Product Code: 5692
Hydrogen Energy Storage Market size surpassed USD 8.1 billion in 2022 and is projected to record over 8.2% CAGR from 2023 to 2032.
The introduction of hydrogen-based incentives and subsidies will drive the requirement for hydrogen energy storage infrastructure across major economies in the coming years. Various governments worldwide are setting targets to use hydrogen across applications like transportation and stationary storage. For instance, in January 2023, India set targets for green hydrogen consumption for some industries in a bid to generate the demand for clean fuel to reach a net zero target by 2070. Strict emissions norms and attempts to lower GHG emissions from the industrial sector will accelerate the requirement for hydrogen energy storage infrastructure.
Report Coverage
Segments covered:
- State, Method, Application
Growth Drivers:
- Shifting policy framework across the hydrogen industry
- Growing investments toward hydrogen-based infrastructure
- Increasing clean energy demand
Pitfalls & Challenges:
The high capital cost associated with hydrogen energy storage is expected to hamper the hydrogen energy storage market growth. Large plants require ample area and availability of resources, which improves investments toward hydrogen energy storage. High-density hydrogen storage is also a challenge for portable and stationary applications and remains a significant burden for the transportation sector. Hydrogen storage options typically require large-volume systems to store hydrogen in gaseous form.
COVID-19 Impact
The COVID-19 pandemic had a considerable impact on the renewable energy sector. Factors like supply chain issues, delays in renewable power projects and decrease investment in the sector due to the health crises caused disruption to the sector. However, improving economic conditions post the COVID-19 lockdown restrictions is expected to improve the outlook of the renewable energy sector, consequently favoring the market revenue.
The hydrogen energy storage market share from the compression storage segment will register a 7% CAGR between 2023 to 2032. Rising advanced compression techniques like the use of cryogenic compression, which involves cooling the hydrogen gas before compression, reducing energy required as well as the method of delivery are anticipated to increase the adoption of compressed hydrogen energy storage.
The gas state hydrogen energy storage market will observe around 7% CAGR through 2032. Gaseous state hydrogen storage has been the primary means of hydrogen storage in the last few years. Lower operating costs & capital outlay compared to other storage techniques are one of the key reasons for its popularity. Storage of gaseous hydrogen typically requires high-pressure tanks (350-700 bar [5,000-10,000 psi] tank pressure). Wide-ranging application of hydrogen in the in the industrial and electronics domain would instigate the requirement for storage infrastructure.
The industrial application segment dominated over USD 10 billion in 2022, due to increasing adoption of hydrogen energy storage across the fertilizers and chemicals industry. Industry feedstocks constitute a majority share of the current hydrogen demand. Meanwhile, the energy sector is witnessing new R&D activities in energy storage and hydrogen technologies. The rapid industrialization across developing countries and an increased adoption of alternate energy will support the market expansion.
Hydrogen Energy Storage Regional Analysis
The Asia Pacific hydrogen energy storage industry size accounted for USD 8 billion in 2022. Governments across the region are introducing new policies towards the integration of clean energy technologies. For instance, countries like Australia, India, China, and Japan are investing heavily in hydrogen in a bid to produce, store, distribute, and utilize it in a cost-efficient way. In the coming years, it is estimated that Australia, Japan and Korea would use employ hydrogen for power generation as well as to establish a supply chain for import and export of hydrogen.
Hydrogen Energy Storage Industry Leaders
The major companies operating in the hydrogen energy storage market include Air Liquide, Air Products and Chemicals, Inc., Nel ASA, McPhy Energy S.A., Linde plc, ENGIE, ITM Power PLC, FuelCell Energy, Inc., GKN Hydrogen, Gravitricity Ltd, SSE, HYDROGEN IN MOTION, and Cockerill Jingli Hydrogen. Companies are focusing on increasing investments toward enhancing hydrogen production and storage capacities owing to the growing demand for hydrogen energy storage across the globe.
