According to Vision Research Reports, the global hydrogen energy storage market size is projected to expand around USD 21.94 billion by 2030 with a registered CAGR of 4.53% between 2022 to 2030

Rising demand of stationary and mobile power application is a driving factor for the market growth. Moreover, increasing demand of hydrogen in industrial sector. The market has a promising growth potential due to several factors, including the role of hydrogen energy storages playing in carbon emission reduction and Increase in fuel cell based electric vehicles and hydrogen storage infrastructure are driving the Hydrogen Energy Storage Market.

Report Highlights

• The compression storage technology segment accounted for the largest revenue share of over 40.04% in 2021.


• The industrial application segment held the largest revenue share of over 40.16% in 2021.


• The solid segment held the largest revenue share of over 45.32% in 2021.


• The Asia Pacific region held the largest revenue share of over 35.17% in 2021.

The Hydrogen Energy Storage Market was moderately affected by COVID-19 as the majority of the players have prefinanced ongoing project.' Although there have been delays from vendors and suppliers, which has caused consequent delays in manufacturing, major players in the market have found alternative suppliers that meet their needs. Installation and maintenance operations have been more severely affected due to shortage of labor, shutdowns of facilities, shortage of medium voltage gear suppliers, decreased productivities of contractors/subcontractors, and more. Although players, such as Plug Power (US), have managed to report growth in their revenues, they do rely on third-party funding as well. If these third-party financers cancel investments or face liquidity issues due to COVID-19, then this will directly affect the Hydrogen Energy Storage Market as manufacturers will be unable to secure financing for the project development.

The global hydrogen energy storage market size was estimated at around USD 14.73 billion in 2021 and it is projected to hit around USD 21.94 billion by 2030, growing at a CAGR of 4.53% from 2022 to 2030

Hydrogen energy storage is a storage technique wherein electrical energy is converted into hydrogen through the electrolysis process, which can be further reprocessed as fuel in combustion engines or a fuel cell. Hydrogen can be stored in 3 ways—in high-pressure tanks as compressed gas, in dewars as liquid at - 253 degree C, and in chemical form by either reacting or absorbing with chemicals or metal compounds. Thus, the hydrogen stored in various forms can later be recovered when the supplies are low.

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Moreover, hydrogen can be stored for a longer duration of time, unlike the energy stored in batteries, which diminishes with the passage of time. The Hydrogen Energy Storage Market comprises revenues of companies that either store hydrogen or offer equipment to store. The operating expenditure and servicing revenue are not included in the scope of the study. For the estimation of Hydrogen Energy Storage Market size, the y-o-y annual capacity addition of liquid, gas, and solid-state hydrogen across the regions were estimated, and revenues of companies that manufacture and supply the hydrogen energy storage technology across various global regions are assessed in the study.

Major vendors in the global Hydrogen Energy Storage Market include Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), Air Products Inc. (Pennsylvania), Nel ASA (Norway), Chart Industries (Georgia), GENH2 (Florida), Hexagon Purus (Norway), FuelCell Energy Inc. (US), ITM Power (UK), McPhy Energy S.A. (France), Hydrogenious LOHC Technologies (Germany), Hygear (Gelderland), Cockerill Jingli Hydrogen (China), Pragma Industries (France), Plug Power Inc. (US), INOX India Pvt Ltd (India), HPS Home Power Solutions GmbH (Germany), HYDROGEN IN MOTION (British Columbia).

Technology Insights

The compression storage technology segment accounted for the largest revenue share of over 40.04% in 2021. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in the manufacturing and chemical industries.

Bulk industrial gas suppliers such as Linde, Air Liquide, and Air Products & Chemicals Inc. prefer liquefaction technology to deliver hydrogen in bulk to industrial end users such as the oil and gas and chemical industries. Liquefaction technology is used by industrial end users who demand bulk hydrogen in their processes. Over the projection period, the material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.

Application Insights

The industrial application segment held the largest revenue share of over 40.16% in 2021. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which is likely to catalyze the utilization of fuel cells in residential applications for micro combined heat and power. For instance, Japan's ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in the residential sector.

The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications. The total number of hydrogen refueling stations around the world has more than doubled in the last five years from 181 in 2014 to more than 540 as of 2020. The continuous growth in deployment is led by the European and Asian regions.

Physical State Insights

The solid segment held the largest revenue share of over 45.32% in 2021. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in the solid form include techniques involving the absorption or adsorption mechanisms of hydrogen by a material.

Currently, the storage of hydrogen in the liquid form is being reserved for certain special applications, i.e., in high-tech areas such as space travel and for bulk storage applications at industrial levels. For example, the tanks on the Ariane launcher, which are designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen, which provides fuel to the central engine.

Regional Insights

The Asia Pacific region held the largest revenue share of over 35.17% in 2021. The Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, the U.K., and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. The enormous demand for hydrogen generation from a variety of end-users, including industrial and commercial institutions, is to blame.

Large-scale hydrogen energy storage projects are being built across Europe, which is increasing the market demand. For example, Orsted, a Danish corporation, plans to use excess wind farm electricity in the North Sea to manufacture renewable hydrogen energy via electrolysis and sell it to large commercial users. Due to rigorous pollution control rules, the use of cleaner fuels, and an increase in fuel cell applications, the market in North America is predicted to rise at a high rate. Because of the rising hydrogen demand in chemical companies and oil refineries across the country, the U.S. has the greatest market share in the area.

Market Segmentation

By Technology Outlook

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  • Compression
  
  
  • Liquefaction
  
  
  • Material Based
  
  
  
  

By Physical State Outlook

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  • Solid
  
  
  • Liquid
  
  
  • Gas
  
  
  
  

By Application Outlook

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  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  
  

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