Market Overview
The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. Rising demand of stationary and mobile power application is a driving factor for the market growth. Moreover, increasing demand of hydrogen in industrial sector.
Gas segment is the fastest growing segment by state in the forecast period from 2022-2027. Companies like Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania), Nel ASA (Norway), ITM Power (United Kingdom) are manufacturing hydrogen energy storage in gas state for mass production.
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Hydrogen energy storage is a storage technique wherein electrical energy is converted into hydrogen through the electrolysis process, which can be further reprocessed as fuel in combustion engines or a fuel cell. Hydrogen can be stored in 3 ways—in high-pressure tanks as compressed gas, in dewars as liquid at – 253 degree C, and in chemical form by either reacting or absorbing with chemicals or metal compounds. Thus, the hydrogen stored in various forms can later be recovered when the supplies are low. Moreover, hydrogen can be stored for a longer duration of time, unlike the energy stored in batteries, which diminishes with the passage of time. The hydrogen energy storage market comprises revenues of companies that either store hydrogen or offer equipment to store. The operating expenditure and servicing revenue are not included in the scope of the study. For the estimation of hydrogen energy storage market size, the y-o-y annual capacity addition of liquid, gas, and solid-state hydrogen across the regions were estimated, and revenues of companies that manufacture and supply the hydrogen energy storage technology across various global regions are assessed in the study.
Industrial segment is the fastest growing segment by end-user segment in the forecast period. European Countries like Germany are more focused on fuel cell based electric vehicles and hydrogen storage infrastructure are driving the hydrogen energy storage market in this segment.
Many countries around the globe are imposing carbon taxes to reduce the carbon-dependency. Enabling heat pump technologies compete with gas for heat supply in the European energy market will require more balanced taxation levels between electricity and gas. According to the European Heat Pump Association (EHPA), electricity taxes and levies in Europe are currently unjustifiably higher than those applied to gas and other fossil fuels, resulting in higher heat pump operating costs. Sweden has experienced a fall of 2.1% in household energy use since the introduction of the carbon tax, as well as the phase-out of fuel oil, which was replaced up to 75% by district heating and 25% by heat pumps. Consumer prices for electricity in the UK are five times higher than for gas, which hinders the adoption of electric heat pumps.
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Europe is expected to dominate the global hydrogen energy storage market.
The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.
