The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027. Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth. Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth. As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period.
However, high capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications. Liquid hydrogen storage involves high insulation cost to prevent vaporization. Additionally, the storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market.
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Based on product type, gas type emerged as the market leader. This is attributed to low cost of energy storage for compressed gas compared to that of solid and liquid type. As the quantity of hydrogen storage increases, for gas type, per unit storage cost decreases, whereas, for solid type, it remains same.
Based on application, the stationary power segment garnered highest market growth, owing to increase in demand for renewable power sources. Growth in prominence of renewable and sustainable power sources across the globe will positively impact the hydrogen energy storage market growth.
Asia-Pacific accounted for highest revenue share, owing to the impact of productivity improvements. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency.
Major players have adopted acquisition, agreements, and partnership to sustain the intense market competition. Some of the key players profiled in the hydrogen energy storage industry report include Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.
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