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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
Report Format: PDF+Excel | Report ID: SR112024A4932
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Market Overview:
The global hydrogen energy storage market size reached US$ 19.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 19.5 Billion |
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Market Forecast in 2032
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US$ 31.8 Billion |
| Market Growth Rate 2024-2032 | 5.5% |
Hydrogen energy storage (HES) is a process involving the utilization of power electrolysis through the surplus energy generated by renewables during the low energy demand. It assists in increasing the reliability of supply and reducing carbon emissions and the overall consumption of conventional petroleum fuels. It provides ancillary grid services and fuel for material handling equipment (MHE), such as forklifts and airport tugs. It also offers high storage capacity as compared with pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
Hydrogen Energy Storage Market Trends:
The growing demand for HES to utilize excess electric energy represents one of the key factors driving the market. Moreover, its increasing application in stationary power for providing clean, efficient, and reliable off-grid power to homes, businesses, and utilities is propelling the market growth. In addition, there is a rise in the employment of hydrogen as a fuel as it does not emit greenhouse gases and harmfully affects the environment. This, along with the augmenting use of hydrogen as a fuel cell in electric vehicles (EVs), is contributing to the growth of the market. Besides this, HES offers multiple opportunities to increase resiliency and improve the economics of energy supply systems comprising electric grid and gas pipelines. This, coupled with stringent regulations imposed by the government of several countries to encourage the use of sustainable energy sources, is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to develop enhanced equipment for improving the production efficiency of hydrogen.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hydrogen energy storage market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product type, technology, application and end user.
Breakup by Product Type:
- Liquid
- Solid
- Gas
Breakup by Technology:
- Compression
- Liquefaction
- Material Based
Breakup by Application:
- Stationary Power
- Transportation
Breakup by End User:
- Industrial
- Commercial
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 Coverage:
| 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) |
The global hydrogen energy storage market was valued at US$ 19.5 Billion in 2023.
We expect the global hydrogen energy storage market to exhibit a CAGR of 5.5% during 2024-2032.
The rising demand for hydrogen energy storage to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds, as it offers high storage capacity over Pumped Storage Hydropower (PSH) and Compressed Air Energy Storage (CAES), is primarily driving the global hydrogen energy storage market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for hydrogen energy storage.
Based on the product type, the global hydrogen energy storage market has been divided into liquid, solid, and gas. Among these, gas currently exhibits a clear dominance in the market.
Based on the technology, the global hydrogen energy storage market can be categorized into compression, liquefaction, and material based. Currently, compression accounts for the majority of the global market share.
Based on the application, the global hydrogen energy storage market has been segregated into stationary power and transportation, where transportation currently holds the largest market share.
Based on the end user, the global hydrogen energy storage market can be bifurcated into industrial and commercial. Currently, industrial exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market
Some of the major players in the global hydrogen energy storage market include Air Liquide S.A., Air Products Inc., Caterpillar Inc., Chart Industries Inc., Cummins Inc., H2go Power, Hexagon Composites ASA, ITM Power, Linde plc, McPhy Energy S.A., Plug Power Inc., and Pragma Industries.
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