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Pulished Date February, 2021
ID: 11173
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Hydrogen Energy Storage Market – Segmented By State (Liquid, Gas and Solid), By Storage Technology (Compression, Liquefaction and Material Based), By End User (Industrial, Commercial and Utilities) Size, Share, Trends and Growth Analysis Report and Region - Industry Forecast | 2021 to 2026

Pulished: February, 2021
ID: 11173
Pages: 175

Hydrogen Energy Storage Market Value and Growth:

The worldwide hydrogen energy storage market is predicted to reach USD 18.5 billion by 2026, up from an predicted USD 13.4 billion in 2021, with a CAGR of 5.9% over the foreseen period.

The expansion is attributed to the increased use of stored hydrogen for stationary and standby power applications. In addition to this, the call for hydrogen is also generated by the chemical industry where hydrogen is employed in the ammonia and methanol production processes. Hydrogen energy storage systems are receiving increasing positive attention around the world. The technology is very promising, as hydrogen storage can store energy consumption much more efficiently. Perhaps that is why departments like the Office of Energy Efficiency and Renewable Energy in the United States have set specific goals to strengthen the technology. The department's goal was to create automotive hydrogen storage systems that would offer 300 miles and meet the requirements for safety, business viability and performance. These goals have been largely achieved and today's electric cars are predicted to further enhance the hydrogen energy storage market.

Hydrogen Energy Storage Market Trends:

The rising call for hydrogen production from electrolysis utilizing high amount of renewable energy is predicted to drive the industry in the future years. The growing applications of hydrogen in various industries are predicted to further drive market expansion. For example, hydrogen generated by electrolysis can be employed for power generation, to reduce carbon intensity in pipelines, in stationary fuel cells, as fuel in fuel cell vehicles, stored as cryogenic liquid, compressed gas or chemical.

Recent Developments in the Hydrogen Energy Storage Market:

  • Metal-hydrogen batteries land on Earth with the launch of EnerVenue. EnerVenue seeks to adapt hydrogen-metal technologies similar to those employed in the nickel-hydrogen batteries on the International Space Station.
  • The Japanese introduce the world's biggest hydrogen production industry. A Japanese consortium has introduced the 10 MW class hydrogen production unit powered by renewable energy which is the biggest in the world.

Hydrogen Energy Storage Market Drivers:

The worldwide hydrogen energy storage market is predicted to see tremendous expansion, driven by growing consumer interest in next-generation electric vehicles. Tesla's rise to power and the subsequent announcement by major automakers to launch new vehicles is a boon for the hydrogen energy storage market. The low density of hydrogen remains a challenge. However, the current range and improved infrastructure supporting the expansion of electric vehicles are predicted to lead to significant expansion in the hydrogen energy storage market. As factors such as the increasing call for hydrogen in the chemical industry and the increasing call for hydrogen in stationary and portable electrical applications are driving the expansion of the market. In addition to the automotive sector, the hydrogen energy storage market meets the needs of material handling equipment, portable electrical applications and light on-board vehicles. The increasing investment in hydrogen storage and its promise as a renewable energy source is predicted to lead to significant expansion in the hydrogen storage market in the near future.

Hydrogen Energy Storage Market Restraints:

High investment costs may hamper the expansion of the hydrogen energy storage market during the foreseen period.

Opportunities in the Hydrogen Energy Storage Market:

The increasing call for energy conservation and the reduction in the use of traditional petroleum fuel will increase the market call for hydrogen energy storage. Furthermore, hydrogen is an essential part of the range, as it is employed as a fuel for fuel cell vehicles. The fuel cell vehicle market has grown well in recent years. Recently, light commercial vehicles will meet the market call for hydrogen energy storage as it is employed as a fuel for fuel cell vehicles. Fuel cell vehicles are featured by key players such as Toyota, Hyundai, and Honda. According to the California Energy Boards, another sustainable vehicle and fuel technology is planned, the US government has modernized its authority on zero-release vehicles. Hydrogen energy storage is predicted to increase at an average rate in the coming years. Technological advances in integrating the development of fuel cell call will undoubtedly activate the hydrogen energy storage market.

