Hydrogen Energy Storage System Market, (By Technology - Compression, Liquefaction, Material-Based. By Physical Form - Gas, Liquid, Solid. By Application - Residential, Commercial, Industrial. By Region - North America, Europe, Asia Pacific, and LAMEA) - Global Industry Insights, Market Analysis, Trends, and Forecast 2022-2032

The global hydrogen energy storage system market was valued at $18.1 billion in 2021 and it is expected to reach $34.1 billion at a CAGR of 5.90% between 2022 and 2032. The crisis during the COVID-19 pandemic has disrupted the growth of the hydrogen energy storage system market across the globe. Supply chains have decreased and delays in completing new hydrogen energy projects witnessed a loss during the initial lockdowns. However, after this pandemic, the growth of the market is driving again.  

U.S is the largest market in North American region in producing hydrogen energy across the globe.   

There are three types of storage in hydrogen energy storage systems and these are Liquefaction, compression, and material-based. Compression technology is expected to witness maximum growth over the forecast period. Hydrogen energy is stored in gas, liquid, and solid form. There are three sectors such as commercial, industrial and utility industries in which hydrogen energy is mainly used. However, demand for hydrogen energy storage is increasing which drives the market growth across the various global industries. New technologies are designed to decrease the manufacturing cost and component requirements for hydrogen energy storage. Thus, such advanced technologies have improved the efficiency of hydrogen fuel cells.         

Source: SAI Research

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The commercialization of power-to-gas technologies can increase the potential opportunities for the market. Hydrogen could be transformed back to electricity with this technology. Few major companies are trying to enter into partnerships with the research organization to build full-scale hydrogen energy storage projects. Air Liquide has entered into a partnership with STNE, and they are focusing on producing organic and inorganic strategies to increase the global market share. However, hydrogen energy is used to produce fuel cells which are not fully able to fulfill the demand for residential and commercial buildings. Liquid hydrogen energy storage covers high capital costs, thus it is expected to drive the growth of the market through the forecast period. Major Player such as ITM Power opts for collaboration as their organic business strategy to increase their clients across the globe.        

Based on the regions, the hydrogen energy storage system market is segmented into Europe, North America, Asia-Pacific, the Middle East, and Africa. Among these regions, North America is anticipated to witness high growth in the global market during the forecast period from 2022 to 2032. Rising demand for hydrogen fuel cell application, use of cleaner fuels, and tight regulations about pollution control is the main factor which is driving the growth of the hydrogen energy storage system market. In North America, the U.S is the largest and fastest-growing market in producing hydrogen energy storage. Chemical industries and oil refineries are rising across the region.            

The key players such as Hydrogenics, Hexagon Composites, Worthington Industries, Linde, ITM Power, Nel Hydrogen, Plug Power, Chart Industries, Air Liquid, Air Products, and Chemicals, Hydrogenious, FuelCell Energy, Cummins Inc, and other companies are leading the hydrogen energy storage system market. Several major companies opt for partnerships and collaborations to fulfill the demand for hydrogen energy storage systems. These players have adopted agreements and acquisitions to stay ahead in the competitive market across the globe.           

Scope of the Report:

The Global Hydrogen Energy Storage System Market Has Been Segmented Into:

The Hydrogen Energy Storage System Market – by Technology

• Compression
• Liquefaction
• Material-Based

 The Global Hydrogen Energy Storage System Market – by Physical Form

• Gas
• Liquid
• Solid

The Global Hydrogen Energy Storage System Market – by Application

• Residential
• Commercial
• Industrial

The Hydrogen Energy Storage System Market – by Region

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• France
• Italy
• U.K.
• Russia
• Rest of Europe Countries

Asia-Pacific

• India
• China
• Japan
• South Korea
• North Korea
• Rest of Asian Countries

LAMEA

• Brazil
• Saudi Arabia
• Rest of LAMEA