Hydrogen Energy Storage Market To Hit Value .6 Billion By 2027Posted by Mrudula Anil Karmarkar on January 13th, 2021 The global hydrogen energy storage market size is expected to reach USD 18.6 billion by 2027, escalating at a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Growing applications of fuel cell technologies such as transportation, portable power, and stationary power are likely to strengthen the rising demand for energy storage systems over the forecast period. Surplus amount of unused renewable energy is being used in the production of green hydrogen through renewable powered electrolysis. Market players across several countries practice forward integration as they sell the gas produced from on-site renewable sources, to large industrial consumers. The market is majorly driven by growing adoption of energy storage systems in utility, commercial, and residential sector. Huge industrial demands for the gas in metal treatment, petroleum refining, and food processing is expected to boost industry growth. Potential opportunity for the market lies in increasing commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours. Industry participants are entering into partnerships with the research organizations in order to construct full scale projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct 110 kW capacity projects that would utilize surplus wind energy to produce the gas through electrolysis and store it for later use. Industrial segment dominated the market and accounted for largest revenue share in 2020. This is attributed to increasing number of industrial applications including food processing, petroleum refining, and metal treatment. Petroleum refiners need large amount of the gas for lowering the sulfur content in fuels. The solid physical state segment dominated the market and accounted for the largest revenue share in 2020. Hydrogen Energy Storage Market Report Highlights
The global hydrogen energy storage market size was valued at USD 12.5 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. Growing demand for producing hydrogen from electrolysis using surplus renewable power is projected to drive the market over the coming years. Increasing applications of hydrogen across several sectors are expected to further propel market growth. For instance, hydrogen generated from electrolysis can be used for power generation, to reduce carbon intensity in gas pipelines, in stationary fuel cells, as a fuel in fuel cell vehicles, stored as a cryogenic liquid, compressed gas, or as loosely bonded hydride chemical-compounds. In the U.S., the market is projected to witness a significant growth rate owing to ongoing research and development and construction of full-scale storage projects in the country. For instance, in 2020, Magnum Developer and Mitsubishi Hitachi Power Systems announced that the companies are planning to construct a 1 GW energy storage facility to provide power using renewable hydrogen, large scale flow batteries, solid oxide fuel cells, and compressed air energy storage. Declining cost of renewable power generation from solar and wind energy is anticipated to further boost the market for hydrogen energy storage. 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. The price depends on several factors such as production location, market segment, renewable energy power tariffs, and investments in future electrolyzers. Low hydrogen production prices will lead to higher deployment of its energy storage systems. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450463/ibb Industry players operating in the market for hydrogen energy storage are heavily forward integrated. Stored hydrogen demand in several end-use applications including fuel cell vehicles, grid services, and telecommunication services, is prompting the market players to integrate their facility with end-use sectors. Enhanced level of forward integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the industry. Some of the prominent players in the hydrogen energy storage market include:
Grand View Research has segmented the global hydrogen energy storage market on the basis of technology, physical state, application: Hydrogen Energy Storage Technology Outlook (Revenue, USD Billion, 2016 - 2027)
Hydrogen Energy Storage Physical State Outlook (Revenue, USD Billion, 2016 - 2027)
Hydrogen Energy Storage Application Outlook (Revenue, USD Billion, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |