemicals, Linde, ITM Power, Nel Hydrogen, Worthington Industries, Hydrogenics, Chart Industries, FuelCell Energy, Hexagon Composites, Plug Power and others

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