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Hydrogen Energy Storage Market Trends

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

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Hydrogen Energy Storage Market Trends

Hydrogen energy storage is moving beyond niche applications into large-scale industrial and utility sectors. Industries such as steel, chemicals, and refining are exploring hydrogen as both a feedstock and an energy storage solution, reducing their reliance on fossil fuels. In the utility sector, hydrogen is emerging as a key component of grid energy storage, providing backup power and stabilizing grids during peak demand. Large-scale hydrogen projects, such as power-to-gas systems, are being deployed to convert surplus renewable electricity into hydrogen for storage and subsequent use in power generation, transportation, or industrial processes. This trend underscores hydrogen’s flexibility in diverse applications.

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.