Hydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024
The hydrogen energy storage market is expected to reach USD 18.2 billion by 2024, at a CAGR of 5.8% from 2019 to 2024
The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. There is an increase in demand for hydrogen in chemical industry and demand for hydrogen in the stationary and portable power. Hydrogen energy storage technology has opportunities such as growing commercialization of power-to-gas technologies and demand for hydrogen as fuel in vehicles.
“Gas state of hydrogen energy storage dominate the global market”
The gas segment of hydrogen energy storage market is expected to be the largest market, by state , during the forecast period. Multiple methods are available to store hydrogen as a compressed gas such as, pressure tanks, underground storage, and line packing. Storing hydrogen gas via compression is an easiest and cost effective method as compared to liquefaction of hydrogen, which is the reason for its high demand in the hydrogen energy storage market globally.
“Compression segment hydrogen energy storage dominate the global market “
The compression, by storage technology is estimated to be the fastest-growing during the forecast period. This growth is attributed as compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it and hence its demand is increasing in the hydrogen energy storage market globally.
“North America to lead the global hydrogen energy storage market in terms of growth rate.”
The hydrogen energy storage market in North America is projected to grow at the fastest rate during the forecast period. The major reason for the growth in this region is attributed to rise in fuel cell applications, tight regulations with regard to emission control, and use of cleaner fuels. Furthermore, growing demand for hydrogen powered fuel cells is also likely to drive the market in this region.
Besides North America , Europe was one of the largest markets for hydrogen energy storage. The demand for hydrogen energy storage in Europe is mainly driven by increase in fuel cell-based electric vehicles and hydrogen storage infrastructure.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I-55%, Tier II-30%, and Tier III-15%
By Designation: C-Level-60%, Director Level-20%, and Others-20%
By Region: North America - 40%, Europe- 30%, Asia Pacific- 15%, Middle East & Africa- 10%, South America-5%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The global hydrogen energy storage market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen energy storage are Hydrogenics(Canada), ITM Power(UK), Hexagon Composites(Norway), Worthington Industries(US), Linde(UK), Nel Hydrogen(Norway), Plug Power(US), Chart Industries(US), Air Liquide(France), Air Products and Chemicals(US) and Hydrogenious(Germany)
The report defines, describes, and forecasts the global hydrogen energy storage market, by state, storage technology, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the hydrogen energy storage market.
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