Global Hydrogen Energy Storage Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

According to IEA, Public funding for hydrogen R&D observed its largest annual increase in 2021, with a 35% increase compared with 2020

• Hydrogen energy storage is the process of storing energy in the form of hydrogen gas. This technology is a promising solution for the energy storage problem, particularly for renewable energy systems that generate electricity intermittently, such as solar and wind power. There are two main types of hydrogen energy storage included hydrogen fuel cells and hydrogen production by electrolysis. Hydrogen energy storage is a promising technology for the transition to a more sustainable energy future. It offers a clean and efficient way to store energy and can be used in a variety of applications, including transportation, industry, and buildings. However, the high capital costs associated with hydrogen storage and infrastructure are still a barrier to widespread adoption, and more research and development are needed to make this technology more cost-effective and efficient.
• Hydrogen is a clean and efficient energy source. Unlike fossil fuels, hydrogen does not produce harmful emissions such as carbon dioxide when burned. As the world becomes more aware of the negative impact of greenhouse gas emissions on the environment and the urgent need to transition to clean energy sources, hydrogen is seen as a promising alternative. It is used in fuel cells to generate electricity with high efficiency and low emissions. When hydrogen is used in a fuel cell, it combines with oxygen from the air to produce electricity, heat, and water. This makes hydrogen an attractive option for powering a variety of applications, including electric vehicles, industrial processes, and buildings. Additionally, the growth of renewable energy sources, such as wind and solar, is driving demand for hydrogen as a way to store excess electricity. Renewable energy sources can be intermittent, producing energy only when the sun shines or the wind blows. By using hydrogen as a way to store excess energy, renewable energy can be used more reliably and efficiently. Hence its demand is increasing in the upcoming years.
• However, the high capital costs associated with hydrogen energy storage are a significant barrier to its widespread adoption. The cost is increased due to the technology required for hydrogen energy storage is still relatively new and developing. This means that the cost of the technology is high, and the economies of scale have not yet been realized. Also, the materials required for hydrogen storage and distribution, such as specialized tanks and pipelines, can be expensive, and it negatively hamper the growth of the market.
• Moreover, the growing demand for hydrogen energy in several end-use applications such as fuel cell vehicles, grid services, and telecommunication services is driven by its provide the clean energy source that does not produce harmful emissions such as carbon dioxide when burned. It also is highly efficient, especially when used in fuel cells. Fuel cells convert hydrogen into electricity with high efficiency and low emissions, making them a desirable option for a variety of applications, including transportation and buildings. Also, many governments around the world are implementing policies and incentives to encourage the use of hydrogen energy in several end-use applications. This is driving demand for hydrogen energy and helping to create a more supportive regulatory environment for this technology.

Market Segmentations

• Global Hydrogen Energy Storage Market is segmented based on State, Storage Technology, Application, End-Users, and Geography.
• By State, the market is classified into Solid, Liquid, and Gas.
• The Solid state segment is predicted to grow with the highest CAGR in the predicating period. The demand for solid-state hydrogen energy storage is increasing because it offers several advantages over traditional hydrogen storage methods, such as higher energy density, enhanced safety, longer shelf life, and greater efficiency. This technology has the potential to play a key role in the transition to a more sustainable and efficient energy future.
• By Storage Technology, the market is classified as Compression, Liquefaction, and Material Based. The Material Based is further classified into Chemical Hydrides and Metal Hydrides.
• The Compression segment is predicted to grow with the highest CAGR during the upcoming years. Physically, hydrogen can be kept as a liquid or a vapor. High-pressure tanks are usually needed to store hydrogen as a gas. (350-700 bar [5,000-10,000 psi] tank pressure). Since hydrogen has a boiling point of 252.8°C at one atmosphere of pressure, storing it as a liquid necessitates cryogenic temperatures. the market for hydrogen energy storage is segmented into compression, liquefaction, and material-based systems. The market is divided into solid, liquid, and vapor segments based on their Storage technologies. The industry is divided into three categories based on the End-User: residential, commercial, and industrial According to estimates, the worldwide market for hydrogen generation will generate $160.0 billion in revenue in 2022 and is expected to rise to $263.5 billion by 2027.
• By Application, the market is classified into Stationary Power and Transportation.
• The transportation segment is expected to grow with the highest CAGR during the forecasting period, To facilitate the transportation of hydrogen, several methods are being developed, including high-pressure gas pipelines, liquid hydrogen tankers, and ammonia carriers. The development of these transportation methods is essential to enable the growth of the hydrogen economy and the widespread adoption of hydrogen as a fuel for transportation and industrial applications.
• By End-User, the market is classified into Industrial and Commercial.
• The Industrial segment is predicted to grow with the highest CAGR during the forecasting period, due to an increase in the industrial sector because it offers several advantages, including improved energy efficiency, grid stabilization, renewable energy integration, and the ability to power fuel cells. This technology has the potential to play a key role in the transition to a more sustainable and efficient energy future for the industrial sector.
• By Geography, the market is classified into America, Europe, Middle-East and Africa, and Asia-Pacific.
• Europe is projected to grow with the highest CAGR in the forecasting period. The rising number of fuel cell projects, coupled with government initiatives promoting its use in residential and commercial sectors, is driving the demand for hydrogen energy in this region. Major countries such as Russia, Spain, Germany, Italy, the U.K., and smaller Eastern and Central European countries make up the European hydrogen energy storage industry.

Recent Development

• Air Liquide will build and operate at the Grandpuits site a new hydrogen production unit with an annual capacity of more than 20,000 tones. By recycling, in part, residual biogases from Grandpuits’ biorefinery as a substitute for the natural gas traditionally used, the hydrogen produced by this unit will be partly renewable. - November 2022
• The Los Angeles Department of Water & Power helps to launch Green Hydrogen Coalition, an institute dedicated to implementing policies and practices to advance green energy production to accelerate the growth of the carbon-free energy future. - January 2020

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Hydrogen Energy Storage Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Hydrogen Energy Storage Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Hydrogen Energy Storage Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market