Hydrogen Energy Storage Industry News:
- In March 2023, GKN Hydrogen announced the operation of a metal hydride hydrogen storage microgrid project. GKN Hydrogen's HY2MEDI energy storage system, which is integrated into the Circle Green Technical Park and supports the development of renewable energy at the site, will be validated and demonstrated through the project.
- In December 2022, Air Products and Chemicals, Inc. and The AES Corporation invested around USD 4 billion to construct the largest green hydrogen production plant in the U.S., scheduled to start operations in 2027.
This hydrogen energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of "USD Million" from 2019 to 2032 for the following segments:
Market, By State
Market, By Method
- Compression
- Liquefaction
- Material-Based
Market, By Application
- Industrial
- Transportation
- Stationary
- Others
The above information has been provided for the following regions and countries:
- Europe
- Germany
- UK
- France
- Italy
- Netherlands
- Russia
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope and definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Hydrogen energy storage industry 360 degree synopsis, 2019 - 2032
- 2.1.1 Business trends
- 2.1.2 State trends
- 2.1.3 Method trends
- 2.1.4 Application trends
- 2.1.5 Regional trends
Chapter 3 Hydrogen Energy Storage Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.2.1 North America
- 3.2.1.1 U.S.
- 3.2.1.1.1 Energy policy act, 2005
- 3.2.1.2 Canada
- 3.2.1.3 Mexico
- 3.2.1.3.1 Mexican Official Standard NOM-017-CRE-2019
- 3.2.2 Europe
- 3.2.2.1 UK
- 3.2.2.2 Germany
- 3.2.2.3 Italy
- 3.2.2.4 Netherlands
- 3.2.2.5 Spain
- 3.2.2.6 France
- 3.2.3 Asia Pacific
- 3.2.3.1 China
- 3.2.3.2 India
- 3.2.3.3 Japan
- 3.2.3.4 Australia
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Shifting policy framework across the hydrogen industry
- 3.3.1.2 Growing investments toward hydrogen-based infrastructure
- 3.3.1.3 Increasing clean energy demand
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 High capital cost
- 3.4 Growth potential analysis
- 3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL Analysis
- 3.7 COVID- 19 impact on the industry outlook
Chapter 4 Competitive Benchmarking
- 4.1 Innovation & sustainability landscape
- 4.1.1 GKN Hydrogen
- 4.1.2 Gravitricity
- 4.1.3 SSE Thermal
- 4.2 Competitive landscape, 2022
- 4.2.1 Strategy dashboard
- 4.2.1.1. Partnership
- 4.2.1.2 Contract
- 4.2.1.3 Collaboration
- 4.2.1.4 Agreement
- 4.2.1.5 Project
Chapter 5 Hydrogen Energy Storage Market, By State
- 5.1 Key state trends
- 5.2 Liquid
- 5.2.1 Global market from liquid, 2019 - 2032
- 5.2.2 Global market from liquid, by region, 2019 - 2032
- 5.3 Gas
- 5.3.1 Global market from gas, 2019 - 2032
- 5.3.2 Global market from gas, by region, 2019 - 2032
- 5.4 Solid
- 5.4.1 Global market from solid, 2019 - 2032
- 5.4.2 Global market from solid, by region, 2019 - 2032
Chapter 6 Hydrogen Energy Storage Market, By Method
- 6.1 Key method trends
- 6.2 Compression
- 6.2.1 Global market from compression, 2019 - 2032
- 6.2.2 Global market from compression, by region, 2019 - 2032
- 6.3 Liquefaction
- 6.3.1 Global market from liquefaction, 2019 - 2032
- 6.3.2 Global market from liquefaction, by region, 2019 - 2032
- 6.4 Material-based
- 6.4.1 Global market from material-based, 2019 - 2032
- 6.4.2 Global market from material-based, by region, 2019 - 2032
Chapter 7 Hydrogen Energy Storage Market, By Application
- 7.1 Key application trends
- 7.2 Industrial
- 7.2.1 Global market from industrial, 2019 - 2032
- 7.2.2 Global market from industrial, by region, 2019 - 2032
- 7.3 Transportation
- 7.3.1 Global market from transportation, 2019 - 2032
- 7.3.2 Global market from transportation, by region, 2019 - 2032
- 7.4 Stationary
- 7.4.1 Global market from stationary, 2019 - 2032
- 7.4.2 Global market from stationary, by region, 2019 - 2032
- 7.5 Others
- 7.5.1 Global market from others, 2019 - 2032
- 7.5.2 Global market from others, by region, 2019 - 2032
Chapter 8 Hydrogen Energy Storage Market, By Region
- 8.1 Key regional trends
- 8.2 North America
- 8.2.1 North America market, 2019 - 2032
- 8.2.2 North America market by state, 2019 - 2032
- 8.2.3 North America market by method, 2019 - 2032
- 8.2.4 North America market by application, 2019 - 2032
- 8.2.5 U.S.
