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Hydrogen Energy Storage Market Size

Report ID: GMI5692
Published Date: Dec 2024
Report Format: PDF

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Hydrogen Energy Storage Market Size

The global hydrogen energy storage market was valued at USD 18.4 billion in 2024 and is expected to witness a CAGR of 8.7% from 2025 to 2034, due to growing adoption of renewable energy sources like solar and wind. These renewables are inherently intermittent, creating challenges for grid stability. Hydrogen energy storage addresses this issue by storing excess renewable energy, which can then be converted back into electricity during periods of low generation.

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The hydrogen energy storage market is witnessing rapid advancements in storage technologies. Compressed hydrogen and cryogenic liquid hydrogen storage systems are gaining traction for their scalability and efficiency. Meanwhile, material-based storage technologies, including metal hydrides and liquid organic hydrogen carriers (LOHCs), offer safer and more compact solutions, suitable for industrial and residential applications. These innovations are addressing challenges like storage density, transportation safety, and efficiency. Research into ammonia-based hydrogen storage and solid-state methods is also progressing, further diversifying the market. These advancements are enhancing hydrogen's potential as a versatile and competitive energy carrier.

Hydrogen Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2024
Hydrogen Energy Storage Market Size in 2024:	USD 18.4 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	8.7%
2034 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:	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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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.