Product Code: EN_2110943 / A10578
The global hydrogen energy storage market was valued at $15.4 billion in 2019, and is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Hydrogen energy storage is the process to store the excess amount of energy through electrolysis. In this process, the hydrogen is separated from chemical solution. The hydrogen energy is stored in three form; liquid, solid, and gaseous form. To store hydrogen in gas form, it requires high-pressure tanks, whereas it can be stored in liquid form only under cryogenic temperature. Hydrogen storage is widely used in fuel cell technologies for stationary power and transport applications.
Growth in demand for hydrogen energy storage, utilizing excess electric energy, is expected to drive the market growth. Rise in prominence of hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth. For example, in July 2018, Enbridge Gas Distribution, a distributor of natural gas in Canada, and Hydrogenics opened power-to-gas facility using the Markham hydrogen energy storage facility in Ontario, Canada. As governments across the globe are focusing more on sustainable power sources, the market is expected to witness steady growth during the forecast period. However, high capital cost of liquid hydrogen and solid hydrogen energy storage may negatively impact the market growth. Liquid hydrogen storage involves high insulation cost to prevent vaporization. Additionally, the storage cost of solid hydrogen remains same even at high volume. Nonetheless, incentive schemes from government and robust investment from industry players may slowly improve the market growth. For instance, in June 2019, Energy Storage Association, the US National Trade Association for energy storage, brought energy storage tax incentive and deployment act. According to this act, all energy storage technologies including hydrogen storage will be eligible for tax incentives.
The global hydrogen energy storage market is segmented on the basis of product type, application, end-user, and region. Based on product type, it is segmented into liquid, solid, and gas. Based on application, the market is classified into stationary power, portable power, transportation, and others. Based on end user, the market is segmented into industrial and commercial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players have adopted acquisition, agreements and partnership to sustain the intense market competition. Some of the key players profiled in the report include Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.
COVID-19 scenario analysis
The hydrogen energy storage market has significant impact of COVID-19 pandemic, owing to travel restrictions and global lockdown norms.
This global lockdown led to cancelled shipments of various energy storage components and hindered project visits. According to a survey of Energy storage association, 62% of respondents faced delay in deployment of projects.
From beginning of May, 2020, over 70 countries including India, US, EU, and Switzerland had taken drastic measures to restrict export and import activities.
However, shifting trend towards decarbonization and sustainable energy resources will further increase the market demand in post-COVID timeframe.
Furthermore, with the growing demand for electric vehicles, large number of industry players are investing in new startups in emerging economies, which will further create new market opportunities in forecast timeframe.
Key benefits for stakeholders
The global hydrogen energy storage market analysis covers in-depth information of major industry participants.
Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides in-depth analysis of the global hydrogen energy storage market forecast for the period 2020-2027.
The report outlines the current global hydrogen energy storage market trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.
Key market segments
By Product Type
Liquid
Solid
Gas
By Application
Stationary Power
Transportation
By End-User
Industrial
Commercial
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
TABLE OF CONTENTS
CHAPTER 1:INTRODUCTION
- 1.1.Report description
- 1.2.Key benefits for stakeholders
- 1.3.Key market segments
- 1.4.Research methodology
