Market Research Future Insights
The industry and related activities involved in the creation, creation, and deployment of hydrogen-based energy storage devices are collectively referred to as the hydrogen energy storage market. These systems collect hydrogen from renewable energy sources, such wind or solar energy, store it, and then use it to power fuel cells or combustion processes to make electricity. The market for hydrogen energy storage is anticipated to increase dramatically over the next several years as demand for renewable energy rises.
According to MRFR analysis, the Hydrogen Energy Storage Market is expected to register a CAGR of~8.50% from 2023 to 2030and hold a value of over USD 30.53 billion by 2030.
The COVID-19 pandemic had a mixed impact on the hydrogen energy storage market. On the one hand, the pandemic has disrupted supply chains and caused delays in the construction of new hydrogen storage facilities. On the other hand, the pandemic has also highlighted the need for resilient and reliable energy storage solutions, which has increased interest in hydrogen-based energy storage systems.
In the short term, the pandemic has caused a decline in demand for hydrogen energy storage solutions in certain sectors such as transportation, as lockdowns and travel restrictions have reduced the need for fuel cell vehicles.
Key Players
Some of the key market players are:
- VRV S.P.A
- Hbank Technologies Inc.
- Inoxcva
- Mcphy Energy S.A.
- Luxfer Holdings PLC
- Worthington Industries Inc.
- Praxair Inc
- Linde AG.
- Air Liquide
Regional Analysis
Asia Pacific is the largest region in the global hydrogen energy storage market. The region has seen significant growth in demand for hydrogen energy storage solutions due to increasing energy consumption and the need to transition towards renewable energy sources.
Countries like Japan and South Korea have been early adopters of hydrogen energy technologies and have made significant investments in the development of hydrogen energy storage infrastructure. Asia Pacific region is expected to continue to dominate the hydrogen energy storage market in the coming years due to increasing demand and government support for hydrogen energy technologies.
Market Segmentation
The Hydrogen Energy Storage Market Size has been segmented into technology and end-user.
Based on the technology, the market has been segmented into liquid hydrogen, metal hydrides and carbon absorption.
Based on the end-user, the market has been segmented into power generation, transportation, chemicals and metal working.
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