Hydrogen Energy Storage Market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. An increase in demand for hydrogen in the chemical industry and the market for hydrogen in stationary and portable power are driving the growth of the global industry.
The gas segment is expected to lead the hydrogen energy storage market by state
The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of the gas segment is because of the easily available plans to produce and store hydrogen in the gaseous form.
Some of the prominent key players are Hydrogenics(Canada),ITM Power(UK),Hexagon Composites(Norway),Worthington Industries(US),Linde(UK),Nel Hydrogen(Norway),Plug Power(US),Chart Industries(US),Air Liquide(France),Air Products and Chemicals(US),Hydrogenious(Germany)
The compression segment is expected to capture a significant share of the market by storage technology
Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally.
The utility segment is expected to be the fastest-growing market for hydrogen energy storage, by end-user, during the forecast period
The market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.
North America is expected to dominate the global market
Increasing use of hydrogen gas in oil refineries and the chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.