According to a market report, published by Sheer Analytics and Insights, the total hydrogen energy storage system market was valued at $8.1 billion in 2021 and it is expected to reach $34.1billion at a CAGR of 5.90% through the forecast period. Based on state or form, the hydrogen energy storage system has been segmented into solid, liquid, and gas. The gas segment is estimated to make the largest market share during the forecast period. Hydrogen can be stored as a gas via compression and it is the easiest and most cost-effective process than the liquefaction of the hydrogen. Thus, the demand for hydrogen energy storage systems is driving the market across the globe. Based on the storage technology, the hydrogen energy storage system is divided into liquefaction, compression, and material-based. For storing hydrogen energy, the compression method is the most preferred technology among others and this compression mode is used in vehicles for road transportation, stationary applications for dispending hydrogen, and it is also used in stationary power generation.
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Among the regions, the North American region is expected to hold the largest market share over the forecast period. Demand for a fuel cell application, use of cleaner fuels, and tight regulations about emission control are the key factor which is driving the market growth of hydrogen energy storage system. Additionally, in the U.S, demand for hydrogen is increasing in the chemical industries and oil refineries which made the country become the largest market in the North American region. An excessive amount of unused energy is being used in the production of green hydrogen. Many players across several countries produce and sell this kind of hydrogen to large industrial consumers. The adoption of hydrogen energy in utility storage, commercial and residential sectors is further driving the market growth across the globe. In addition, demand for hydrogen is rising in industries such as metal treatment, food processing, and petroleum refining are anticipated to boost the market growth.
The usage of stationary power is increasing, and this will positively impact the market growth. Asia-Pacific is expected to witness the highest revenue share due to the impact of productivity improvements. However, North America is also expected to have a significant market share due to the presence of major players in countries such as the U.S and Canada. Several countries' government is focusing on defendable power sources which are anticipated to witness huge growth through the forecast period from 2022 to 2032.
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 dominating the hydrogen energy storage system market. Major companies are implementing new business strategies by producing more hydrogen energy, and doing business partnerships and agreements to stay ahead in the market.
The Global Hydrogen Energy Storage System Market Has Been Segmented Into:
The Hydrogen Energy Storage System Market – by Technology
The Global Hydrogen Energy Storage System Market – by Physical Form
The Global Hydrogen Energy Storage System Market – by Application
The Hydrogen Energy Storage System Market – by Region
North America
Europe
Asia-Pacific
LAMEA
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