Hydrogen energy storage is a form of chemical energy storage, wherein electrical power is converted into hydrogen. This energy can then be released again by using gas as fuel in a combustion engine or a fuel cell.
Hydrogen energy storage systems are gaining momentum across the globe. The technology is promising, as hydrogen fuel storage can lead to efficient energy consumption.
Rise in investment in hydrogen storage and its promise as a renewable source of energy are expected to drive the hydrogen energy storage market in the near future
Key Drivers and Restraints of Hydrogen Energy Storage market
The global hydrogen energy storage market is expected to witness considerable growth, owing to the rise in consumer interest in next-gen electric vehicles. The rise of Tesla and subsequent announcement by major automakers to launch new vehicles is a major boon for the hydrogen energy storage market.
The low density of hydrogen continues to be a challenge. However, current range and improving infrastructure that supports the growth of electric vehicles are likely to drive the hydrogen energy storage market.
High cost of hydrogen energy storage and presence of other efficient renewable energy technologies are estimated to hamper the market in the near future
Global Hydrogen Energy Storage Market: Segmentation
The global hydrogen energy storage market can be segmented based on state, storage technology, end-user, and region
In terms of state, the hydrogen energy storage market can be divided into liquid, gas, and solid. The liquid segment accounted for significant share of the global hydrogen energy storage market in 2020.
Based on storage technology, the global hydrogen energy storage market can be classified into compression, liquefaction, and material based. The compression segment dominated the hydrogen energy storage market in 2020, as hydrogen in the compressed mode is widely used in onboard mobile applications such as vehicles for road transportation.
In terms of end-user, the hydrogen energy storage market can be divided into industrial, commercial, and utility. The utility segment accounted for major share of the global hydrogen energy storage market in 2020 owing to the rise in adoption of renewable energy with utility scale storage.
Global Hydrogen Energy Storage Market: Regional Segmentation
In terms of region, the global hydrogen energy storage market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global hydrogen energy storage market in 2020. This trend is expected to continue during the forecast period, owing to the rise in investments in electric vehicles, growth in investments in research of hydrogen storage, and increase in consumer interest in renewable end-products.
The hydrogen energy storage market in Asia Pacific is expected to expand at a significant CAGR during the forecast period. Rapid adoption of electric vehicles, especially heavy vehicles, in several countries of the region such as China, India, Japan, and South Korea is anticipated to drive the market in the region.
In July 2020, there were 15 hydrogen-powered buses and 10 hydrogen-powered trucks in South Korea. The country plans to add at least 80 new hydrogen-powered trucks into the market throughout 2021. The country also plans to increase the number of hydrogen charging stations. This is anticipated to boost the hydrogen energy storage market in South Korea in the near future.
Europe is expected to be a highly lucrative region of the global hydrogen energy storage market owing to wide adoption of electric vehicles in Germany, the U.K., France, and Norway. A global pandemic followed by major economic shock has compelled European policymakers, notably in Germany and France, to make swift moves and support hydrogen storage and fuel cell technology. This is anticipated to boost the market in Europe in the next few years.
COVID-19 Impact on Global Hydrogen Energy Storage Market
The COVID-19 pandemic has adversely affected the global hydrogen energy storage market. There is sharp pullback in economic activity around the world. The renewable energy sector has also been adversely impacted with significant energy reduction around the world during lockdowns. Investment in the renewable sector has declined significantly of late owing to financial instability and lower energy demand. However, recovery of demand for energy across the globe after lockdowns is likely to boost the global hydrogen energy storage market in the near future.
Key Players in Market
The global hydrogen energy storage market is moderately fragmented. Some of the key players operating in the global hydrogen energy storage market are:
Air Liquide
Plug Power
Worthington Industries
Hydrogenics
Linde
Chart Industries
Hexagon Composites
ITN Power
Nel Hydrogen
Hydrogenious Lohc Technologies
Inoxcva
Air Products and Chemicals
Global Hydrogen Energy Storage Market: Research Scope
Global Hydrogen Energy Storage Market, by State
Liquid
Gas
Solid
Global Hydrogen Energy Storage Market, by Storage Technology
Compression
Liquefaction
Material Based
Global Hydrogen Energy Storage Market, by End-user
Industrial
Commercial
Utility
Like it? Share it!
About the Author
aartimule Joined: April 16th, 2020 Articles Posted: 1,188
