Hydrogen Energy Storage Market Size, Share, Growth Analysis, By Storage Form(Solid, Liquid, and Gas), By Technology(Compression, Liquefaction, and Material Based), By Application(Stationary Power, and Transportation), By End User(Utilities, Industrial, and Commercial), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Hydrogen Energy Storage Market?

Global Hydrogen Energy Storage Market size was valued at USD 14.69 Billion in 2021 and is poised to grow from USD 15.34 Billion in 2022 to USD 21.66 Billion by 2030, at a CAGR of 4.4% during the forecast period (2023-2030).

Q: Who are the key vendors in the Global Hydrogen Energy Storage Market?

The competitive landscape in the hydrogen energy storage market is dynamic and evolving as the industry continues to grow. Key players in the market range from established energy companies to innovative startups, each contributing to the development and deployment of hydrogen energy storage solutions. 'Air Liquide SA', 'Linde plc', 'Air Products and Chemicals, Inc.', 'Siemens Energy AG', 'ITM Power plc', 'Nel ASA', 'McPhy Energy S.A.', 'Plug Power Inc.', 'Hydrogenics Corporation (Cummins Inc.)', 'Ballard Power Systems Inc.', 'ENGIE', 'Toshiba Energy Systems & Solutions Corporation', 'Chart Industries, Inc.', 'Hexagon Composites ASA', 'Power-to-Gas Energy (Electrochaea GmbH)', 'Green Hydrogen Systems A/S', 'H2 Energy Renaissance', 'Hydrogenious LOHC Technologies GmbH', 'Hazer Group Limited', 'Loop Energy Inc.'.

Report ID: SQMIG10E2022 | Region: Global | Published Date: February, 2024
Pages: 178 | Tables: 90 | Figures: 76

Hydrogen Energy Storage Market News

In April 2023: Plug Power, a leading provider of hydrogen fuel cell systems, announced the acquisition of Giner ELX, a developer of proton exchange membrane electrolyzer technology. The acquisition enhances Plug Power's electrolyzer capabilities and supports its goal of expanding into the hydrogen production and energy storage market.

In March 2023: Nel ASA secured a contract for the delivery of two large-scale alkaline electrolyzers from TronderEnergi, a Norwegian energy company. The electrolyzers will be used for the production of green hydrogen and contribute to TronderEnergi's efforts in renewable energy and hydrogen storage.

Hydrogen Energy Storage Market Report Snapshots

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Hydrogen Energy Storage Market size was valued at USD 14.69 Billion in 2021 and is poised to grow from USD 15.34 Billion in 2022 to USD 21.66 Billion by 2030, at a CAGR of 4.4% during the forecast period (2023-2030).

The competitive landscape in the hydrogen energy storage industry is dynamic and evolving as the market continues to grow. Key players in the market range from established energy companies to innovative startups, each contributing to the development and deployment of hydrogen energy storage solutions. 'Air Liquide SA', 'Linde plc', 'Air Products and Chemicals, Inc.', 'Siemens Energy AG', 'ITM Power plc', 'Nel ASA', 'McPhy Energy S.A.', 'Plug Power Inc.', 'Hydrogenics Corporation (Cummins Inc.)', 'Ballard Power Systems Inc.', 'ENGIE', 'Toshiba Energy Systems & Solutions Corporation', 'Chart Industries, Inc.', 'Hexagon Composites ASA', 'Power-to-Gas Energy (Electrochaea GmbH)', 'Green Hydrogen Systems A/S', 'H2 Energy Renaissance', 'Hydrogenious LOHC Technologies GmbH', 'Hazer Group Limited', 'Loop Energy Inc.'

The increasing integration of renewable energy sources, such as solar and wind, into the grid creates intermittent power generation. Hydrogen energy storage provides a solution for storing excess renewable energy during periods of high production and releasing it when demand is high, thus supporting grid stability and renewable energy integration.

Increasing Focus on Decarbonization: There is a global push to reduce carbon emissions and transition to a low-carbon economy. Hydrogen energy storage is gaining momentum as a key solution for decarbonizing the energy sector. The trend towards decarbonization, driven by climate change concerns and renewable energy targets, creates significant opportunities for the growth of the hydrogen energy storage market.

Asia Pacific had the highest revenue share of more than 35.0%. China, Japan, the Republic of Korea, Australia, India, and other East Asian countries comprise the Asia Pacific hydrogen energy storage market. The European storage of hydrogen energy sector is made up of significant nations such as Spain, Russia, Germany, Italy, the UK, and smaller Eastern & Central European countries. To blame is the massive demand for hydrogen production from a wide range of end-users, including industry and business organizations.

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