- 8.2.5.1 U.S. market, 2019 - 2032
- 8.2.5.2 U.S. market by state, 2019 - 2032
- 8.2.5.3 U.S. market by method, 2019 - 2032
- 8.2.5.4 U.S. market by application, 2019 - 2032
- 8.2.6 Canada
- 8.2.6.1 Canada market, 2019 - 2032
- 8.2.6.2 Canada market by state, 2019 - 2032
- 8.2.6.3 Canada market by method, 2019 - 2032
- 8.2.6.4 Canada market by application, 2019 - 2032
- 8.2.7 Mexico
- 8.2.7.1 Mexico market, 2019 - 2032
- 8.2.7.2 Mexico market by state, 2019 - 2032
- 8.2.7.3 Mexico market by method, 2019 - 2032
- 8.2.7.4 Mexico market by application, 2019 - 2032
- 8.3 Europe
- 8.3.1 Europe market, 2019 - 2032
- 8.3.2 Europe market by state, 2019 - 2032
- 8.3.3 Europe market by method, 2019 - 2032
- 8.3.4 Europe market by application, 2019 - 2032
- 8.3.5 Germany
- 8.3.5.1 Germany market, 2019 - 2032
- 8.3.5.2 Germany market by state, 2019 - 2032
- 8.3.5.3 Germany market by method, 2019 - 2032
- 8.3.5.4 Germany market by application, 2019 - 2032
- 8.3.6 UK
- 8.3.6.1 UK market, 2019 - 2032
- 8.3.6.2 UK market by state, 2019 - 2032
- 8.3.6.3 UK market by method, 2019 - 2032
- 8.3.6.4 UK market by application, 2019 - 2032
- 8.3.7 France
- 8.3.7.1 France market, 2019 - 2032
- 8.3.7.2 France market by state, 2019 - 2032
- 8.3.7.3 France market by method, 2019 - 2032
- 8.3.7.4 France market by application, 2019 - 2032
- 8.3.8 Italy
- 8.3.8.1 Italy market, 2019 - 2032
- 8.3.8.2 Italy market by state, 2019 - 2032
- 8.3.8.3 Italy market by method, 2019 - 2032
- 8.3.8.4 Italy market by application, 2019 - 2032
- 8.3.9 Netherlands
- 8.3.9.1 Netherlands market, 2019 - 2032
- 8.3.9.2 Netherlands market by state, 2019 - 2032
- 8.3.9.3 Netherlands market by method, 2019 - 2032
- 8.3.9.4 Netherlands market by application, 2019 - 2032
- 8.3.10 Russia
- 8.3.10.1 Russia market, 2019 - 2032
- 8.3.10.2 Russia market by state, 2019 - 2032
- 8.3.10.3 Russia market by method, 2019 - 2032
- 8.3.10.4 Russia market by application, 2019 - 2032
- 8.4 Asia Pacific
- 8.4.1 Asia Pacific market, 2019 - 2032
- 8.4.2 Asia Pacific market by state, 2019 - 2032
- 8.4.2.1 Asia Pacific market by method, 2019 - 2032
- 8.4.3 Asia Pacific market by application, 2019 - 2032
- 8.4.4 China
- 8.4.4.1 China market, 2019 - 2032
- 8.4.4.2 China market by state, 2019 - 2032
- 8.4.4.3 China market by method, 2019 - 2032
- 8.4.4.4 China market by application, 2019 - 2032
