The global hydrogen energy storage market size reached US$ 18.3 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 26.9 Billion by 2028, exhibiting a CAGR of 6.63% during 2022-2028.
Hydrogen energy storage (HES) is a process involving the utilization of power electrolysis through the surplus energy generated by renewables during the low energy demand. It assists in increasing the reliability of supply and reducing carbon emissions and the overall consumption of conventional petroleum fuels. It provides ancillary grid services and fuel for material handling equipment (MHE), such as forklifts and airport tugs. It also offers high storage capacity as compared with pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
Hydrogen energy storage (HES) is a process involving the utilization of power electrolysis through the surplus energy generated by renewables during the low energy demand. It assists in increasing the reliability of supply and reducing carbon emissions and the overall consumption of conventional petroleum fuels. It provides ancillary grid services and fuel for material handling equipment (MHE), such as forklifts and airport tugs. It also offers high storage capacity as compared with pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
Hydrogen Energy Storage Market Trends:
The growing demand for HES to utilize excess electric energy represents one of the key factors driving the market. Moreover, its increasing application in stationary power for providing clean, efficient, and reliable off-grid power to homes, businesses, and utilities is propelling the market growth. In addition, there is a rise in the employment of hydrogen as a fuel as it does not emit greenhouse gases and harmfully affects the environment. This, along with the augmenting use of hydrogen as a fuel cell in electric vehicles (EVs), is contributing to the growth of the market. Besides this, HES offers multiple opportunities to increase resiliency and improve the economics of energy supply systems comprising electric grid and gas pipelines. This, coupled with stringent regulations imposed by the government of several countries to encourage the use of sustainable energy sources, is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to develop enhanced equipment for improving the production efficiency of hydrogen.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global hydrogen energy storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, technology, application and end user.Breakup by Product Type:
- Liquid
- Solid
- Gas
Breakup by Technology:
- Compression
- Liquefaction
- Material Based
Breakup by Application:
- Stationary Power
- Transportation
Breakup by End User:
- Industrial
- Commercial
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Air Liquide, Air Products Inc., Caterpillar Inc., Chart Industries Inc., Cummins Inc., H2go Power, Hexagon Composites ASA, ITM Power, Linde plc, McPhy Energy S.A., Plug Power Inc. and Pragma Industries.Key Questions Answered in This Report:
- How has the global hydrogen energy storage market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global hydrogen energy storage market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hydrogen energy storage market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Hydrogen Energy Storage Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 Liquid
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Solid
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Gas
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Technology
7.1 Compression
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Liquefaction
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Material Based
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Application
8.1 Stationary Power
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Transportation
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by End User
9.1 Industrial
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Air Liquide
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Air Products Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Caterpillar Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Chart Industries Inc.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.5 Cummins Inc.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 H2go Power
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7 Hexagon Composites ASA
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 ITM Power
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Linde plc
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 McPhy Energy S.A.
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 Plug Power Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.12 Pragma Industries
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Hydrogen Energy Storage Market: Major Drivers and Challenges
Figure 2: Global: Hydrogen Energy Storage Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Hydrogen Energy Storage Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Hydrogen Energy Storage Market: Breakup by Product Type (in %), 2022
Figure 5: Global: Hydrogen Energy Storage Market: Breakup by Technology (in %), 2022
Figure 6: Global: Hydrogen Energy Storage Market: Breakup by Application (in %), 2022
Figure 7: Global: Hydrogen Energy Storage Market: Breakup by End User (in %), 2022
Figure 8: Global: Hydrogen Energy Storage Market: Breakup by Region (in %), 2022
Figure 9: Global: Hydrogen Energy Storage (Liquid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Hydrogen Energy Storage (Liquid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Hydrogen Energy Storage (Solid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Hydrogen Energy Storage (Solid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Hydrogen Energy Storage (Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Hydrogen Energy Storage (Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Hydrogen Energy Storage (Compression) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Hydrogen Energy Storage (Compression) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Hydrogen Energy Storage (Liquefaction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Hydrogen Energy Storage (Liquefaction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Hydrogen Energy Storage (Material Based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Hydrogen Energy Storage (Material Based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Hydrogen Energy Storage (Stationary Power) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Hydrogen Energy Storage (Stationary Power) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Hydrogen Energy Storage (Transportation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Hydrogen Energy Storage (Transportation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Hydrogen Energy Storage (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Hydrogen Energy Storage (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Hydrogen Energy Storage (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Hydrogen Energy Storage (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: North America: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: North America: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: United States: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: United States: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Canada: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Canada: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Asia-Pacific: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Asia-Pacific: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: China: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: China: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Japan: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Japan: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: India: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: India: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: South Korea: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: South Korea: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Australia: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Australia: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Indonesia: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Indonesia: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Others: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Others: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Europe: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Europe: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Germany: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Germany: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: France: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: France: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: United Kingdom: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: United Kingdom: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Italy: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Italy: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Spain: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Spain: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Russia: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Russia: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Others: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Others: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Latin America: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Latin America: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Brazil: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Brazil: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Mexico: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Mexico: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Others: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Others: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Middle East and Africa: Hydrogen Energy Storage Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Middle East and Africa: Hydrogen Energy Storage Market: Breakup by Country (in %), 2022
Figure 77: Middle East and Africa: Hydrogen Energy Storage Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Global: Hydrogen Energy Storage Industry: SWOT Analysis
Figure 79: Global: Hydrogen Energy Storage Industry: Value Chain Analysis
Figure 80: Global: Hydrogen Energy Storage Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Hydrogen Energy Storage Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Hydrogen Energy Storage Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Hydrogen Energy Storage Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 4: Global: Hydrogen Energy Storage Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Hydrogen Energy Storage Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 6: Global: Hydrogen Energy Storage Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Hydrogen Energy Storage Market: Competitive Structure
Table 8: Global: Hydrogen Energy Storage Market: Key Players
Companies Mentioned
- Air Liquide
- Air Products Inc.
- Caterpillar Inc.
- Chart Industries Inc.
- Cummins Inc.
- H2go Power
- Hexagon Composites ASA
- ITM Power
- Linde plc
- McPhy Energy S.A.
- Plug Power Inc.
- Pragma Industries.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | March 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 18.3 Billion |
| Forecasted Market Value ( USD | $ 26.9 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
