Hydrogen Energy Storage Market Size - By State (Liquid, Gas, Solid), By Method (Compression, Liquefaction, Material-Based), By Application (Industrial, Transportation, Stationary) & Global Forecast, 2024 – 2032

Hydrogen Energy Storage Market Size

Hydrogen Energy Storage Market was valued at USD 17.1 billion in 2023 and is projected to record over 8.4% CAGR from 2024 to 2032.
 

The introduction of hydrogen-based incentives and subsidies will drive the requirement for hydrogen energy storage infrastructure across major economies in the coming years. Various governments worldwide are setting targets to use hydrogen across applications like transportation and stationary storage. For instance, in January 2023, India set targets for green hydrogen consumption for some industries in a bid to generate the demand for clean fuel to reach a net zero target by 2070. Strict emissions norms and attempts to lower GHG emissions from the industrial sector will accelerate the requirement for hydrogen energy storage infrastructure.
 

The high capital cost associated with hydrogen energy storage is expected to hamper the hydrogen energy storage market growth. Large plants require ample area and availability of resources, which improves investments toward hydrogen energy storage. High-density hydrogen storage is also a challenge for portable and stationary applications and remains a significant burden for the transportation sector. Hydrogen storage options typically require large-volume systems to store hydrogen in gaseous form.
 

COVID-19 Impact

The COVID-19 pandemic had a considerable impact on the renewable energy sector. Factors like supply chain issues, delays in renewable power projects and decrease investment in the sector due to the health crises caused disruption to the sector. However, improving economic conditions post the COVID-19 lockdown restrictions is expected to improve the outlook of the renewable energy sector, consequently favoring the market revenue.
 

 Hydrogen Energy Storage Market Analysis

The hydrogen energy storage market share from the compression storage segment will register a 7% CAGR between 2023 to 2032. Rising advanced compression techniques like the use of cryogenic compression, which involves cooling the hydrogen gas before compression, reducing energy required as well as the method of delivery are anticipated to increase the adoption of compressed hydrogen energy storage.
 

The gas state hydrogen energy storage market will observe around 7% CAGR through 2032. Gaseous state hydrogen storage has been the primary means of hydrogen storage in the last few years. Lower operating costs & capital outlay compared to other storage techniques are one of the key reasons for its popularity. Storage of gaseous hydrogen typically requires high-pressure tanks (350–700 bar [5,000–10,000 psi] tank pressure). Wide-ranging application of hydrogen in the in the industrial and electronics domain would instigate the requirement for storage infrastructure.
 

The industrial application segment dominated over USD 10 billion in 2022, due to increasing adoption of hydrogen energy storage across the fertilizers and chemicals industry. Industry feedstocks constitute a majority share of the current hydrogen demand. Meanwhile, the energy sector is witnessing new R&D activities in energy storage and hydrogen technologies. The rapid industrialization across developing countries and an increased adoption of alternate energy will support the market expansion.
 

The Asia Pacific hydrogen energy storage industry size accounted for USD 8 billion in 2022. Governments across the region are introducing new policies towards the integration of clean energy technologies. For instance, countries like Australia, India, China, and Japan are investing heavily in hydrogen in a bid to produce, store, distribute, and utilize it in a cost-efficient way. In the coming years, it is estimated that Australia, Japan and Korea would use employ hydrogen for power generation as well as to establish a supply chain for import and export of hydrogen.
 

Hydrogen Energy Storage Market Share

The major companies operating in the hydrogen energy storage market include :

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

Companies are focusing on increasing investments toward enhancing hydrogen production and storage capacities owing to the growing demand for hydrogen energy storage across the globe.
 

Hydrogen Energy Storage Industry News:

• In March 2023, GKN Hydrogen announced the operation of a metal hydride hydrogen storage microgrid project. GKN Hydrogen's HY2MEDI energy storage system, which is integrated into the Circle Green Technical Park and supports the development of renewable energy at the site, will be validated and demonstrated through the project.
   
• In December 2022, Air Products and Chemicals, Inc. and The AES Corporation invested around USD 4 billion to construct the largest green hydrogen production plant in the U.S., scheduled to start operations in 2027.
   

This hydrogen energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032 for the following segments:

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Market, By State

• Liquid
• Gas
• Solid

Market, By Method

• Compression
• Liquefaction
• Material-Based

Market, By Application

• Industrial
• Transportation
• Stationary
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
• Rest of World