Hydrogen Energy Storage Market 2023-2028: Industry Size, Share, Growth Drivers and Opportunities
According to IMARC Group latest report titled “Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on hydrogen energy storage market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global hydrogen energy storage market size reached US$ 18.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.08% during 2023-2028.
Hydrogen energy storage (HES) represents a process generally involving the utilization of power electrolysis via the surplus energy generated by renewables during the low energy demand. It aids in reducing carbon emissions and the overall consumption of conventional petroleum fuels and increasing the reliability of supply. Hydrogen energy storage provides ancillary grid services and fuel for material handling equipment (MHE), such as airport tugs and forklifts. It also offers high storage capacity as compared to compressed air energy storage (CAES) and pumped storage hydropower (PSH). Consequently, HES is extensively used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
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The widespread adoption of HES in stationary power for providing clean, efficient, and reliable off-grid power to homes, businesses, utilities, etc., is primarily driving the hydrogen energy storage market. Additionally, the growing utilization of hydrogen, as it does not emit greenhouse gases and harmfully affects the environment, is further catalyzing the market growth. Besides this, the inflating popularity of HES, as it provides various opportunities to improve the economics of energy supply systems and increase resiliency comprising electric grid and gas pipelines, is acting as another significant growth-inducing factor. Moreover, the launch of various favorable policies by government bodies across countries to encourage the use of sustainable energy sources is positively influencing the global market. Apart from this, they are also developing cost-effective and energy-saving hydrogen stations, which is stimulating market growth. Furthermore, extensive investments in R&D activities to introduce enhanced equipment for enhancing production efficiency are anticipated to fuel the hydrogen energy storage market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
Hydrogen Energy Storage Market Segmentation:
Our report has categorized the market based on region, product type, technology, application and end user.
Breakup by Product Type:
Breakup by Technology:
- Material Based
Breakup by Application:
- Stationary Power
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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