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Industrial Hydrogen Energy Storage Market Trends

Report ID: GMI11004
Published Date: Aug 2024
Report Format: PDF

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Industrial Hydrogen Energy Storage Market Trends

Industrial Hydrogen Energy Storage Market Size, 2022-2032 (USD Billion)

Governments and regulatory bodies are implementing policies and incentives to promote hydrogen energy storage and its adoption. Supportive regulations, subsidies, and funding programs are accelerating market growth and encouraging investment in hydrogen technologies. Advances in technology and increased production capacity are driving down costs for hydrogen energy storage solutions.

Economies of scale and improved manufacturing processes are making hydrogen storage more affordable and accessible, facilitating broader market adoption. Furthermore, the market is witnessing diversification in applications, including industrial processes, grid stabilization, and backup power systems. This diversification reflects the versatility of hydrogen storage solutions and their potential to meet various energy needs.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of industrial hydrogen energy storage reached USD 11.2 billion in 2023 and is set to grow at 7.8% CAGR during 2024-2032, led by the need to reduce carbon emissions.

The material-based segment is set to surpass USD 450 million by 2032, as it offers high storage densities and stability, which are critical for efficient and safe hydrogen storage.

Asia Pacific market is anticipated to exceed USD 11.9 billion by 2032, driven by heavy investment in developing hydrogen infrastructure, including production, storage, and distribution networks.

Air Liquide, Air Products and Chemicals, Inc, Cockerill Jingli Compressed hydrogen, ENGIE, FuelCell Energy, Inc, GKN Compressed Hydrogen, Gravitricity Ltd among others.