- 1.4.1.Primary research
- 1.4.2.Secondary research
- 1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
- 2.1.Key findings of the study
- 2.2.CXO perspective
CHAPTER 3:MARKET LANDSCAPE
- 3.1.Market definition and scope
- 3.2.Key findings
- 3.2.1.Top investment pockets
- 3.3.Porter's five forces analysis
- 3.4.Market share analysis & Top player positioning, 2019
- 3.4.1.Top player positioning, 2019
- 3.5.Market dynamics
- 3.5.1.Drivers
- 3.5.1.1.Growing application as an alternative to fossil fuel
- 3.5.1.2.Increase in demand for sustainable power source
- 3.5.2.Restraint
- 3.5.2.1.High Capital Cost
- 3.5.3.Opportunity
- 3.5.3.1.Robust Investment and Government Support
- 3.6.Impact of COVID-19 on Hydrogen Energy Storage Market
- 3.7.Patent Analysis
- 3.7.1.By Region (2014-2019)
CHAPTER 4:HYDROGEN ENERGY STORAGE MARKET, BY PRODUCT TYPE
- 4.1.Overview
- 4.1.1.Market size and forecast
- 4.2.Liquid
- 4.2.1.Key market trends, growth factors, and opportunities
- 4.2.2.Market size and forecast, by region
- 4.3.Solid
- 4.3.1.Key market trends, growth factors, and opportunities
- 4.3.2.Market size and forecast, by region
- 4.4.Gas
- 4.4.1.Key market trends, growth factors, and opportunities
- 4.4.2.Market size and forecast, by region
CHAPTER 5:HYDROGEN ENERGY STORAGE MARKET, BY APPLICATION
- 5.1.Overview
- 5.1.1.Market size and forecast
- 5.2.Stationary Power
- 5.2.1.Key market trends, growth factors, and opportunities
- 5.2.2.Market size and forecast, by region
- 5.3.Transportation
- 5.3.1.Key market trends, growth factors, and opportunities
- 5.3.2.Market size and forecast, by region
CHAPTER 6:HYDROGEN ENERGY STORAGE MARKET, BY END-USER
- 6.1.Overview
- 6.1.1.Market size and forecast
- 6.2.Industrial
- 6.2.1.Key market trends, growth factors, and opportunities
- 6.2.2.Market size and forecast, by region
- 6.3.Commercial
- 6.3.1.Key market trends, growth factors, and opportunities
- 6.3.2.Market size and forecast, by region
CHAPTER 7:HYDROGEN ENERGY STORAGE MARKET, BY REGION
- 7.1.Overview
- 7.1.1.Market size and forecast
- 7.2.North America
- 7.2.1.Key market trends, growth factors, and opportunities
- 7.2.2.Market size and forecast, by product type
- 7.2.3.Market size and forecast, by Application
- 7.2.4.Market size and forecast, by End-User
- 7.2.5.Market share analysis, by country
- 7.2.5.1.U.S.
- 7.2.5.1.1.Market size and forecast, by PRODUCT TYPE
- 7.2.5.1.2.Market size and forecast, by Application
- 7.2.5.1.3.Market size and forecast, by End-User
- 7.2.5.2.Canada
- 7.2.5.2.1.Market size and forecast, by PRODUCT TYPE
- 7.2.5.2.2.Market size and forecast, by Application
- 7.2.5.2.3.Market size and forecast, by End-User
- 7.2.5.3.Mexico
- 7.2.5.3.1.Market size and forecast, by PRODUCT TYPE
- 7.2.5.3.2.Market size and forecast, by Application
- 7.2.5.3.3.Market size and forecast, by End-User
- 7.3.Europe
- 7.3.1.Key market trends, growth factors, and opportunities
- 7.3.2.Market size and forecast, by PRODUCT TYPE
- 7.3.3.Market size and forecast, by Application
- 7.3.4.Market size and forecast, by End-User
- 7.3.5.Market share analysis, by country
- 7.3.5.1.Germany
- 7.3.5.1.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.1.2.Market size and forecast, by Application
- 7.3.5.1.3.Market size and forecast, by End-User
- 7.3.5.2.UK
- 7.3.5.2.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.2.2.Market size and forecast, by Application
- 7.3.5.2.3.Market size and forecast, by End-User
- 7.3.5.3.France
- 7.3.5.3.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.3.2.Market size and forecast, by Application
- 7.3.5.3.3.Market size and forecast, by End-User
- 7.3.5.4.Spain
- 7.3.5.4.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.4.2.Market size and forecast, by Application
- 7.3.5.4.3.Market size and forecast, by End-User
- 7.3.5.5.Italy
- 7.3.5.5.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.5.2.Market size and forecast, by Application
- 7.3.5.5.3.Market size and forecast, by End-User
- 7.3.5.6.Rest of Europe
- 7.3.5.6.1.Market size and forecast, by PRODUCT TYPE
- 7.3.5.6.2.Market size and forecast, by Application
- 7.3.5.6.3.Market size and forecast, by END-USER
- 7.4.Asia-Pacific
- 7.4.1.Key market trends, growth factors, and opportunities
