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Europe Hydrogen Energy Storage Market Trends

Report ID: GMI9344
Published Date: May 2024
Report Format: PDF

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Europe Hydrogen Energy Storage Market Trends

In the hydrogen energy storage industry, there is a growing emphasis on green hydrogen production, driven by environmental concerns and supportive government policies promoting renewable energy sources. Additionally, there's a surge in projects focusing on hydrogen storage infrastructure development, including underground caverns and salt domes, to store large quantities of hydrogen for grid-scale applications.

Furthermore, the integration of hydrogen storage systems with existing renewable energy installations is gaining traction, enabling better grid stability and energy management. Partnerships between energy companies, technology providers, and research institutions are fostering innovation and driving down costs in the hydrogen storage sector, paving the way for its wider adoption across Europe's energy landscape.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size for hydrogen energy storage in Europe reached USD 4 billion in 2023 and is set to witness 8.8% CAGR from 2024 to 2032, owing to the increasing concerns about climate change, driving the transition towards renewable energy sources, such as wind and solar in the region.

Europe hydrogen energy storage industry from the gas segment is expected to reach over USD 6.4 billion by 2032, due to offering advantages such as high energy density and relatively lower cost compared to other forms of hydrogen storage.

Germany market is expected to record USD 2.9 billion by 2032, due to a robust renewable energy sector that generates excess electricity, which can be harnessed for hydrogen production through electrolysis in the country.

Air Products and Chemicals, Inc., Air Liquide, Cockerill Jingli Hydrogen, ENGIE, Fuel Cell Energy, Inc., GKN Hydrogen, Gravitricity Ltd, HYDROGEN IN MOTION, ITM Power PLC, Linde plc, McPhy Energy S.A., Nel ASA, and SSE, are some of the major hydrogen energy storage companies in Europe.