Material-Based Hydrogen Energy Storage Market Size - By Application (Industrial, Transportation, Stationary), Regional Outlook & Growth Forecast, 2024 – 2032

Material-Based Hydrogen Energy Storage Market Size

Material-Based Hydrogen Energy Storage Market was valued at USD 288.6 million in 2023 and is set to grow at a CAGR of 12.1% between 2024 and 2032. There is significant investment in R&D to improve the efficiency and safety of material-based hydrogen storage. Advances in materials science, particularly in developing lighter, more efficient storage materials, are a key focus. As global efforts to reduce carbon emissions intensify, the demand for hydrogen as a clean energy carrier is rising. Material-based hydrogen storage solutions are seen as critical for enabling the hydrogen economy, particularly in transportation and renewable energy integration.
 

Improvements in the absorption and desorption rates of hydrogen in storage materials are making these solutions more viable for commercial applications. The development of new alloys and compounds that can store hydrogen at lower pressures and higher densities is a significant area of progress. There is a trend of increased collaboration between research institutions, governments, and private companies to accelerate the development and deployment of material-based hydrogen storage technologies.
 

Material-Based Hydrogen Energy Storage Market Trends

Reducing the cost of material-based hydrogen storage is a primary focus. This includes advancements in manufacturing processes, scaling up production, and exploring alternative materials that are more cost-effective. Governments are introducing policies and incentives to promote hydrogen energy storage. This includes funding for research, tax incentives for companies investing in hydrogen technologies, and regulations that encourage the adoption of hydrogen storage solutions. Material-based hydrogen storage is being increasingly integrated with renewable energy sources like wind and solar. Hydrogen storage provides a way to store excess energy generated during peak production periods, which can then be used when energy demand is high or renewable energy generation is low.
 

Material-Based Hydrogen Energy Storage Market Analysis

Based on application, the transportation segment is projected to exceed over USD 70 million by 2032. In transportation, especially for vehicles, reducing weight is crucial for efficiency. There is a significant push towards developing lighter hydrogen storage materials, such as advanced metal hydrides and porous materials like metal-organic frameworks (MOFs), which offer high hydrogen storage density without adding excessive weight.
 

Asia Pacific material-based hydrogen energy storage market is set to surpass USD 185.5 million by 2032. Several countries in the Asia-Pacific region, including Japan, South Korea, China, and Australia, are making substantial investments in hydrogen technology as part of their long-term energy strategies. These governments are promoting hydrogen as a key component in their energy transition plans, which is boosting the demand for material-based hydrogen storage solutions.
 

The U.S. government is increasingly supporting hydrogen energy as part of its strategy to reduce carbon emissions and enhance energy security. This includes funding for research and development, tax incentives for hydrogen technologies, and policies aimed at decarbonizing industries and transportation.
 

Material-Based Hydrogen Energy Storage Market Share

Air Liquide has emerged as a leading player in the Asia-Pacific material-based hydrogen energy storage industry, thanks to its strong production capabilities, commitment to technological innovation, and strategic partnerships with top hydrogen producers. The company’s emphasis on innovation has resulted in the development of advanced hydrogen energy storage technologies that meet the increasing demand for high-performance and environmentally sustainable power solutions.
 

Material-Based Hydrogen Energy Storage Market Companies

Eminent players operating in the material-based hydrogen storage industry include:

• Air Liquide
• Air Products and Chemicals, Inc.
• Cockerill Jingli Compressed hydrogen
• ENGIE
• FuelCell Energy, Inc.
• GKN Compressed Hydrogen
• Gravitricity Ltd
• ITM Power PLC
• Linde plc
• McPhy Energy S.A.
• Nel ASA
• SSE
   

Material-Based Hydrogen Energy Storage Industry News

• In May 2021, Gravitricity has launched a stored energy demonstrator aimed at improving its underground hydrogen storage capabilities by integrating hydrogen and heat storage with its gravity energy system. This initiative addresses the growing need for secure and cost-effective renewable energy and hydrogen storage solutions.
   
• In September 2020, Air Products and Chemicals, Inc. has partnered with the European Clean Hydrogen Alliance to accelerate the region's transition to a competitive and sustainable economy. This collaboration aims to strengthen Europe's leadership in hydrogen, establishing the foundation for a robust EU industrial hydrogen network. Through this partnership, the company has expanded its presence in the region and reinforced its leadership in the hydrogen industry.
   

This material-based hydrogen energy storage market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By Application

• Industrial
• Transportation
• Stationary
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
• Rest of World