Hydrogen Energy Storage Market Report and Forecast 2025-2034

The global hydrogen energy storage market reached a value of about USD 17.95 Billion in 2024. The market is further estimated to grow at a CAGR of 5.60% in the forecast period of 2025-2034 to reach a value of around USD 30.95 Billion by 2034.

Rising Demand for Compression Technology to Propel the Market Growth of Hydrogen Energy Storage

Based on the technology, the thriving compression segment is driving the market growth of hydrogen energy storage owing to its surging usage in storing gaseous hydrogen. The high efficiency (94%) of energy storage by hydrogen compression is providing impetus to the market expansion of hydrogen energy storage. The increasing hydrogen storage pressure increases the volumetric storage density, thereby invigorating the market. In addition, the pressure vessels used in hydrogen storage are easy to build and use, which is accelerating the development of the market.

Moreover, the utilisation of materials such as steel, aluminium, carbon fibre, epoxy resins, and polyethene in the production of pressure is not detrimental to the environment, thus fuelling the market growth. Further, the research activities to develop high-strength, lightweight and chemically inert materials for making pressure vessels with increased volumetric and gravimetric storage densities are expected to aid the market for hydrogen energy storage in the forecast period.

Market Segmentation

Hydrogen energy storage involves converting electricity into hydrogen by electrolysis, and then the hydrogen is stored and eventually re-electrified in fuel cells to use in various applications. Small amounts of hydrogen are stored in pressurised vessels, solid metal hydrides or nanotubes, while large quantities of hydrogen are stored in constructed underground salt caverns.

Market Breakup by Technology

• Compression
• Liquefaction
• Material Based

Market Breakup by Physical State

• Solid
• Liquid
• Gas

Market Breakup by End use

• Residential
• Commercial
• Industrial

Market Breakup by Application

• Stationary Power
• Transportation
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Growing Demand for Renewable Energy to Drive the Market Growth of Hydrogen Energy Storage

The surging demand for renewable energy and the emerging need for better utilisation of such sources are leading to the identification of hydrogen as an energy carrier, thereby propelling the market for hydrogen energy storage. The development of renewable energy technologies at low cost and the disadvantages of batteries as a storage medium is further invigorating the market. In addition, the growing awareness about the importance of a hydrogen economy owing to growing environmental consciousness and the rising need to eradicate the use of fossil fuels is significantly catalysing the market development of hydrogen energy storage. Moreover, the use of hydrogen in various applications such as industries, electricity generation, vehicles, and exploring outer space is bolstering the market.

Also, the government initiatives in promoting hydrogen energy storage are playing a critical role in burgeoning the market of hydrogen energy storage. For instance, the Government of India is supporting a Research Development and Demonstration (R&D) programme on Hydrogen and Fuel Cell (HFC) to address the challenges in hydrogen production from renewable energy sources, efficient storage, and its utilisation in transport applications. Further, the investments in research activities by the market players for the development of efficient hydrogen energy storage technologies are anticipated to augment the market in the forecast period.

Key Players in the Global Hydrogen Energy Storage Market

The report gives a detailed analysis of the following key players in the global hydrogen energy storage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Linde plc
• Air Products Inc.
• ITM Power plc
• Dufresne Private Ltd
• Worthington Industries, Inc.
• Chart Industries, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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