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.