Hydrogen Energy Storage Market Analysis

 Hydrogen Energy Storage Market Analysis

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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.