“Hydrogen Energy Storage Market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. The factors driving the growth of the hydrogen energy storage market is Increasing hydrogen demand in the industrial sector and rising demand for hydrogen in stationary and mobile power applications.
Some of the prominent key players are: Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France),Air Products Inc.
Gas is estimated to be the largest and the fastest-growing in the state segment.
The hydrogen energy storage market, by gas, is segmented into gas, liquid and solid. Solid is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because of its cost efficient storing hydrogen in gas form.
The Industrial segment is expected to be the most significant hydrogen energy storage market, by end use.
The hydrogen energy storage market, by end-use, is segmented into industrial, commercial, and electric utilities. The industrial segment accounted for the largest share of 45.1% of the hydrogen energy storage market in 2021. The rising applications of hydrogen in the chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.
Europe is expected to dominate the global hydrogen energy storage market.
The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.