The latest report by IMARC Group, titled "Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global hydrogen energy storage market size reached US$ 16.73 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 25.25 Billion by 2027, growing at a CAGR of 6.60% during 2022-2027.
- 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 L'AIR LIQUIDE S.A., Air Products and Chemicals Inc., Caterpillar Inc., Chart Industries Inc., Cummins Inc., H2GO Power Limited, Hexagon Composites ASA, ITM Power PLC, Linde plc, McPhy Energy S.A., Plug Power Inc., and Pragma Industries SAS.
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