Market Scenario, Hydrogen energy storage is a process through which the electricity so converted into hydrogen, can be stored and eventually can be re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency of sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. The hydrogen can be stored in pressurized vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored through technologies such as solid metal hydrides with a very high density. Hydrogen energy storage also facilitates re-electrification in fuel cells with efficiencies up to 50% or burned in combined cycle gas power plants. , Increasing need for energy conservation and reducing consumption of conventional petroleum fuels will drive the demand for hydrogen energy storage market. Moreover, hydrogen is an integral part of transportation sector as it is used as a fuel for fuel cell vehicle (FCEVs). Fuel cell vehicle market has been witnessing a strong growth from the last few years. Currently, light-duty vehicles are being introduced by major players including Hyundai, Toyota, and Honda. According to California Energy Commission’s (CECs) alternative and Renewable Fuel and Vehicle Technology Program, the US government has been updating its zero-emission vehicle mandate. , The global hydrogen energy storage market is projected to grow at a moderate rate during the forecast period. Technological advancement in addition to growing fuel cell demand will positively trigger the global hydrogen energy storage market. Moreover, growing investments in research and development of fuel cell technology present opportunity for industry expansion. For instance, in 2017, Kia motors, South American company, announced the launch of H2 based hybrid automobile fuel cell system driving clean feet implementation, thus driving the demand for hydrogen energy storage market. , Global hydrogen energy storage market has been segmented based on technology, end-user, and region. Based on technology, the market has been classified as liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns. Liquid hydrogen segment dominates the market due to demand for clea

Market Scenario

Hydrogen energy storage is a process through which the electricity so converted into hydrogen, can be stored and eventually can be re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency of sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. The hydrogen can be stored in pressurized vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored through technologies such as solid metal hydrides with a very high density. Hydrogen energy storage also facilitates re-electrification in fuel cells with efficiencies up to 50% or burned in combined cycle gas power plants.

Increasing need for energy conservation and reducing consumption of conventional petroleum fuels will drive the demand for hydrogen energy storage market. Moreover, hydrogen is an integral part of transportation sector as it is used as a fuel for fuel cell vehicle (FCEVs). Fuel cell vehicle market has been witnessing a strong growth from the last few years. Currently, light-duty vehicles are being introduced by major players including Hyundai, Toyota, and Honda. According to California Energy Commission’s (CECs) alternative and Renewable Fuel and Vehicle Technology Program, the US government has been updating its zero-emission vehicle mandate.

The global hydrogen energy storage market is projected to grow at a moderate rate during the forecast period. Technological advancement in addition to growing fuel cell demand will positively trigger the global hydrogen energy storage market. Moreover, growing investments in research and development of fuel cell technology present opportunity for industry expansion. For instance, in 2017, Kia motors, South American company, announced the launch of H2 based hybrid automobile fuel cell system driving clean feet implementation, thus driving the demand for hydrogen energy storage market.

Global hydrogen energy storage market has been segmented based on technology, end-user, and region. Based on technology, the market has been classified as liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns. Liquid hydrogen segment dominates the market due to demand for clean and effective energy source.

The global Hydrogen Energy Storage market is expected to grow at ~8.50% CAGR during the forecast period.

Market Segmentation

Global Hydrogen Energy Storage market

Global Hydrogen Energy Storage market is expected to witness a significant growth during the forecast period due to various factors which are impacting this market. These factors include reduction in carbon emissions, reduction in consumption of conventional petroleum fuels, increasing demand for reliable power. For instance, rising power supply security concerns coupled with focus towards reducing dependence on foreign oil reserves in the US and China will drive the global hydrogen storage market. In China, declining oil prices have led domestic crude oil producers to lower their investments and production leading to increased imports, escalating the need for effective alternative source. Moreover, the US and U.K., and India have been increasingly focusing on R&D activities that would help in technological advancements in hydrogen and fuel cell technologies. This has ensured the development of adequate hydrogen storage for light-duty vehicles, material-handling equipment, and portable power applications that would help in fulfilling the targets set by the U.S. Department of Energy.

Key Players

The key players of global Hydrogen Energy Storage market are VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and Air Liquide, among others.

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