Hydrogen Energy Storage Market
The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is
projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Hydrogen energy storage is the process to store the excess amount of energy through
electrolysis. In this process, the hydrogen is separated from chemical solution. The
hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen
energy is stored by absorption through a solid state material. Hydrogen energy storage is
widely used in fuel cell technologies for stationary power and transport applications.
Proliferating demand for sustainable energy resource is expected to drive the hydrogen
energy storage market growth. Hydrogen energy storage as a replacement of
conventional fossil fuel energy is expected to foster the market growth.
Introduction
Report Overview
As governments across the globe are focusing more on decarbonization, the
market is expected to witness steady growth during the forecast period.
However, high capital cost of liquid hydrogen and solid hydrogen energy storage
is a big challenge for small and medium scale applications. Liquid hydrogen
storage involves high insulation cost to prevent vaporization.
Additionally, the storage cost of solid hydrogen is high compared to other types
of fuel. Nonetheless, large number of new incentive schemes, coupled with
robust investment from industry players will provide further opportunities in the
market.
Based on product type, gas type emerged as the market leader. This is attributed
to low cost of energy storage for compressed gas compared to that of solid and
liquid type. As the quantity of hydrogen storage increases, for gas type, per unit
storage cost decreases, whereas, for solid type, it remains same.
Report Overview
Key findings of the study
•
The solid hydrogen storage segment is projected to grow at the highest CAGR of
approximately 9.2%, in terms of revenue, during the forecast period.
•
By application, the transportation segment held more than 50% market share
with a CAGR of 6.1%, in terms of revenue, during the forecast period.
•
The Asia-pacific region dominated the hydrogen energy storage market with
around 47% revenue share in 2019.
Report Overview
•
Air Liquide (France)
•
Air Products and Chemicals
•
FuelCell Energy
•
Hexagon Composites
•
Hydrogenics
•
ITM Power
•
Linde
•
Nel Hydrogen
•
Plug Power
•
Worthington Industries.
Key Market Players:
Report Overview
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Visit us at
https://www.alliedmarketresearch.com
Hydrogen is produced through electrolysis of water and the gas is stored in medium or large sized containers according to the requirements. The gas can be converted into energy in combustion engine or in fuel cell. Usually, hydrogen energy is stored in three form; liquid, solid, and gaseous form. To store hydrogen in gas form, it requires high high-pressure tanks, whereas it can be stored in liquid form only under cryogenic temperature. Hydrogen storage is widely used in fuel cell technologies for stationary power and transport applications.
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Presentation Transcript
Introduction The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027. Hydrogen energy storage is the process to store the excess amount of energy through electrolysis. In this process, the hydrogen is separated from chemical solution. The hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen energy is stored by absorption through a solid state material. Hydrogen energy storage is widely used in fuel cell technologies for stationary power and transport applications. Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth. Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth. Report Overview
As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period. However, high capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications. Liquid hydrogen storage involves high insulation cost to prevent vaporization. Additionally, the storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market. Based on product type, gas type emerged as the market leader. This is attributed to low cost of energy storage for compressed gas compared to that of solid and liquid type. As the quantity of hydrogen storage increases, for gas type, per unit storage cost decreases, whereas, for solid type, it remains same. Report Overview
Key findings of the study The solid hydrogen storage segment is projected to grow at the highest CAGR of approximately 9.2%, in terms of revenue, during the forecast period. By application, the transportation segment held more than 50% market share with a CAGR of 6.1%, in terms of revenue, during the forecast period. The Asia-pacific region dominated the hydrogen energy storage market with around 47% revenue share in 2019. Report Overview
Key Market Players: Air Liquide (France) Air Products and Chemicals FuelCell Energy Hexagon Composites Hydrogenics ITM Power Linde Nel Hydrogen Plug Power Worthington Industries. Report Overview
Thank You! For More Details Visit us at https://www.alliedmarketresearch.com
