Hydrogen Energy Storage Market- A move towards emission-free vehicle
The market for hydrogen energy storage was valued at USD 14.72 billion in 2021 and is anticipated to reach USD 26.94 billion by 2030, with a CAGR of 7.1% from 2022 to 2030. The industry is expanding as a result of rising urbanization and industrialization in developing nations as well as a rapid shift toward renewable energy sources.
The hydrogen Energy Storage Market is expected to gain momentum in the upcoming years. Rising urbanization and industrialization in developing economies along with surging move towards sustainable sources of power is driving the growth of the market. Growing research and development in the market and ongoing construction development projects are some of the key factors propelling the industry growth Moreover, fuel cell technology has taken an initiative of the Hydrogen Fueling Infrastructure Research and Station Technology. The government is planning to develop cost-effective and energy-efficient hydro stations across the economies. Hydrogen is extensively used in various industrial applications including oil refineries.
Furthermore, surging development in the transportation sector along with the rising adoption of fuel-cell electric vehicles is one of the key factors adding to the demand. As the cost associated with hydrogen generation is less expensive, more energy storage systems will be deployed. Demand for more energy storage systems is forcing market players to extend their facilities. The rising need for hydrogen utilization in various industries such as glass owing to the growing penetration towards reducing carbon emissions is adding to the development of the industry. The energy production from fossil fuels has reached its peak. Increasing preference among hydrogen energy storage providers to transition the glass industry into zero-emission is also adding to the market dev elopement.
Rising demand for renewable energy is providing a lucrative opportunity for the market growth
The global hydrogen energy storage market size was estimated at USD 14.72 billion in 2021 and it is expected to surpass around USD 26.94 billion by 2030 with a registered CAGR of 7.1% from 2022 to 2030.
The market for hydrogen energy storage is growing as a result of the rising demand for renewable energy sources and the growing need for improved exploitation of those sources. The market is being further stimulated by the low-cost development of renewable energy sources and the drawbacks of using batteries as a storage medium. Additionally, the market development of hydrogen energy storage is being greatly accelerated by the growing understanding of the significance of a hydrogen economy as a result of rising environmental consciousness and the growing desire to eliminate the usage of fossil fuels. Also, the market is being supported by the usage of hydrogen in numerous industries, the production of power, cars, and space exploration.
Also, the government's actions to support hydrogen energy storage are greatly contributing to the market's explosive growth. For instance, to solve the issues with hydrogen production from renewable energy sources, effective storage, and its use in transportation applications, the Government of India is financing a Research, Development, and Demonstration (R&D) initiative on Hydrogen and Fuel cells (HFC). Additionally, it is predicted that the market would grow during the forecast period as a result of the industry participants' spending on research projects aimed at creating effective hydrogen energy storage technologies.
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The high cost of the Hydrogen Energy Storage Market is restraining the market growth
Hydrogen can be stored in three forms that include compressed gas in high-pressure tanks, liquid, and chemical form. This stored energy can be used as electricity.
Liquid hydrogen has a higher density as compared to gaseous hydrogen which further adds to the storage cost. Hydrogen energy storage requires more cost than fossil fuels. Moreover, increasing the time and cost required to charge and discharge the hydrogen energy storage system is hindering the development of the industry.
Move towards sustainable energy is fueling the market growth
Rising penetration towards the development of sustainable sources of power owing to the increasing need to reduce carbon emissions is driving the growth of the market. The government is providing various initiatives in the transportation sector in order to shift towards hydrogen fuel cell vehicles and reduce the dependence on fossil fuels. Moreover, the government is looking forward to developing a cost-efficient and effective hydrogen power station in the upcoming years.
The gas segment is expected to acquire the largest share during the upcoming years
Out of all the states, the gas segment is expected to dominate the overall market growth followed by liquid owing to the availability of various cost-effective methods to store hydrogen gas. Hydrogen gas is highly flammable and colorless.
The compression storage technology segment is expected to grow significantly
The greatest revenue share in 2021—more than 40.0%—was accounted for by the compression storage technology category. This is explained by the several industries where compressed hydrogen is used. Fuel cell vehicles for road transportation, hydrogen filling stations, and on-site stationary power generation all use compressed hydrogen. Moreover, hydrogen is stored in cylinders for use in manufacturing and chemical industries using the compression process.
In order to deliver hydrogen in bulk to industrial end customers including the oil and gas industry and the chemical industry, liquefaction technology is preferred by bulk industrial gas suppliers like Linde, Air Liquide, and Air Products & Chemicals Inc. Industrial end-users who need bulk hydrogen for their processes use liquefaction technology. The material-based storage technology market is expected to grow rapidly throughout the projection period. This technique encompasses surface storage systems, liquid hydrogen carriers, and hydride storage systems, all of which have a high volumetric storage density when compared to other storage methods.
Asia Pacific Accounted the largest Revenue share
Geographically, the market is segmented into six regions including North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. Asia Pacific accounted for a significant revenue share during the past years owing to the increasing utilization of methanol which is made from hydrogen. China also contributed significantly to the growth of the industry. Moreover, the growing need for ammonia in the manufacturing industry in Asian countries including India, China, and Japan along with surging stringent government regulation in order to reduce carbon emissions is contributing to the development of the industry.
North America also acquired a decent share in 2022 owing to the growing demand for hydrogen-powered vehicles, the availability of infrastructure, and government regulations. The US is the largest consumer of hydrogen in the overall region. For instance, in 2022. US DOE announced over $50 million to boost clean energy development. Moreover, Latin America also acquired a modest share owing to the favorable government initiatives toward the introduction of fuel-cell hydrogen vehicles.
Key Companies and Market Share Insights
The competitiveness of the hydrogen energy storage sector is mostly driven by improved forwarding integration, robust research and development, the security of renewable energy supplies, and storage costs. A contract to establish a joint venture with NPROXX for hydrogen storage tanks was signed by Cummins Inc. in June 2020. Under the name NPROXX, the joint venture will continue to operate. The joint venture's customers will receive storage solutions for compressed natural gas and hydrogen for both on-road and rail applications.
Some significant participants in the global market for hydrogen energy storage include:
- Air Liquide
- Air Products Inc.
- Cummins Inc.
- ITM Power
- Iwatani Corporation
- Linde plc
- Nedstack Fuel Cell Technology BV
- Nel ASA
- Steelhead Composites Inc.
COVID-19 Analysis of the Hydrogen Energy Storage Market
Due to travel limitations and universal lockdown standards, the COVID-19 pandemic has a substantial impact on the market for hydrogen energy storage.
This worldwide standstill prevented project visits and forced the cancellation of shipments of various energy storage components. A survey by the Energy Storage Association found that 62% of respondents experienced delays in project deployment.
Almost 70 nations, including India, the US, the EU, and Switzerland, began restricting export and import activities at the beginning of May 2020.
Nonetheless, the market need in the period following COVID will continue to rise due to the changing trend towards decarbonization and renewable energy sources.
Also, a significant number of industry players are investing in new startups in emerging nations as a result of the rising demand for electric vehicles, which will lead to the development of new market possibilities throughout the projection period.
Segments Covered in the Report
- Material Based
By Physical State
By End User
- Stationary Power
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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