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IN THE NEWS·October 2021- Nel doubled electrolyzer order pipeline since January to over USD 6 billion, representing over 11 GW of renewable hydrogen production capacity.
October 2021- Air Liquide and Faurecia signed a joint development agreement for designing and producing on-board liquid hydrogen storage systems for the automotive industry.
The global hydrogen energy storage market is estimated to garner a sizeable revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing usage of stored hydrogen for stationery and backup power application, and increasing demand to produce hydrogen using surplus renewable power. Along with these, decline in consumption of conventional fuels, and reduction in cost of renewable power generation from solar and wind energy are also expected to drive market growth in the upcoming years. According to the International Energy Agency, the total consumption of coal in the world declined to 994.5 Mtoe in 2018, from 1,017.4 Mtoe in the year 2017. Furthermore, escalating usage of hydrogen for grid energy services and in transportation sector around the world is projected to offer profitable opportunities to the market in the near future.
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The market is segmented by state into liquid, gas, and solid, out of which, the gas segment is anticipated to hold the largest share in the global hydrogen energy storage market. This can be accounted to the fact that storing hydrogen as a gas via compression is highly easy and cost effective as compared to the liquefication of hydrogen. Additionally, on the basis of technology, the compression segment is assessed to observe notable growth over the forecast period, which can be credited to the high utilization of compression technique for storing hydrogen for a wide range of mobile applications such as vehicles for road transportation, and stationary application for dispensing hydrogen at refueling stations. Apart from these, compressed hydrogen storage system is able to refuel vehicles in a very short period of time, which is also predicted to boost the growth of the market segment in the years to come.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global hydrogen energy storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the stringent regulations regarding emission control, and growing applications of liquid hydrogen and fuel cells in the region. In 2018, more than 30,000 metric tons of liquid hydrogen was consumed in the United States, which is calculated to increase up to more than 40,000 metric tons by the end of 2024. In addition, increasing construction of largescale hydrogen energy storage projects is also expected to drive market growth in the region in the coming years. Moreover, the market in Asia Pacific is projected to gather the largest share during the forecast period owing to the declining costs of electrolyzers and renewable electricity, and rising demand for hydrogen storage in residential, industrial and commercial sectors in the region.
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The global hydrogen energy storage market is further classified on the basis of region as follows:
Our in-depth analysis of the global hydrogen energy storage market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing use of stored hydrogen for stationery and backup power application, and increasing demand to produce hydrogen using surplus renewable power.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Strict rules for producing hydrogen from electrolysis are estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the stringent regulations regarding emission control, and growing applications of fuel cells in the region.
The major players in the market are Air Liquide SA, Praxair Inc., VRV S.P.A, Linde AG, Hank Technologies Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by state, technology, end user, and by region.
The gas segment is anticipated to hold largest market size in value and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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