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Material-Based Hydrogen Energy Storage Market Trends

Report ID: GMI10917
Published Date: Aug 2024
Report Format: PDF

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Material-Based Hydrogen Energy Storage Market Trends

Material-Based Hydrogen Energy Storage Market Size, 2022-2032 (USD Million)

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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of material-based hydrogen energy storage was worth over USD 288.6 million in 2023 and will expand at a 12.1% CAGR between 2024 and 2032, owing to increasing investments in renewable energy and the need for efficient energy storage solutions.

Material-based hydrogen energy storage market from the transportation segment will surpass USD 70 million by 2032, propelled by the growing adoption of hydrogen fuel cell vehicles.

Asia Pacific material-based hydrogen energy storage industry will cross over USD 185.5 million by 2032, due to rapid industrialization and strong government support for clean energy initiatives.

Major players including 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, and SSE, are operating in the material-based hydrogen energy storage industry.