Hydrogen Energy Storage Market Size & Share, by State (Liquid, Gas, Solid); Technology (Compression, Liquefaction, Material Based); End-user (Industrial, Commercial, Utilities); Application (Transportation, Stationary Power, Portable Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3811
  • Published Date: Jul 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 � 2035

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.


Hydrogen Energy Storage Market
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Hydrogen Energy Storage Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Suitability of Hydrogen as a Fuel for Transport – With global economies moving toward a decarbonized future, there is surging research and development to invent power solutions such as natural gas, fuel cells, hybrids, and other solutions. The targets for the deployment of FCEVs in transport worldwide rose by 13% in 2021. With the growing viability and adoption of hydrogen fuel cell vehicles, and technology there is an improvement in hydrogen storage capabilities worldwide, resulting in the industry expansion. 
  • Emergence of Hydrogen Economy – The rising exploration of the hydrogen-dependent economy globally that has high potential is attracting investment to find new solutions for large-scale hydrogen storage, transportation, and export. With hydrogen being acquired from different resources, materials, techniques, and technologies such as fossil fuels and renewable energy sources, there is a rise in the development of the hydrogen energy storage market.

Challenges

  • High Cost of Storage – The cost of hydrogen energy storage is much more than that of fossil fuel. Storage of hydrogen as a gas generally needs a high-pressure tank and that of liquid requires cryogenic temperatures, this different requirement adds to the overall cost of storage, hampering the market growth.
  • Growing Investments in Alternative Energy Storage Systems
  • Strict Policies and Regulations

Hydrogen Energy Storage Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 12 Billion

Forecast Year Market Size (2035)

~ USD 27 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydrogen Energy Storage Segmentation

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:

            State

  • Liquid
  • Gas
  • Solid

          Technology

  • Compression
  • Liquefaction
  • Material Based

          End User

  • Industrial
  • Commercial
  • Utilities

           Application

  • Transportation
  • Stationary Power
  • Portable Power

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Hydrogen Energy Storage Industry - Regional Synopsis

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.

Research Nester
Hydrogen Energy Storage Market Size
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Companies Dominating the Hydrogen Energy Storage Landscape

top-features-companies
    • Nel ASA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    •  Air Liquide SA
    • Praxair Inc.
    • VRV S.P.A
    • Linde AG
    • Hank Technologies Inc.
    • Murphy Energy S.A.
    • Luxfer Holdings PLC
    • Hexagon Composites ASA
    • Worthington Industries, Inc.

In the News

  • Nel ASA doubled the electrolyzer order pipeline since January to over USD 6 billion, representing over 11 GW of renewable hydrogen production capacity.
  • Air Liquide SA and Faurecia SE signed a joint development agreement for designing and producing onboard liquid hydrogen storage systems for the automotive industry.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3811
  • Published Date: Jul 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising demand for hydrogen from various end-use industries and the growing use of stored hydrogen for stationary and backup power applications are the major factors driving the growth of the hydrogen Energy storage market.

The market size of hydrogen Energy storage is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 � 2035.

The major players in the market are Nel ASA, Air Liquide SA, Praxair Inc., VRV S.P.A, Linde AG, Hank Technologies Inc., Murphy Energy S.A., Luxfer Holdings PLC, Hexagon Composites ASA, Worthington Industries, Inc.

The gas segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Europe region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Hydrogen Energy Storage Market Report Scope
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