The global hydrogen energy storage market size was exhibited at USD 15.98 billion in 2023 and is projected to hit around USD 25.05 billion by 2033, growing at a CAGR of 4.6% during the forecast period of 2024 to 2033.
Key Takeaways:
Hydrogen Energy Storage Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 15.98 Billion |
| Market Size by 2033 | USD 25.05 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 4.6% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Technology, Physical State, Application, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Taiyo Nippon Sanso Corporation; Iwatani Corporation;Cummins Inc.; Nel ASA; Steelhead Composites Inc.; Air Products Inc.; Linde plc; Air Liquide; ITM Power; Nedstack Fuel Cell Technology BV; Engie; GKN Sinter Metals Engineering GmbH; PlugPower Inc.; Hygear. |
The growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to ongoing research & development and construction of full-scale storage projects. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of the initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs.
The development and construction of cost-effective and energy-saving hydrogen stations across the U.S. are among the key objectives planned by the government. Such factors are expected to boost market growth in the U.S. Increased hydrogen applications across a variety of industries are predicted to fuel market expansion. Hydrogen, for example, can be used for industrial applications in oil refineries, power generation in stationary fuel cells, as a fuel in fuel cell vehicles, and stored as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical compound.
According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel-produced hydrogen, it should be generated at less than USD 2.5 per kg. Cost is determined by a number of factors, including the location of production, market segment, renewable energy power tariffs, future electrolyzer investments, and others. Because of the low cost of hydrogen manufacturing, more energy storage systems will be deployed. Industry participants are substantially forward-integrated. The demand for stored hydrogen in a variety of applications, including fuel cell automobiles, grid services, and telecommunications, is forcing market players to integrate their facilities with end-use industries.
Market Dynamics
Various government policies are ongoing to support hydrogen as a fuel. The European Commission announced its strategy for the development of green hydrogen. The European Commission has approved green hydrogen production, which reforms H2 from natural gas and captures carbon dioxide emissions through carbon capture and storage. In 2020, Engie successfully refueled its first renewable hydrogen passenger train for a pilot test in the Netherlands. Hydrogen-fueled train is expected to be introduced by 2024, wherein Engie and Alstom are expected to collaborate to develop hydrogen-fueled trains across the Netherlands. With this success, the company is likely to expand its solution further across other countries, wherein hydrogen trains can be deployed, leading to a high demand for hydrogen energy and its storage.
However, the slow development of distribution channels for transporting hydrogen in developing countries is a major hindrance to market growth. Merchant distribution channels are yet to witness growth in developing regions including Africa and parts of the Middle East. Scarce availability of hydrogen distributors in these regions has impacted the expansion of industries significantly, thereby, limiting packaging and supply of industrial gases. Irregular and uncertain supply of hydrogen deeply impacts industries dependent on it, thereby hampering numerous end-use industries.
Segments Insights:
Technology Insights
The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2023. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in manufacturing and chemical industries.
Bulk industrial gas suppliers such as Linde, Air Liquide, and Air Products & Chemicals Inc. prefer liquefaction technology to deliver hydrogen in bulk to industrial end-users such as oil and gas and chemical industries. Liquefaction technology is used by industrial end-users who demand bulk hydrogen in their processes. Over the projection period, material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.
Physical State Insights
The solid segment held the largest revenue share of around 51.0% in 2023. Storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in solid form include techniques involving absorption or adsorption mechanisms of hydrogen by a material.
Currently, storage of hydrogen in liquid form is being reserved for certain special applications, i.e., in high-tech areas such as space travel and for bulk storage applications at industrial levels. For example, tanks on the Ariane launcher, which are designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen, which provides fuel to the central engine.
Application Insights
The industrial application segment held the largest revenue share of over 40.0% in 2023. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which are likely to catalyze the utilization of fuel cells in the residential applications for micro combined heat and power. For instance, Japan’s ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in residential sector.
The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications. A total number of hydrogen refueling stations around the world has more than doubled in the last five years from 181 in 2014 to more than 540 as of 2020. Continuous growth in deployment is led by the European and Asian regions.
Regional Insights
Asia Pacific region held the largest revenue share of over 38.0% in 2023. Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other Southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, UK, and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. Enormous demand for hydrogen generation from a variety of end users, including industrial and commercial institutions, is to blame.
Large-scale hydrogen energy storage projects are being built across Europe, which is increasing market demand. For example, Orsted, a Danish corporation, plans to use excess wind farm electricity in the North Sea to manufacture renewable hydrogen energy via electrolysis and sell it to large commercial users. Due to rigorous pollution control rules, the use of cleaner fuels, and an increase in fuel cell applications, the market in North America is predicted to rise at a high rate.
Some of the prominent players in the Hydrogen energy storage market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global hydrogen energy storage market.