Hydrogen Energy Storage Market Segmentation:

By state:

  • Liquid
  • Gas
  • Solid

The gas segment is predicted to have the largest market share in 2026. Storing hydrogen as a compression gas is the simplest and most cost-effective method compared to liquefaction of hydrogen, which explains its strong call in the worldwide hydrogen energy storage market.

By storage technology:

  • Compression
  • Liquefaction
  • Material based

The liquid hydrogen segment dominates the market due to the need for clean and productive energy sources. Technological advances linked to growing call for fuel will drive the hydrogen energy storage market. The commercial development of Power to Gas technology is the major change in the hydrogen energy storage market. The market should develop next year. Increased spending on research and development in fuel cell technology will open an opportunity for the hydrogen energy storage market. South American companies have declared the start of the H2-based hybrid automotive fuel cell system, operating the clean feet facility, thus executing the call for hydrogen energy storage system.

By end user:

  • Industrial
  • Commercial
  • Utilities

Utilities are predicted to see the fastest expansion as call for power generation using renewable energy sources is likely to drive the need for hydrogen energy storage in the utilities segment.

Hydrogen Energy Storage Market Regional Analysis:

The Hydrogen Energy Storage Market Report includes the segmentation of Regions:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

North America is predicted to be the largest market from 2021 to 2026. Increasing fuel cell applications, stringent emission control regulations and the use of cleaner fuels are the main expansion drivers of the storage market of hydrogen energy. North America is predicted to be the dominant region in the hydrogen power systems market. Due to the increase in fuel cell deployments, strict rules to control emissions and the use of cleaner fuels are the key driver of the market. The United States is North America's largest market for hydrogen energy storage systems as the need for hydrogen increases in the petroleum and storage and chemical industries.

The increased distribution of electricity, combined with a focus on the reliability of foreign oil reserves in China and the United States, will take advantage of the hydrogen storage market. In China, the reduction in the cost of oil has led private oil manufacturers to cut their expenses and thus increase call from another source. Asia-Pacific accounted for the largest share of revenue at 33.0% in 2021. Falling costs for renewable electricity and electrolyzers led to rapid green hydrogen production. Increased hydrogen production has led to a growing call for its storage in the residential, industrial and commercial sectors. The North American market is predicted to grow at a significant rate due to stringent regulations regarding emissions controls, the use of greener fuels, and the increase in fuel cell applications. The United States occupies the largest market share in the region due to the growing call for hydrogen in the chemical industries and oil refineries throughout the country.

Impact of Covid-19 on Hydrogen Energy Storage Market:

The call for electricity has been drastically reduced due to the recent COVID-19 pandemic. Governments around the world have been forced to cut back on business activity to minimize the threat of the coronavirus. This persistent situation due to COVID-19 has changed lifestyles around the world, with most people staying at home and working from home if possible. Consequently, there is a significant increase in residential freight calls, while there is a substantial decrease in commercial and industrial freight. This heart-breaking situation creates the final challenges in the technical and financial work of the energy fragment and as a result, the majority of utilities around the world have launched a disaster management plan to overcome these current challenges / threats. Therefore, this study aims to investigate the scenes of worldwide energy systems throughout COVID-19, as well as the socio-economic and technical issues facing utilities.

Hydrogen Energy Storage Market Key Players:

The major players in the hydrogen energy storage market are Air Liquide (France), Linde (UK), Air Products and Chemicals (US), ITM Power (UK), Hydrogenics (Canada), Worthington Industries (US), Chart Industries (US), Hexagon Composites (Norway), FuelCell Energy (US), Nel Hydrogen (Norway), Plug Power (US) and others.

