Hydrogen Energy Storage Market Dynamics, Key Players and Forecast, 2022-2027
Posted by Almira Coyne on August 1st, 2022
The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. The factors driving the growth for hydrogen energy storage market is Increasing hydrogen demand in the industrial sector and rising demand for hydrogen in stationary and mobile power applications.
Gas is estimated to be the largest and the fastest growing in the state segment.
The hydrogen energy storage market, by gas, is segmented into gas, liquid and solid. Solid is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because of its cost efficient storing hydrogen in gas form.
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The Industrial segment is expected to be the most significant hydrogen energy storage market, by end use.
The hydrogen energy storage market, by end use, is segmented into industrial, commercial and electric utilities. The industrial segment accounted for the largest share of 45.1% of the hydrogen energy storage market in 2021. The rising applications of hydrogen in chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.
The transportation segment is expected to be the fastest-growing market, by application, during the forecast period
The hydrogen energy storage market, by application, is segmented into stationary power and transportation. The transportation segment accounted to be the fastest growing share at CAGR of 63.7% of the hydrogen energy storagemarket in 2021. Growing focus to increase the decarbonizing the transportation sector is driving the application segment, hence, increase the demand of hydrogen energy storage in the coming years.
The compression is expected to be the largest contributor to the market, by technologies, during the forecast period
The hydrogen energy storage market, by technologies, is segmented into compression, liquification and material based. The compression segment accounted for a 58.3% share of the market in 2021. Easy and cost-efficient hydrogen storage via compression is likely to generate its demand in the hydrogen energy storage during the forecast period.
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Europe is expected to dominate the global hydrogen energy storage market.
The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the hydrogen energy storage market. These players include Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania).
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About the AuthorAlmira Coyne
Joined: July 25th, 2022
Articles Posted: 45
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