Hydrogen Energy Storage A Key Technology for the Energy Transition...

Hydrogen Energy Storage A Key Technology for the Energy Transition

Posted 2023-09-29 06:55:18

Market overview:

The worldwide Hydrogen Energy Storage Market is expected to develop at a CAGR of 8.50%, from USD 17.25 billion in 2022 to USD 30.53 billion in 2030.

The market is predicted to rise due to increased demand for hydrogen energy storage, which uses extra electric energy. The increased usage of hydrogen storage as a replacement for fossil fuel by various end users is likely to drive market expansion.

Furthermore, the rising importance of sustainable energy services will drive market expansion. Hydrogen energy may be utilized for grid energy services as well as mobility.

As governments worldwide focus more on sustainable energy sources, the market will rise steadily during the forecast time. However, the hydrogen energy utilized in fuel cells is insufficient to meet the energy needs of commercial and residential structures. Government incentive programs and investment from industry participants may gradually increase the market growth.

The hydrogen energy storage system is critical in the refining business. The majority of hydrogen is utilized in oil refining and ammonia synthesis. While some hydrogen is produced as a byproduct of the refining process in refineries, this byproduct hydrogen is typically inadequate to meet the entire refinery's hydrogen requirements.

As a result, on-site hydrogen generation by natural gas or naphtha reforming is sometimes necessary. Natural gas reforming facilities are frequently built on-site to meet the refinery's total hydrogen requirements during its lifetime.

Because of travel limitations and worldwide lockdown standards, the COVID-19 pandemic has substantially influenced the hydrogen energy storage business. Because of the global lockdown, shipments of different energy storage components were canceled, and project visits were hampered. According to an Energy Storage Association survey, 62% of respondents experienced project deployment delays.

However, the changing trend toward sustainable energy and decarbonization resources will boost market demand in the post-COVID future. Furthermore, as demand for electric cars grows, many industry players are investing in new startups in emerging nations, creating new market possibilities during the projection time.

Key Players:

VRV S.P.A
Hbank Technologies Inc.
Inoxcva
Mcphy Energy S.A.
Luxfer Holdings PLC
Worthington Industries Inc.
Praxair Inc
Linde AG.
Air Liquide

Market segmentation:

The worldwide Hydrogen Energy Storage Market is segmented into three sections: product type, application, end-user and technology.

By product type:

Solid
Liquid
Gas

By application:

Stationary power
Transportation
Portable power
Others

By end-user:

Commercial
Industrial

By technologies:

Compression
Material based
Liquification

Regional analysis:

Europe, North America, Asia-Pacific, the Middle East and Latin America make up the Hydrogen storage tanks Market Size. Because of the impact of efficiency increases, Asia-Pacific accounted for the biggest revenue share. The Asia-Pacific growing economies are embracing varied foreign equipment, increasing manufacturing efficiency. The second-largest stakeholder is the European market. The need for sustainable energy is increasing, and the manufacture of fuel cell vehicles is fueling market expansion. The usage of hydrogen for various industrial purposes drives demand in this region.

Furthermore, North America accounted for a sizable market share. This is due to the massive presence of big players in the United States and Canada. Furthermore, regulatory agencies, such as the Energy Storage Association, advocating the use of hydrogen energy will boost market expansion.

Recent developments:

Linde plc and Yara agreed in January 2022 to build and deploy a 24 MW green hydrogen facility.
Chart Industries cooperated with Howden to develop advanced hydrogen solutions in December 2021 and included Howden's gas compression equipment in chart hydrogen services.
Siemen Energy will collaborate with Air Liquide in February 2021 to provide expertise in PEM (Proton Exchange Membrane) electrolysis technology and to construct a large-scale electrolyzer for hydrogen generation.

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