Technology
Physical State
Application
By Region
Chapter 1. Hydrogen Energy Storage Market: Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Research Methodology
1.3. Research Scope & Assumption
1.4. Information Procurement
1.4.1. Purchased Database
1.4.2. Internal Database
1.4.3. Secondary Sources & Third-Party Perspectives
1.4.4. Primary Research
1.5. Information Analysis
1.5.1. Data Analysis Models
1.6. Market Formulation & Data Visualization
1.7. Data Validation & Publishing
Chapter 2. Hydrogen Energy Storage Market: Executive Summary
2.1. Market Outlook
Chapter 3. Hydrogen Energy Storage Market: Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Penetration and Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.6.3. Industry Challenges
3.7. Business Environment Analysis: Hydrogen Energy Storage Market
3.7.1. Industry Analysis - Porter’s
3.7.1.1. Supplier Power
3.7.1.2. Buyer power
3.7.1.3. Threat of substitutes
3.7.1.4. Threat of new entrants
3.7.1.5. Competitive rivalry
3.7.2. PESTEL Analysis
3.7.2.1. Political Landscape
3.7.2.2. Economic Landscape
3.7.2.3. Social Landscape
3.7.2.4. Technological Landscape
3.7.2.5. Environmental Landscape
3.7.2.6. Legal Landscape
3.8. Impact of COVID on Hydrogen Energy Storage Market
Chapter 4. Hydrogen Energy Storage Market: Technology Estimates & Trend Analysis
4.1. Technology Movement Analysis & Market Share, 2024 & 2033
4.2. Compression
4.2.1. Market estimates and forecasts, 2021 - 2033
4.3. Liquefaction
4.3.1. Market estimates and forecasts, 2021 - 2033
4.4. Material Based
4.4.1. Market estimates and forecasts, 2021 - 2033
Chapter 5. Hydrogen Energy Storage Market: Physical State Estimates & Trend Analysis
5.1. Physical State Movement Analysis & Market Share, 2024 & 2033
5.2. Solid
5.2.1. Market estimates and forecasts, 2021 - 2033
5.3. Liquid
5.3.1. Market estimates and forecasts, 2021 - 2033
5.4. Gas
5.4.1. Market estimates and forecasts, 2021 - 2033
Chapter 6. Hydrogen Energy Storage Market: Application Estimates & Trend Analysis
6.1. Application Movement Analysis & Market Share, 2024 & 2033
6.2. Residential
6.2.1. Market estimates and forecasts, 2021 - 2033
6.3. Commercial
6.3.1. Market estimates and forecasts, 2021 - 2033
6.4. Industrial
6.4.1. Market estimates and forecasts, 2021 - 2033
Chapter 7. Hydrogen Energy Storage Market: Regional Estimates & Trend Analysis
7.1. Regional Market Share, 2024 & 2033
7.2. North America
7.2.1. Market estimates and forecasts, 2021 - 2033
7.2.2. Market estimates and forecasts, by technology, 2021 - 2033
7.2.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.2.4. Market estimates and forecasts, by application, 2021 - 2033
7.2.5. U.S.
7.2.5.1. Market estimates and forecasts, 2021 - 2033
7.2.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.2.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.2.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.2.6. Canada
7.2.6.1. Market estimates and forecasts, 2021 - 2033
7.2.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.2.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.2.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.2.7. Mexico
7.2.7.1. Market estimates and forecasts, 2021 - 2033
7.2.7.2. Market estimates and forecasts, by technology, 2021 - 2033
7.2.7.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.2.7.4. Market estimates and forecasts, by application, 2021 - 2033
7.3. Europe
7.3.1. Market estimates and forecasts, 2021 - 2033
7.3.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.5. Germany
7.3.5.1. Market estimates and forecasts, 2021 - 2033
7.3.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.6. Russia
7.3.6.1. Market estimates and forecasts, 2021 - 2033
7.3.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.7. UK
7.3.7.1. Market estimates and forecasts, 2021 - 2033
7.3.7.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.7.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.7.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.8. Spain
7.3.8.1. Market estimates and forecasts, 2021 - 2033
7.3.8.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.8.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.8.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.9. Italy
7.3.9.1. Market estimates and forecasts, 2021 - 2033
7.3.9.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.9.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.9.4. Market estimates and forecasts, by application, 2021 - 2033
7.3.10. France
7.3.10.1. Market estimates and forecasts, 2021 - 2033
7.3.10.2. Market estimates and forecasts, by technology, 2021 - 2033
7.3.10.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.3.10.4. Market estimates and forecasts, by application, 2021 - 2033
7.4. Asia Pacific
7.4.1. Market estimates and forecasts, 2021 - 2033
7.4.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.4. Market estimates and forecasts, by application, 2021 - 2033
7.4.5. China
7.4.5.1. Market estimates and forecasts, 2021 - 2033
7.4.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.4.6. Japan