1. Introduction                                

                1.1 Market Definition                   

                1.2 Scope of the report                

                1.3 Study Assumptions                

                1.4 Base Currency, Base Year and Forecast Periods                         

2. Research Methodology                                           

                2.1 Analysis Design                        

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling    

                                2.2.4 Expert Validation

                2.3 Study Timeline                         

3. Report Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferencees                      

4. Market Dynamics                                      

                4.1 Impact Analysis                       

                                4.1.1 Drivers     

                                4.1.2 Restaints 

                                4.1.3 Opportunities       

                4.2 Regulatory Environment                      

                4.3 Technology Timeline & Recent Trends                           

5. Competitor Benchmarking Analysis                                   

                5.1 Key Player Benchmarking                    

                                5.1.1 Market share analysis       

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence              

                5.2 Mergers & Acquistion Landscape                     

                5.3 Joint Ventures & Collaborations                       

6. Market Segmentation                                             

                6.1 Hydrogen Energy Storage Market, By State                 

                                6.1.1 Liquid       

                                6.1.2 Gas            

                                6.1.3 Solid         

                                6.1.4 Market Size Estimations & Forecasts (2021-2026) 

                                6.1.5 Y-o-Y Growth Rate Analysis            

                                6.1.6 Market Attractiveness Index          

                6.2 Hydrogen Energy Storage Market, By Storage Technology                   

                                6.2.1 Compression         

                                6.2.2 Liquefaction          

                                6.2.3 Material based     

                                6.2.4 Market Size Estimations & Forecasts (2021-2026) 

                                6.2.5 Y-o-Y Growth Rate Analysis            

                                6.2.6 Market Attractiveness Index          

                6.3 Hydrogen Energy Storage Market, By End-user                         

                                6.3.1 Industrial

                                6.3.2 Commercial           

                                6.3.3 Utilities   

                                6.3.4 Market Size Estimations & Forecasts (2021-2026) 

                                6.3.5 Y-o-Y Growth Rate Analysis            

                                6.3.6 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                 

                7.2 North America - Market Analysis (2018 - 2024)                          

                                7.2.1 By Country             

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By State   

                                7.2.3 By Storage Technology     

                                7.2.4 By End-user           

                7.3 Europe                         

                                7.3.1 By Country             

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By State   

                                7.3.3 By Storage Technology     

                                7.3.4 By End-user           

                7.4 Asia Pacific                 

                                7.4.1 By Country             

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By State   

                                7.4.3 By Storage Technology     

                                7.4.4 By End-user           

                7.5 Latin America                           

                                7.5.1 By Country             

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By State   

                                7.5.3 By Storage Technology     

                                7.5.4 By End-user           

                7.6 Middle East and Africa                          

                                7.6.1 By Country             

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By State   

                                7.6.3 By Storage Technology     

                                7.6.4 By End-user           

8. Key Player Analysis                                   

                8.1 Air Liquide                 

                                8.1.1 Business Description         

                                8.1.2 Products/Service 

                                8.1.3 Financials

                                8.1.4 SWOT Analysis     

                                8.1.5 Recent Developments      

                                8.1.6 Analyst Overview

                8.2 Linde                            

                8.3 Air Products and Chemicals                

                8.4 ITM Power                 

                8.5 Hydrogenics                              

                8.6 Worthington Industries                        

                8.7 Chart Industries                       

                8.8 Hexagon Composites                            

                8.9 FuelCell Energy                        

                8.10 Nel Hydrogen                         

9. Market Outlook & Investment Opportunities                               

Appendix                                           

                List of Tables                    

                List of Figures                   

  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms By Cutting Systems and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Hydrogen Energy Storage  Market By Region, From 2021-2026 ( USD Billion )
  2. Global Hydrogen Energy Storage  Market By State, From 2021-2026 ( USD Billion )
  3. Global Liquid Market By Region, From 2021-2026 ( USD Billion )
  4. Global Gas Market By Region, From 2021-2026 ( USD Billion )
  5. Global Solid Market By Region, From 2021-2026 ( USD Billion )
  6. Global Hydrogen Energy Storage  Market By Storage Technology, From 2021-2026 ( USD Billion )
  7. Global Compression Market By Region, From 2021-2026 ( USD Billion )
  8. Global Liquefaction Market By Region, From 2021-2026 ( USD Billion )
  9. Global Material based Market By Region, From 2021-2026 ( USD Billion )
  10. Global Hydrogen Energy Storage  Market By End-User, From 2021-2026 ( USD Billion )
  11. Global Industrial Market By Region, From 2021-2026 ( USD Billion )
  12. Global Commercial Market By Region, From 2021-2026 ( USD Billion )
  13. Global Utilities Market By Region, From 2021-2026 ( USD Billion )

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