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Hydrogen Energy Storage Market Size

Report ID: GMI5692
Published Date: May 2023
Report Format: PDF

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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.

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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.;

Hydrogen Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2023
Hydrogen Energy Storage Market Size in 2023:	USD 17.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.4%
2032 Value Projection:	USD 35 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	291
Segments covered:	State, Method, Application
Growth Drivers:	Shifting policy framework across the hydrogen industry Growing investments toward hydrogen-based infrastructure Increasing clean energy demand
Pitfalls & Challenges:	High capital cost

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of hydrogen energy storage was more than USD 17.1 billion in 2023 and will record over 8.4% CAGR between 2024 to 2032.

The industrial application segment was exceeded USD 10 billion in 2022, due to the increasing adoption of hydrogen energy storage across the fertilizers and chemicals sectors.

Asia Pacific hydrogen energy storage industry size crossed USD 8 billion in 2022, on account of the introduction of new government policies towards the integration of clean energy technologies.

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