The global hydrogen energy storage market size reached USD 20.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 33.2 Billion by 2033, exhibiting a growth rate (CAGR) of 5.21% during 2025-2033.
Hydrogen energy storage (HES) is a process involving the utilization of power electrolysis through the surplus energy generated by renewables during the low energy demand. It assists in increasing the reliability of supply and reducing carbon emissions and the overall consumption of conventional petroleum fuels. It provides ancillary grid services and fuel for material handling equipment (MHE), such as forklifts and airport tugs. It also offers high storage capacity as compared with pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
Hydrogen Energy Storage Market Trends:
The growing demand for HES to utilize excess electric energy represents one of the key factors driving the market. Moreover, its increasing application in stationary power for providing clean, efficient, and reliable off-grid power to homes, businesses, and utilities is propelling the market growth. In addition, there is a rise in the employment of hydrogen as a fuel as it does not emit greenhouse gases and harmfully affects the environment. This, along with the augmenting use of hydrogen as a fuel cell in electric vehicles (EVs), is contributing to the growth of the market. Besides this, HES offers multiple opportunities to increase resiliency and improve the economics of energy supply systems comprising electric grid and gas pipelines. This, coupled with stringent regulations imposed by the government of several countries to encourage the use of sustainable energy sources, is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to develop enhanced equipment for improving the production efficiency of hydrogen.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hydrogen energy storage market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on product type, technology, application and end user.
Breakup by Product Type:
- Liquid
- Solid
- Gas
- Compression
- Liquefaction
- Material Based
- Stationary Power
- Transportation
- Industrial
- Commercial
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., H2go Power, Hexagon Composites ASA, ITM Power plc, Linde plc, McPhy Energy S.A., Plug Power Inc. and Pragma Industries.
Key Questions Answered in This Report
1. How big is the global hydrogen energy storage market?
2. What is the expected growth rate of the global hydrogen energy storage market during 2025-2033?
3. What are the key factors driving the global hydrogen energy storage market?
4. What has been the impact of COVID-19 on the global hydrogen energy storage market?
5. What is the breakup of the global hydrogen energy storage market based on the product type?
6. What is the breakup of the global hydrogen energy storage market based on the technology?
7. What is the breakup of the global hydrogen energy storage market based on the application?
8. What is the breakup of the global hydrogen energy storage market based on the end user?
9. What are the key regions in the global hydrogen energy storage market?
10. Who are the key players/companies in the global hydrogen energy storage market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Hydrogen Energy Storage Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Product Type
- 6.1 Liquid
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Solid
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Gas
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 7 Market Breakup by Technology
- 7.1 Compression
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Liquefaction
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Material Based
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 8 Market Breakup by Application
- 8.1 Stationary Power
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Transportation
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 9 Market Breakup by End User
- 9.1 Industrial
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Commercial
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
- 11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
- 12 Value Chain Analysis
- 13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
- 14 Price Analysis
- 15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Air Liquide S.A.
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.2 Air Products and Chemicals Inc.
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Chart Industries Inc.
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.4 H2go Power
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 Hexagon Composites ASA
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.6 ITM Power plc
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 Linde plc
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.8 McPhy Energy S.A.
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.8.3 Financials
- 15.3.9 Plug Power Inc.
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.10 Pragma Industries
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
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