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.
Authors:
Ankit Gupta, Vinayak Shukla
Frequently Asked Questions (FAQ) :
Asia Pacific market for compressed hydrogen energy storage was reached USD 7.5 billion in 2023 and will grow at 8% CAGR during 2024 to 2032, driven by government initiatives to integrate clean energy technologies.
The industrial application segment of the Asia Pacific compressed hydrogen energy storage market held a decent market share in 2023 and is projected to surpass USD 8.7 billion by 2032, driven by the push towards renewable energy sources such as solar and wind power.
China compressed hydrogen energy storage market held decent growth in 2023 and will expand rapidly through 2032, driven by heavy investment in hydrogen energy as part of broader clean energy strategy.
Air Liquide, Air Products and Chemicals, Inc, Cockerill Jingli Compressed hydrogen, ENGIE, FuelCell Energy, Inc, GKN Compressed Hydrogen, Gravitricity Ltd, ITM Power PLC among others.
Asia Pacific Compressed Hydrogen Energy Storage Market Scope