The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for stored hydrogen in chemical industry and demand for stored hydrogen in stationary and portable power application are the primary drivers of the hydrogen energy storage market.
North America is expected to dominate the global hydrogen energy storage market
North America is estimated to be the largest growing hydrogen energy storage market during the forecast period. The growth of this region is driven primarily by countries such as the US and Canada. Increase in demand for hydrogen gas in oil refineries and chemical industry is expected to drive the hydrogen energy storage market in the North American region.
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Gas segment is expected to lead the hydrogen energy storage market by state
The hydrogen energy storage market is segmented by state, into liquid, gas, and solid. The gas segment accounted for the major share of the market in 2019. This is attributed to the growing multiple cost-effective methods to store hydrogen as a gas via compression in the major regions such as North America and Europe.
This research report categorizes the hydrogen energy storage market by state, storage technology, capacity, end-user, and region.
- Material Based
- North America
- Asia Pacific
- Middle East & Africa
- South America
The hydrogen energy storage, by storage technology, is segmented into compression, liquefaction, and material-based. Compression segment is expected to be the largest and the fastest-growing segment among all the segments. This is majorly because of the compression provides easy and cost-efficient hydrogen storage.
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The hydrogen energy storage market has been categorized, based on end-users, into industrial, commercial, and utilities. Utilities segment is expected to be the fastest-growing end-users of hydrogen energy storage followed by industries. This is because of the growing demand for power generation through renewable energy sources.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Hydrogenics(Canada), ITM Power(UK), Hexagon Composites(Norway), Worthington Industries(US), Linde(UK), Nel Hydrogen(Norway), Plug Power(US), Chart Industries(US), Air Liquide(France), Air Products and Chemicals(US) and Hydrogenious(Germany) along with other prominent manufacturers of hydrogen energy storage.