Hydrogen Energy Storage Market size is predicted to reach USD 27 Billion by the end of 2035, growing at a CAGR of 7% over the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of hydrogen energy storage was over USD 12 Billion. The expansion of industrialization and the growing role of hydrogen in energy transition are fueling market growth. As per findings, hydrogen demand is expected to reach about 180?Mt by 2030, with over 50% of this demand arising from new applications, specifically in heavy industry, power generation, and the production of hydrogen-based fuels.
The rising investment in the creation of a clean energy cycle with the growing utilization of renewable energy and the augment of multilateral cooperation globally is estimated to expand the demand for hydrogen energy storage. For instance, with 44 countries of the world joining hands to make clean technologies affordable and accessible to the world before 2030, a Breakthrough Agenda was launched at COP26 in November 2021, and hydrogen is adopted as one of the breakthroughs in this agenda.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 12 Billion |
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Forecast Year Market Size (2035) |
~ USD 27 Billion |
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Regional Scope |
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Growth Drivers
Challenges
State (Liquid, Gas, Solid)
The gas segment is anticipated to garner a substantial share of 40% by 2035 due to the rising demand for hydrogen gas from transportation, agriculture, and several end-use industries. Currently, the storage of hydrogen in gaseous form needs large-volume systems. Hence, the rise in research and development to develop advanced hydrogen storage systems and new storage materials is expected to boost segment growth.
Additionally, the liquid segment is counted to grow at a notable rate by 2035 owing to the increase in the number of space programs and escalating demand for rocket fuels. Mostly, the transportation of hydrogen takes place in liquid form.
Application (Transportation, Stationary Power, Portable Power)
The transportation segment is projected to witness significant growth in the upcoming years. The segment growth is backed by the augmenting demand for hydrogen as a fuel in the automotive sector as hydrogen-powered vehicles release zero emissions which will sharply reduce the global carbon footprint. For hydrogen energy storage for transportation applications, many vehicle producers are working on developing lightweight, compact, safe, and cost-effective storage that can be available at a driving range of at least 300 miles.
Our in-depth analysis of the global market includes the following segments:
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State |
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Technology |
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End User |
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Application |
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European Market Forecast
The Europe hydrogen energy storage market is projected to be the largest with a share of about 30% by the end of 2035. The increasing emphasis placed on developing a greener economy and the rising investment in clean energy together with augmenting fuel cells technology collaboration programs is predicted to expand the need for hydrogen energy storage in the region. For instance, as a successor to the Fuel Cell and Hydrogen Joint Undertaking, Clean Hydrogen Partnership was inaugurated in November 2021, to support groundbreaking work in hydrogen technologies in Europe.
North American Market Statistics
The North America hydrogen energy storage market is estimated to be the second largest, registering a share of about 28% by 2035. The increasing investment to reduce the cost of hydrogen with its growing utilization in industrial settings such as petroleum refineries, the metal industry, steelmaking, and the fertilizer sector. These factors are propelling the production of hydrogen in countries such as the United States and there is a surge in its distribution which is anticipated to boost the market growth in the region. The U.S. Department of Energy is aiming to eliminate the cost of clean hydrogen by 80% by 3031, and for this, in June 2021, it launched the Energy Earthshots Initiative with the Hydrogen Shot.
Author Credits: Payel Roy, Dhruv Bhatia
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