7.4.6.1. Market estimates and forecasts, 2021 - 2033
7.4.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.4.7. South Korea
7.4.7.1. Market estimates and forecasts, 2021 - 2033
7.4.7.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.7.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.7.4. Market estimates and forecasts, by application, 2021 - 2033
7.4.8. India
7.4.8.1. Market estimates and forecasts, 2021 - 2033
7.4.8.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.8.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.8.4. Market estimates and forecasts, by application, 2021 - 2033
7.4.9. Australia
7.4.9.1. Market estimates and forecasts, 2021 - 2033
7.4.9.2. Market estimates and forecasts, by technology, 2021 - 2033
7.4.9.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.4.9.4. Market estimates and forecasts, by application, 2021 - 2033
7.5. Central & South America
7.5.1. Market estimates and forecasts, 2021 - 2033
7.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.5.5. Brazil
7.5.5.1. Market estimates and forecasts, 2021 - 2033
7.5.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.5.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.5.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.5.6. Colombia
7.5.6.1. Market estimates and forecasts, 2021 - 2033
7.5.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.5.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.5.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.5.7. Paraguay
7.5.7.1. Market estimates and forecasts, 2021 - 2033
7.5.7.2. Market estimates and forecasts, by technology, 2021 - 2033
7.5.7.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.5.7.4. Market estimates and forecasts, by application, 2021 - 2033
7.6. Middle East & Africa
7.6.1. Market estimates and forecasts, 2021 - 2033
7.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.6.5. Saudi Arabia
7.6.5.1. Market estimates and forecasts, 2021 - 2033
7.6.5.2. Market estimates and forecasts, by technology, 2021 - 2033
7.6.5.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.6.5.4. Market estimates and forecasts, by application, 2021 - 2033
7.6.6. UAE
7.6.6.1. Market estimates and forecasts, 2021 - 2033
7.6.6.2. Market estimates and forecasts, by technology, 2021 - 2033
7.6.6.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.6.6.4. Market estimates and forecasts, by application, 2021 - 2033
7.6.7. South Africa
7.6.7.1. Market estimates and forecasts, 2021 - 2033
7.6.7.2. Market estimates and forecasts, by technology, 2021 - 2033
7.6.7.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.6.7.4. Market estimates and forecasts, by application, 2021 - 2033
7.6.8. Egypt
7.6.8.1. Market estimates and forecasts, 2021 - 2033
7.6.8.2. Market estimates and forecasts, by technology, 2021 - 2033
7.6.8.3. Market estimates and forecasts, by Physical State, 2021 - 2033
7.6.8.4. Market estimates and forecasts, by application, 2021 - 2033
Chapter 8. Competitive Analysis
8.1. Key Global Players & Recent Developments & Their Impact On The Industry
8.2. Vendor Landscape
8.3. Company Market Position Analysis
Chapter 9. Company Profiles
9.1. Taiyo Nippon Sanso Corporation
9.1.1. Company Overview
9.1.2. Financial performance
9.1.3. Product benchmarking
9.1.4. Strategic Initiatives
9.2. Linde Plc
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Benchmarking
9.2.4. Strategic Initiatives
9.3. Air Products Inc.
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Benchmarking
9.3.4. Strategic Initiatives
9.4. ITM Power
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Benchmarking
9.4.4. Strategic Initiatives
9.5. Cummins
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Benchmarking
9.5.4. Strategic Initiatives
9.6. Iwatani Corporation
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Benchmarking
9.6.4. Strategic Initiatives
9.7. Nel ASA
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Benchmarking
9.7.4. Strategic Initiatives
9.8. Steelhead Composites Inc.
9.8.1. Financial Performance
9.8.2. Product Benchmarking
9.8.3. Strategic Initiatives
9.9. Air Liquide
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Benchmarking
9.9.4. Strategic Initiatives
9.10. Nedstack Fuel Cell Technology BV
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Benchmarking
9.10.4. Strategic Initiatives
9.11. Engie
9.11.1. Company Overview
9.11.2. Financial Performance
9.11.3. Product Benchmarking
9.11.4. Strategic Initiatives
9.12. Chart Industries
9.12.1. Company Overview
9.12.2. Financial Performance
9.12.3. Product Benchmarking
9.12.4. Strategic Initiatives
9.13. Hygear
9.13.1. Company Overview
9.13.2. Financial Performance
9.13.3. Product Benchmarking
9.13.4. Strategic Initiatives
9.14. PlugPower Inc.
9.14.1. Company Overview
9.14.2. Financial Performance
9.14.3. Product Benchmarking
9.14.4. Strategic Initiatives
9.15. GKN Sinter Metals Engineering GmbH
9.15.1. Company Overview
9.15.2. Financial Performance
9.15.3. Product Benchmarking
9.15.4. Strategic Initiatives
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