Asia Pacific Compressed Hydrogen Energy Storage Market Size

Asia Pacific Compressed Hydrogen Energy Storage Market was valued at USD 7.5 billion in 2023 and is likely to showcase about 8% CAGR between 2024 and 2032. The Asia Pacific region is witnessing a notable surge in energy demand, primarily driven by the burgeoning manufacturing and industrial sectors. Furthermore, the enforcement of rigorous emission regulations has spurred the uptake of clean energy solutions across utility and industrial settings. Governments across the region have introduced fresh policy measures and established targets to integrate clean energy technologies, thereby propelling industry expansion throughout the area.

Increasing investments in technological innovations have significantly promoted the adoption of fuel cell vehicles throughout the Asia Pacific region. Additionally, the rising implementation of hybrid systems and smart grids in developing economies has created ample opportunities for technology transfer agreements and joint ventures, which are expected to positively impact the business landscape.

Asia Pacific Compressed Hydrogen Energy Storage Market Trends

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Asia Pacific compressed hydrogen energy storage industry is rapidly expanding and evolving due to increasing investments and subsidies from governments, companies, and consumers in support of clean energy sources. Growing awareness of climate change and the need to reduce greenhouse gas emissions are significantly boosting industry growth. Hydrogen energy storage enables the storage and utilization of renewable energy sources such as solar and wind power, creating numerous deployment opportunities. The transportation sector, a major source of greenhouse gas emissions, is witnessing a growing trend toward the adoption of hydrogen fuel cell vehicles.

Asia Pacific Compressed Hydrogen Energy Storage Market Analysis

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Based on application, the industrial application is projected to surpass USD 8.7 billion by 2032. The push towards renewable energy sources such as solar and wind power is driving the demand for efficient energy storage solutions, including compressed hydrogen. Governments worldwide are implementing policies and providing subsidies to promote clean energy solutions, including hydrogen storage. These incentives are fostering market growth and encouraging investments in hydrogen infrastructure.

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The Chinese government is heavily investing in hydrogen energy as part of its broader clean energy strategy. Policies and subsidies aimed at reducing carbon emissions and promoting renewable energy are significantly boosting the hydrogen storage market. There is a substantial focus on developing hydrogen production, storage, and distribution infrastructure. This includes the construction of hydrogen refueling stations and dedicated hydrogen pipelines to support the growing demand. Chinese companies are investing in research and development to improve hydrogen compression technologies, enhance storage efficiency, and reduce costs. Innovations in materials and storage systems are making hydrogen storage more viable and efficient.

In Japan, the significant investments are being made in developing hydrogen refueling stations and other infrastructure necessary for compressed hydrogen energy deployment. The country aims to have over 320 hydrogen refueling stations by 2025.

Asia Pacific Compressed Hydrogen Energy Storage Market Share

Air Liquide has emerged as a leading player in the Asia Pacific compressed hydrogen energy storage industry. This is due to its substantial production capabilities, commitment to technological advancements, and strategic partnerships with major hydrogen producers. The company's focus on innovation has led to the creation of cutting-edge hydrogen energy storage technologies designed to address the growing demand for high-performance and environmentally sustainable power solutions.

Asia Pacific Compressed Hydrogen Energy Storage Market Companies

Major key players operating across the APAC compressed hydrogen energy storage industry are:

• Air Liquide
• Air Products and Chemicals, Inc.
• Cockerill Jingli Compressed hydrogen
• ENGIE
• FuelCell Energy, Inc.
• GKN Compressed Hydrogen
• Gravitricity Ltd
• ITM Power PLC
• Linde plc
• McPhy Energy S.A.
• Nel ASA
• SSE
  

Asia Pacific Compressed Hydrogen Energy Storage Industry News

• In April 2022, a new project has been launched where SSE will utilize Siemens Gamesa's Renewable Hydrogen Upgrade solution to produce green hydrogen at the Gordonbush wind farm. This green hydrogen will serve as a clean alternative to natural gas, diesel, or gasoline, aiding in the decarbonization of manufacturing, transportation, and other hard-to-abate industries.
  
• In May 2021, Gravitricity has unveiled a stored energy demonstrator, aiming to enhance its underground hydrogen storage capabilities by incorporating hydrogen and heat storage into its gravity energy system. In response to the increasing demand for secure and affordable renewable energy sources and hydrogen storage, Gravitricity has submitted a patent application for the conversion of specially designed shafts into pressurized energy storage facilities.
  

This Asia Pacific compressed hydrogen energy storage market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By Application

• Industrial
• Transportation
• Stationary
• Others

The above information has been provided for the following countries:

• Asia Pacific
  • China
  • India
  • Japan