Hydrogen Energy Storage Market Overviews
Hydrogen Energy Storage Market size was valued at US$ 17.36 Bn. in 2023. The global Hydrogen Energy Storage Market is estimated to grow at a CAGR of 7.2% over the forecast period.
Hydrogen Energy Storage (HES) is a procedure, which involves using surplus energy supplied by renewables to power electrolysis during periods of low energy demand. It helps to improve supply reliability while also lowering carbon emissions and the total use of conventional petroleum fuels. It provides material handling equipment, such as forklifts and airport tugs, with supplementary grid services and fuel. In comparison to pumped storage hydropower and compressed air energy storage, it also has a large storage capacity. As a result, hydrogen is stored as compressed gas, cryogenic liquid, and loosely bound hydride compounds in the HES. The global by Stellar Market Research on the hydrogen energy storage market is come up with the segment analysis on the basis of type, technology, end-user and region.
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Hydrogen Energy Storage Market Scope and Methodology:
The method of extracting hydrogen gas from electricity necessitates the use of hydrogen energy storage. With removed hydrogen, it is feasible to re-electrify the same. Hydrogen is a type of gas that can be used indefinitely. Several governments across the globe are supporting the storage of hydrogen gas. There is a pressing need to limit automobile consumption of conventional fuels. Petroleum and conventional fuels are both hazardous and emit carbon dioxide. The hydrogen energy storage market is expected to grow as people become more aware of the importance of sustainable energy conservation.
Hydrogen Energy Storage Market Regional Insights
The North American region dominated the market with a 36% share in 2023. The rise of the hydrogen energy storage industry is being fueled by an increase in fuel cell applications, tighter pollution laws, and the use of cleaner fuels. The growing demand for hydrogen in oil refineries and chemical industries in the United States is boosting the hydrogen energy storage market growth in the North American region. In addition, North America accounted for a sizable portion of the market. This is due to the vast number of prominent players in the United States and Canada. In addition, the presence of regulatory entities, such as the energy storage association, which promote the use of hydrogen energy will propel the sector's growth.
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Hydrogen Energy Storage Market Segmentation
By Type, the Hydrogen Energy Storage Market is segmented into Liquid, Solid, and Gas. The Gas segment dominated the market with 52.4% in 2023. When compared to liquefaction, compressing hydrogen as a gas is a simplest and most cost-effective technique of storing hydrogen, as a result, it is in such great demand in the worldwide hydrogen energy storage industry. The cost per unit of hydrogen storage falls as the quantity of hydrogen storage grows for the gas form, but it remains the same for the solid kind. According to the US Department of Energy, storage costs for gas and solid types of hydrogen are $0.9/KG and $2.1/KG, respectively, at a flow rate of 10 kg/hr. However, at a flow rate of 10,000 kg/hr., the gas and solid storage costs are $0.25/KG and $2.1/KG, respectively.
Hydrogen Energy Storage Market Key Players
Plug Power (US)
Cummins, Inc. (US)
Nel ASA (Norway)
Nedstack Fuel Cell Technology BV (Netherlands)
Iwatani Corp. (Japan)
Key questions answered in the Hydrogen Energy Storage Market are:
- What is Hydrogen Energy Storage ?
- What was the Hydrogen Energy Storage market size in 2023?
- What is the growth rate of the Hydrogen Energy Storage Market?
- Which are the factors expected to drive the Hydrogen Energy Storage market growth?
- What are the different segments of the Hydrogen Energy Storage Market?
- What growth strategies are the players considering to increase their presence in Hydrogen Energy Storage ?
- What are the upcoming industry applications and trends for the Hydrogen Energy Storage Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Hydrogen Energy Storage Market?
- Who are the leading companies and what are their portfolios in Hydrogen Energy Storage Market?
- What segments are covered in the Hydrogen Energy Storage Market?
- Who are the key players in the Hydrogen Energy Storage market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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