Asia Pacific Hydrogen Energy Storage Market Size - By State (Liquid, Gas, Solid), By Method (Compression, Liquefaction, Material-Based), By Application (Industrial, Transportation, Stationary) & Forecast, 2023 – 2032

Asia Pacific Hydrogen Energy Storage Market Size

Asia Pacific Hydrogen Energy Storage Market was valued at USD 8.1 billion in 2022 and is estimated to grow at a CAGR of over 8.2% between 2023 and 2032. An increasing number of companies and nations are engaged in intense competition for the leadership in clean hydrogen technologies. In 2021, India announced the National Hydrogen Mission, which is geared towards transitioning the nation into global hub for the production and storage of hydrogen. Additionally, the strategy targets the production of 5 MMT green hydrogen by 2030.
 

Hydrogen storage technologies have witnessed a renewed wave of interest on account of numerous uses of hydrogen across multiple sectors including transportation, manufacturing, power generation, and aviation. A large amount of capital is being deployed across the developed economies to provide clean fuel for the transportation sector. For instance, in 2022, Infrastructure, Investment, and Jobs Act (IIJA) announced USD 9.5 billion funding for hydrogen including USD 8 billion for the development of hydrogen-based infrastructure.
 

The deployment of capital-intensive hydrogen energy storage installations has been a significant challenge to achieving large-scale implementation over the years. The substantial upfront investment, combined with a significant allocation of funds for development, acts as a deterrent to the widespread adoption of large-scale facilities worldwide. The high initial capital outlay, along with considerable expenditures on operational components, has historically hindered the growth of the industry.
 

COVID-19 Impact

The pandemic caused disruptions in global supply chains, affecting the manufacturing and delivery of hydrogen energy storage components and systems. Delays in the supply chain and production could have hindered project timelines.
 

Asia Pacific Hydrogen Energy Storage Market Trends

The Asia Pacific region is currently experiencing a significant upsurge in energy demand, primarily driven by the expansion of its manufacturing and industrial sectors. Additionally, the implementation of stringent emission standards has led to the widespread adoption of clean energy technologies in both the utility sector and industrial facilities. Various governments in the region have introduced new policy initiatives and targets aimed at promoting the integration of clean energy technologies.
 

Asia Pacific Hydrogen Energy Storage Market Analysis

Based on state, the liquid segment valuation to exceeded 950 million in 2022, as a significant method for storing hydrogen for use in the power generation and industrial sectors. The global community strives to reduce its dependence on fossil fuels and curb greenhouse gas emissions, the demand for clean energy solutions has been steadily increasing. Liquid hydrogen has emerged as one of the cleanest available energy sources, as it generates only water vapor when burned. This environmental advantage has led to a surge in investments from both the public and private sectors to promote the adoption of liquid hydrogen as an energy storage medium.
 

Based on method, the field of material-based hydrogen storage is undergoing rapid evolution, primarily due to notable advancements in material science. These advancements encompass the development of novel materials designed for efficient and safe hydrogen storage. Among these materials are carbon nanotubes and metal hydrides, which have demonstrated their effectiveness in storing hydrogen securely. In response to these developments, various companies and organizations are engaging in collaborations and partnerships aimed at the development and commercialization of material-based hydrogen storage systems. These partnerships often involve cooperative efforts between energy companies and research institutions with the objective of creating new materials for application in Fuel Cell Electric Vehicles (FCEVs) and other hydrogen-related technologies.
 

Based on application, the industrial segment is set to grow at a CAGR of more than 7.2% through 2032. Hydrogen storage plays a pivotal role in shaping a clean, cost-effective, and secure energy future, making the supply of hydrogen to industrial users a major global business. The ongoing significant advancements in hydrogen storage technologies, aimed at improving efficiency and reducing costs, are expected to drive business growth. The increasing adoption of hydrogen energy storage within the chemicals and fertilizers industry is poised to stimulate the overall industry landscape.
 

The hydrogen energy storage market across China held around 32.3% of the market share in 2022. China has been actively investing in the development and adoption of hydrogen fuel cell vehicles. Several Chinese automakers have been working on hydrogen-powered vehicles, and the government has introduced policies and incentives to support the growth of this industry. Hydrogen has gained significant attention as a clean and sustainable energy carrier. The Chinese government has announced plans to promote hydrogen as part of its efforts to reduce carbon emissions. The country is exploring ways to produce green hydrogen, which is considered more environmentally friendly. Moreover, China has been collaborating with international partners on hydrogen-related projects. 
 

Asia Pacific Hydrogen Energy Storage Market Share

Air Liquide commands a substantial share in the Asia Pacific hydrogen energy storage industry. Renowned for its significant expertise in providing a wide range of hydrogen energy storage solutions, including liquid and gas, this company holds a storied legacy in the field of sustainable technologies. Over the course of its history, the company has consistently served as a reliable supplier of hydrogen solutions, addressing the requirements of industrial, transportation, and stationary.
 

Some of the key market players operating across the Asia Pacific hydrogen energy storage industry are:

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

Asia Pacific Hydrogen Energy Storage Industry News

• In May 2021, Gravitricity introduced a stored energy demonstrator, aiming to expand its underground hydrogen storage through the gravity energy system by adding hydrogen and heat storage. Gravitricity has filed a global patent to transform purpose-built shafts into pressurized energy stores in response to the growing demand for renewable energy sources and hydrogen storage that is secure & affordable.
   

This Asia Pacific 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 2019 to 2032, for the following segments:

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By State

• Liquid
• Gas
• Solid

By Method

• Compression
• Liquefaction
• Material-Based

By State

• Industrial
• Transportation
• Stationary
• Others

The above information is provided for the following countries:

• China
• India
• Japan