- 7.4.2.Market size and forecast, by PRODUCT TYPE
- 7.4.3.Market size and forecast, by Application
- 7.4.4.Market size and forecast, by END-USER
- 7.4.5.Market share analysis, by country
- 7.4.5.1.China
- 7.4.5.1.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.1.2.Market size and forecast, by Application
- 7.4.5.1.3.Market size and forecast, by End-User
- 7.4.5.2.Japan
- 7.4.5.2.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.2.2.Market size and forecast, by Application
- 7.4.5.2.3.Market size and forecast, by End-User
- 7.4.5.3.India
- 7.4.5.3.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.3.2.Market size and forecast, by Application
- 7.4.5.3.3.Market size and forecast, by End-User
- 7.4.5.4.South Korea
- 7.4.5.4.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.4.2.Market size and forecast, by Application
- 7.4.5.4.3.Market size and forecast, by End-User
- 7.4.5.5.Australia
- 7.4.5.5.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.5.2.Market size and forecast, by Application
- 7.4.5.5.3.Market size and forecast, by End-User
- 7.4.5.6.Rest of Asia-Pacific
- 7.4.5.6.1.Market size and forecast, by PRODUCT TYPE
- 7.4.5.6.2.Market size and forecast, by Application
- 7.4.5.6.3.Market size and forecast, by End-User
- 7.5.LAMEA
- 7.5.1.Key market trends, growth factors, and opportunities
- 7.5.2.Market size and forecast, by PRODUCT TYPE
- 7.5.3.Market size and forecast, by Application
- 7.5.4.Market size and forecast, by End-User
- 7.5.5.Market share analysis, by country
- 7.5.5.1.Brazil
- 7.5.5.1.1.Market size and forecast, by PRODUCT TYPE
- 7.5.5.1.2.Market size and forecast, by Application
- 7.5.5.1.3.Market size and forecast, by End-User
- 7.5.5.2.Saudi Arabia
- 7.5.5.2.1.Market size and forecast, by PRODUCT TYPE
- 7.5.5.2.2.Market size and forecast, by Application
- 7.5.5.2.3.Market size and forecast, by End-User
- 7.5.5.3.South Africa
- 7.5.5.3.1.Market size and forecast, by PRODUCT TYPE
- 7.5.5.3.2.Market size and forecast, by Application
- 7.5.5.3.3.Market size and forecast, by End-User
- 7.5.5.4.Rest of LAMEA
- 7.5.5.4.1.Market size and forecast, by PRODUCT TYPE
- 7.5.5.4.2.Market size and forecast, by Application
- 7.5.5.4.3.Market size and forecast, by End-User
CHAPTER 8:COMPETITIVE LANDSCAPE
- 8.1.Introduction
- 8.2.Product mapping of top 10 players
- 8.3.Competitive Heatmap
- 8.4.Key development
- 8.4.1.Product Launch
- 8.4.2.Agreement
CHAPTER 9:COMPANY PROFILES
- 9.1.Air Liquide
- 9.1.1.Company overview
- 9.1.2.Company snapshot
- 9.1.3.Operating business segments
- 9.1.4.Product portfolio
- 9.1.5.Business performance
- 9.1.6.Key strategic moves and developments
- 9.2.Air Products and Chemicals
- 9.2.1.Company overview
- 9.2.2.Company snapshot
- 9.2.3.Operating business segments
- 9.2.4.Product Portfolio
- 9.2.5.Business performance
- 9.3.Cummins Inc.
- 9.3.1.Company overview
- 9.3.2.Company snapshot
- 9.3.3.Operating business segments
- 9.3.4.Product portfolio
- 9.3.5.Business performance
- 9.3.6.Key strategic moves and developments
- 9.4.FuelCell Energy
- 9.4.1.Company overview
- 9.4.2.Company snapshot
- 9.4.3.Operating business segments
- 9.4.4.Product portfolio
- 9.4.5.Business performance
- 9.5.Hexagon Composites ASA
- 9.5.1.Company overview
- 9.5.2.Company snapshot
- 9.5.3.Operating business segments
- 9.5.4.Product Portfolio
- 9.5.5.Business performance
- 9.5.6.Key strategic moves and developments
- 9.6.ITM Power
- 9.6.1.Company overview
- 9.6.2.Company snapshot
- 9.6.3.Operating business segments
- 9.6.4.Product portfolio
- 9.6.5.Business performance
- 9.7.LINDE PLC
- 9.7.1.Company Overview
- 9.7.2.Company snapshot
- 9.7.3.Operating business segments and product portfolio
- 9.7.4.Business Performance
- 9.8.Nel Hydrogen
- 9.8.1.Company overview
- 9.8.2.Company snapshot
- 9.8.3.Operating business segments
- 9.8.4.Product portfolio
- 9.8.5.Business performance
- 9.9.Plug Power
- 9.9.1.Company overview
- 9.9.2.Company snapshot
- 9.9.3.Operating business segments
- 9.9.4.Product portfolio
- 9.9.5.Business performance
- 9.10.Worthington Industries
- 9.10.1.Company overview
- 9.10.2.Company snapshot
- 9.10.3.Operating business segments
- 9.10.4.Product portfolio
- 9.10.5.Business performance
- 9.10.6.Key strategic moves and developments