Market Overview
The global hydrogen energy storage market was worth USD 15.9 billion in 2021 and is anticipated to increase at a compound annual growth rate (CAGR) of 8.50% between 2023 and 2030. The rapid industrial development of developing nations, as well as the wide adoption of alternative sources of energy, are driving market growth.
The United States market is expected to grow significantly over the forecast period due to continuous research and development and the construction of comprehensive storage projects across the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) venture is being led by the Fuel Cell Technologies Office and is based on current and emerging technologies at national labs.
Among the main goals envisioned by the government are the construction and development of cost-effective and energy-saving hydrogen stations all over the country. These variables are anticipated to fuel the expansion in the United States. Growing hydrogen applications in a wide range of industries are expected to drive market growth. Hydrogen, for instance, could be used in oil refineries for industrial uses, for energy production in fixed fuel cells, as a fuel in fuel cell vehicles, and preserved as a cryogenic liquid, compressed gas, or broadly bonded hydride chemical compound.
Regional Analysis
In 2021, the Asia Pacific region had the highest revenue share of more than 35.0%. China, Japan, South Korea, India, Australia, and other Southeast Asian countries comprise the Asia-Pacific market. The European hydrogen energy storage sector is made up of significant countries such as Russia, Spain, Germany, Italy, the United Kingdom, and smaller Eastern and Central European countries. The reason is the massive demand for hydrogen generation from a wide range of end-users, including industrial and commercial institutions.
Massive hydrogen storage developments are being constructed all over Europe, expanding market requirements.
Market Segmentation
In 2021, the compression storage technology segment had the highest revenue share of more than 40.0%. This is due to the widespread use of compressed hydrogen in a variety of industries. In 2021, the industrial application segment had the highest revenue share of more than 40.0%. All around the world, the utilisation of hydrogen energy storage for the domestic sector is restricted. In 2021, the solids segment had the highest revenue share of more than 45.0%. One of the market's recent innovations is the storage of hydrogen in solid form, that is, in another material.
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
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