Hydrogen Energy Storage Market – Overview
The global hydrogen energy storage market is estimated to expand at ~8.50% CAGR during the forecast period.
Hydrogen energy storage is a process through which the electricity so converted into hydrogen, can be stored and eventually can be re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency of sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. The hydrogen can be stored in pressurized vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored through technologies such as solid metal hydrides with a very high density. Hydrogen energy storage also facilitates re-electrification in fuel cells with efficiencies up to 50% or burned in combined cycle gas power plants.
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The global hydrogen energy storage market is set to witness significant growth due to factors such as reduction in carbon emissions, increasing reliability of power supply, reduction in consumption of conventional petroleum fuels, and hydrogen has higher storage capacity compared to batteries. Moreover, growing investments in research and development of fuel cell technology present opportunity for industry expansion. For instance, in 2017, Kia motors, South American company, announced the launch of H2 based hybrid automobile fuel cell system driving clean feet implementation, thus driving the demand for hydrogen energy storage market.
Power Generation is expected to be the largest end-user segment in global hydrogen energy storage market during the forecast period.
The Hydrogen Energy Storage market has been segmented based on end-user into power generation, transportation, chemicals, and metal working, among others. Among these end-users, power generation segment is the largest segment in the hydrogen energy storage market as increasing renewable energy generation present an opportunity for hydrogen energy storage market. Hydrogen produced by renewable electrolysis offers a promising solution for electric power as well as transportation sector.
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The key players of global Hydrogen Energy Storage market are VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and Air Liquide, among others.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global Hydrogen Energy Storage market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
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