- 8.4.5 India
- 8.4.5.1 India market, 2019 - 2032
- 8.4.5.2 India market by state, 2019 - 2032
- 8.4.5.3 India market by method, 2019 - 2032
- 8.4.5.4 India market by application, 2019 - 2032
- 8.4.6 Japan
- 8.4.6.1 Japan market, 2019 - 2032
- 8.4.6.2 Japan market by state, 2019 - 2032
- 8.4.6.3 Japan market by method, 2019 - 2032
- 8.4.6.4 Japan market by application, 2019 - 2032
- 8.5 Rest of World
- 8.5.1 Rest of World market, 2019 - 2032
- 8.5.2 Rest of World market by state, 2019 - 2032
- 8.5.3 Rest of World market by method, 2019 - 2032
- 8.5.4 Rest of World market by application, 2019 - 2032
Chapter 9 Company Profiles
- 9.1 Air Liquide
- 9.1.1 Business Overview
- 9.1.2 Financial Data
- 9.1.3 Product Landscape
- 9.1.4 Strategic Outlook
- 9.1.5 SWOT Analysis
- 9.2 Air Products and Chemicals, Inc.
- 9.2.1 Business Overview
- 9.2.2 Financial Data
- 9.2.3 Product Landscape
- 9.2.4 Strategic Outlook
- 9.2.5 SWOT Analysis
- 9.3 Nel ASA
- 9.3.1 Business Overview
- 9.3.2 Financial Data
- 9.3.3 Product Landscape
- 9.3.4 SWOT Analysis
- 9.4 McPhy Energy S.A.
- 9.4.1 Business Overview
- 9.4.2 Financial Data
- 9.4.3 Product Landscape
- 9.4.4 SWOT Analysis
- 9.5 Linde plc
- 9.5.1 Business Overview
- 9.5.2 Financial Data
- 9.5.3 Product Landscape
- 9.5.4 Strategic Outlook
- 9.5.5 SWOT Analysis
- 9.6 ENGIE
- 9.6.1 Business Overview
- 9.6.2 Financial Data
- 9.6.3 Product Landscape
- 9.6.4 SWOT Analysis
- 9.7 ITM Power PLC
- 9.7.1 Business Overview
- 9.7.2 Financial Data
- 9.7.3 Product Landscape
- 9.7.4 SWOT Analysis
- 9.8 FuelCell Energy, Inc.
- 9.8.1 Business Overview
- 9.8.2 Financial Data
- 9.8.3 Product Landscape
- 9.8.4 SWOT Analysis
- 9.9 GKN Hydrogen
- 9.9.1 Business Overview
- 9.9.2 Financial Data
- 9.9.3 Product Landscape
- 9.9.4 Strategic Outlook
- 9.9.5 SWOT Analysis
- 9.10 Gravitricity Ltd
- 9.10.1 Business Overview
- 9.10.2 Financial Data
- 9.10.3 Product Landscape
- 9.10.4 Strategic Outlook
- 9.10.5 SWOT Analysis
- 9.11 SSE
- 9.11.1 Business Overview
- 9.11.2 Financial Data
- 9.11.3 Product Landscape
- 9.11.4 Strategic Outlook
- 9.11.5 SWOT Analysis
- 9.12 HYDROGEN IN MOTION
- 9.12.1 Business Overview
- 9.12.2 Financial Data
- 9.12.3 Product Landscape
- 9.12.4 SWOT Analysis
- 9.13 Cockerill Jingli Hydrogen
- 9.13.1 Business Overview
- 9.13.2 Financial Data
- 9.13.3 Product Landscape
- 9.13.4 SWOT Analysis