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

Hydrogen has potential to be an important part of a net zero energy future as it can store excess renewable energy and power transportation, buildings and industry with near-zero emissions. Hydrogen energy storage utilizes hydrogen fuel cells or storage facilities to store energy for later use. With greater deployment of intermittent renewable energy sources like solar and wind power worldwide, large-scale and long-duration hydrogen energy storage systems are gaining more interest to solve energy storage challenges. Governments across countries are implementing policies and programs to develop hydrogen infrastructure and technologies. Rising environmental concerns are also fueling the adoption of clean hydrogen as an alternative fuel.

(Market Dynamics):

The global hydrogen energy storage market is driven by supportive government policies and initiatives aimed at promoting renewable energy integration and reduction of greenhouse gas emissions. Rising demand for efficient energy storage solutions to deal with fluctuations in renewable energy supply is a key growth opportunity. However, high infrastructure setup costs and technological challenges associated with hydrogen production, distribution, and use hamper the market growth. Lack of standards also poses difficulties. The market is expected to gain traction from the increasing deployment of fuel cells in transport sectors, industries adopting hydrogen for heat and power, and use of hydrogen for grid energy storage. The Asia Pacific region offers lucrative prospects due to a rapidly growing renewable energy sector and the presence of leading fuel cell manufacturers in countries such as Japan and South Korea.

(Key Features of the Study):

• This report provides in-depth analysis of the global hydrogen energy storage market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global hydrogen energy storage market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include ITM Power, Linde plc, Air Liquide, Nel Hydrogen, Siemens Energy, Hydrogenics (Cummins), H2 Storage, First Hydrogen, Lhyfe, HySiLabs, Engie, BP, Shell, ExxonMobil, TotalEnergies, Orsted, Messer Group, Ceres Media, Hyzon Motors, and Plug Power
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global hydrogen energy storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen energy storage market

Detailed Segmentation-

• By Technology Insights (Revenue, USD Bn, 2019 - 2031)
  • Compressed Hydrogen Storage
  • Liquid Hydrogen Storage
  • Metal Hydrides
  • Chemical Hydrogen Storage
  • Others
•  Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Power Generation
  • Transportation
  • Industrial Uses
  • Residential and Commercial
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • ITM Power
  • Linde plc
  • Air Liquide
  • Nel Hydrogen
  • Siemens Energy
  • Hydrogenics (Cummins)
  • H2 Storage
  • First Hydrogen
  • Lhyfe
  • HySiLabs
  • Engie
  • BP
  • Shell
  • ExxonMobil
  • TotalEnergies
  • Orsted
  • Messer Group
  • Ceres Media
  • Hyzon Motors
  • Plug Power