Hydrogen Energy Storage Market Overview:
According to IMARC Group latest report titled “Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on hydrogen energy storage market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market reached a value of US$ 16.73 Billion in 2021. The global Hydrogen Energy Storage Market to reach US$ 25.25 Billion by 2027, exhibiting at a CAGR of 6.60% during 2022-2027.
Hydrogen energy storage, or HES, refers to chemical energy storage that involves converting electrical power into hydrogen. The surplus of energy produced by renewables during low energy demand is used to power the electrolysis process to generate hydrogen, which can be used in combustion engines or fuel cells. HES offers high storage capacity than pumped storage hydropower (PSH) and compressed air energy storage (CAES) while enhancing supply reliability, minimizing carbon emissions, and reducing overall consumption of conventional fossil fuels. As a result, HES is widely employed to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
Market Trends:
Over the years, there has been rising acceptance of alternative forms of energy since HES involves storing energy in the form of hydrogen. This represents the primary factor driving the market growth. Besides this, the increasing usage of stored hydrogen in stationary and backup power applications is another major growth-inducing factor. Additionally, with the growing environmental concerns and depleting conventional resources, hydrogen is gaining traction as a fuel in fuel cell vehicles (FCVs) to minimize greenhouse gas (GHG) emissions and environmental impact. This, along with the widespread adoption of hydrogen for industrial applications in oil refineries and power generation in stationary fuel cells, has augmented the demand for HES.
Furthermore, governments of various countries are taking favorable initiatives, such as implementing stringent regulations to promote sustainable energy sources and developing cost-effective and energy-saving hydrogen stations, which have catalyzed the market growth. Other factors, including the launch of innovative equipment for enhanced hydrogen production efficiency, heavy investments in large-scale HES projects, ongoing research and development (R&D) activities, technological advancements, and escalating hydrogen demand from chemical sectors, are also creating a favorable market outlook.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/hydrogen-energy-storage-market
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Air Liquide
- Air Products Inc.
- Caterpillar Inc.
- Chart Industries Inc.
- Cummins Inc.
- H2go Power
- Hexagon Composites ASA
- ITM Power
- Linde plc
- McPhy Energy S.A.
- Plug Power Inc.
- Pragma Industries
Hydrogen Energy Storage Market Segmentation:
Our report has categorized the market based on region, product type, technology, application and end user.
Breakup by Product Type:
- Liquid
- Solid
- Gas
Breakup by Technology:
- Compression
- Liquefaction
- Material Based
Breakup by Application:
- Stationary Power
- Transportation
Breakup by End User:
- Industrial
- Commercial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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