HYDROGEN ENERGY STORAGE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In February 2024, the Union Minister for New & Renewable Energy and Power outlined the government's proactive measures to foster a vibrant research and development ecosystem aimed at commercializing green hydrogen. This initiative is part of the broader framework established under the National Green Hydrogen Mission, which was launched by the government in January 2023.
• In 2023, Chevron, a leading global energy company, announced its acquisition of a majority stake in the Advanced Clean Energy Storage (ACES) hydrogen project located in Delta, Utah. This strategic move underscores Chevron's commitment to expanding its portfolio in renewable energy and advancing the development of clean hydrogen solutions.
• In 2023, India is embarking on an ambitious initiative to launch a groundbreaking 100 MW green hydrogen storage pilot project, designed to provide a reliable round-the-clock power supply. This innovative project is a key component of the country's broader strategy to transition towards renewable energy, enhance energy security, and significantly reduce carbon emissions.
• In 2021, Iwatani Corporation of America, a wholly-owned subsidiary of Iwatani Corporation, partnered with ITM Power, an energy storage and clean fuel company, to deploy multi-megawatt electrolyzer-based hydrogen energy systems in North America. This collaboration aims to accelerate the adoption of hydrogen as a clean energy solution in the region.