Hydrogen Energy Storage Market
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The global hydrogen energy storage market was anticipated at USD 18.4 billion in 2024 and is expected to witness a CAGR of 8.7% from 2025 to 2034. There is a significant surge in the market for hydrogen energy storage due to wider use of renewable energy sources such as solar and wind. It also brings hydrogen energy storage as an alternative method to address the challenge of grid stabilization since these renewable sources are inherently interruption-based. When there is excess renewable energy, it is stored in hydrogen and converted back into electricity during low generation periods.
The hydrogen energy storage market is rapidly advancing in storage technologies. Cryogenic and compressed liquid hydrogen storage systems are gaining popularity owing to their scalability and efficiency. Conversely, material-based storage technologies such as metal hydrides and liquid organic hydrogen carriers (LOHCs) are safer and more compact, making them more suitable for industrial and residential use. These innovations are addressing challenges such as storage density, transportation safety, and efficiency. Research on ammonia-based hydrogen storage and solid-state hydrogen as well as hydrogen based methods is also advancing, adding variety to the market. All these advancements will increase the competitiveness of hydrogen energy.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Hydrogen Energy Storage Market size in 2024: | USD 18.4 Billion |
| Forecast Period: | 2025 to 2034 |
| Forecast Period 2023 - 2032 CAGR: | 8.7 |
| 2023 Value Projection: | USD 41.9 Billion |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 80 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Method, Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The use of hydrogen energy storage is escalating from its specific uses into industrial and utility markets on a massive scale. Hydrogen is being considered as both a feedstock and a form of energy storage by the steel, chemicals, and refining industries, as it improves cutting down fossil fuels dependence. In the utility business, hydrogen is becoming an important part of grid energy storage because it can help reactors when they are powering up and level the load on the grids when it is high. Power to gas systems and other hydrogen projects are being deployed to use the excess renewable energy to generate hydrogen which is storable and can later be used for power, transport or industry. This demonstrates the versatility of hydrogen within different environmental parameters.
The market is categorized by method into compression, liquefaction, and material-based. The liquefaction segment is anticipated to exceed over USD 6.2 billion by 2034. Due to its high energy density, low cost, and potential for large scale applications use in industrial processes, transport and grid level energy storage, the liquefied hydrogen energy storage market is expected to grow substantially. Hydrogen is liquefied by cooling it to -253 degrees Celsius. At this temperature, hydrogen can be stored and transported in small volumes. With the increased need for energy in various industries, liquefied hydrogen is an ideal solution. The market is propelled by the growing acceptance of hydrogen as a clean energy carrier to meet different decarbonization targets in conjunction with increasing investment in hydrogen infrastructure.
By application, the market is divided into transportation, stationary, industrial, and others. The industrial segment is anticipated to grow at a CAGR higher than 7.7% through 2034. The industrial hydrogen energy storage market is growing at a rapid pace as industries are aggressively pursuing decarbonization as well as energy efficiency to meet international climate objectives. Hydrogen storage is important in energy-intensive industries such as steel, chemicals, and refining where it is used as a clean energy carrier and a feedstock.
The U.S. hydrogen energy storage market to forecasted to reach USD 5.4 billion by 2034. Investment in solar and wind energy in the region alongside efforts to create an economy free of carbon emissions are fueling the growth of the region's hydrogen storage market. For instance, the U.S. is required to produce and store vast amounts of hydrogen energy generated from renewable resources and as a part of its comprehensive net-zero emission strategy, the country is expanding the hydrogen production and storage systems.
Major markets including Japan, South Korea, China, and Australia are expected to aid in the region's ambitious decarbonization goals, driving an increase in demand for cleaner energy solutions. Corporations and governments in the Asia Pacific region are viewing hydrogen as a core part of the energy transition and as a result investing aggressively into the production and storage systems for hydrogen.
With the rise in innovation, the need for advanced hydrogen energy storage systems has also increased tremendously. To meet this demand, Air Liquide has placed itself at the forefront of hydrogen energy storage in the market. With strong support of strategic alliances and the power of commitment, technology advancement and massive production facilities, Air Liquide looks forward towards the future.
Some of the key players operating across the hydrogen energy storage industry are:
Market, By Method
Market, By Application
The above information has been provided for the following regions and countries:
The global market for hydrogen energy storage was reached USD 18.4 billion in 2024 and is expected to grow at a CAGR of 8.7% from 2025 to 2034, driven by the growing adoption of renewable energy sources like solar and wind.
The liquefaction segment is expected to reach USD 6.2 billion by 2034, due to its high energy density and suitability for large-scale applications.
The industrial segment is projected to expand at a CAGR of over 7.7% through 2034 as industries prioritize decarbonization and energy efficiency.
Key players in the hydrogen energy storage industry include Air Liquide, Air Products, Cockerill Jingli Hydrogen, Engie, FuelCell Energy, GKN Hydrogen, Gravitricity, Hydrogen in Motion, ITM Power, Linde, McPhy Energy, Nel, and SSE.
The U.S. hydrogen energy storage market is projected to exceed USD 5.4 billion by 2034, led by increasing investments in renewable energy and decarbonization efforts.