Global Hydrogen Energy Storage Market to Reach US$ 31.8 Billion by 2032, Impelled by Rising Acceptance of Alternative Forms of Energy

March 15, 2022 | Energy & Mining

The latest report by IMARC Group, titled "Hydrogen Energy Storage Market Report by Product Type (Liquid, Solid, Gas), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Industrial, Commercial), and Region 2024-2032," finds that the global hydrogen energy storage market size reached US$ 19.5 Billion in 2023. Hydrogen energy storage, or HES, refers to chemical energy storage that involves converting electrical power into hydrogen. The surplus of energy produced by renewables during low energy demand is used to power the electrolysis process to generate hydrogen, which can be used in combustion engines or fuel cells. HES offers high storage capacity than pumped storage hydropower (PSH) and compressed air energy storage (CAES) while enhancing supply reliability, minimizing carbon emissions, and reducing overall consumption of conventional fossil fuels. As a result, HES is widely employed to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.

Global Hydrogen Energy Storage Market Trends:

Over the years, there has been rising acceptance of alternative forms of energy since HES involves storing energy in the form of hydrogen. This represents the primary factor driving the market growth. Besides this, the increasing usage of stored hydrogen in stationary and backup power applications is another major growth-inducing factor. Additionally, with the growing environmental concerns and depleting conventional resources, hydrogen is gaining traction as a fuel in fuel cell vehicles (FCVs) to minimize greenhouse gas (GHG) emissions and environmental impact. This, along with the widespread adoption of hydrogen for industrial applications in oil refineries and power generation in stationary fuel cells, has augmented the demand for HES. Furthermore, governments of various countries are taking favorable initiatives, such as implementing stringent regulations to promote sustainable energy sources and developing cost-effective and energy-saving hydrogen stations, which have catalyzed the market growth. Other factors, including the launch of innovative equipment for enhanced hydrogen production efficiency, heavy investments in large-scale HES projects, ongoing research and development (R&D) activities, technological advancements, and escalating hydrogen demand from chemical sectors, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 31.8 Billion by 2032, growing at a CAGR of 5.5% during 2024-2032. 

Market Summary:

  • On the basis of the product type, the market has been categorized into liquid, solid, and gas. 
  • The market has been divided based on technology into compression, liquefaction, and material based. 
  • Based on the application, the market has been bifurcated into stationary power and transportation. 
  • On the basis of the end user, the market has been classified as industrial and commercial. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., H2go Power, Hexagon Composites ASA, ITM Power plc, Linde plc, McPhy Energy S.A., Plug Power Inc., and Pragma Industries.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Technology, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., H2go Power, Hexagon Composites ASA, ITM Power plc, Linde plc, McPhy Energy S.A., Plug Power Inc. and Pragma Industries
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Hydrogen Energy Storage Market to Reach US$ 31.8 Billion by 2032, Impelled by Rising Acceptance of Alternative Forms of Energy
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