Stationary Hydrogen Energy Storage Market
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The global stationary hydrogen energy storage market size was assessed at USD 3.86 billion in 2023 and is envisioned to grow at a CAGR of 8.7% through 2032. The innovations in technology for storing, be it solid-state or liquid hydrogen, are being developed to enhance efficacy and decrease costs. Such advancements are favorable for the cost-effectiveness and performance of Hydrogen storage solutions. The shift towards decarbonization and usage of renewable sources of energy creates a need for efficient hydrogen storage systems. Hydrogen is regarded as an important factor in the integration of fluctuating renewable energy sources in order to achieve grid stability.
Considerable investment is being put into hydrogen infrastructure, be it production, storage or distribution. This is motivated by both public and private sectors’ funding which aims at increasing storage capacity for Hydrogen while reducing the investment needed for its infrastructure. In order to promote hydrogen energy, governments and regulatory agencies are coming up with policies and incentives. These include subsidies, tax exemptions, and provision for the basic acceptance of strategic aid to the development and use of hydrogen storage technologies.
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 3.86 Billion |
| Forecast Period 2024 to 2032 CAGR | 8.7% |
| Market Size in 2032 | USD 8.14 Billion |
| Key Market Trends | |
| Growth Drivers |
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| Pitfalls & Challenges |
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Strategic partnerships are increasingly being formed between business leaders, technology providers, and research institutes, and these partnerships are promoting creativity and speeding the implementation of hydrogen storage systems. There is an increased interest in storing energy in hydrogen form primarily from the perspective of GHG emission reduction and flexible energy storage. Its contribution towards achieving net-zero emission targets is well accepted. The market is growing across the world, with notable increase in Europe, North America, and Asia Pacific. This growth is fueled by local efforts and spending towards hydrogen technology.
The compression segment is expected to reach USD 6.5 billion by 2032. While hydrogen has become a more popular energy carrier, the need for efficient, scalable storage solutions has risen. Hydrogen compression technology is essential to make various applications more feasible. With improved efficiency, reduced energy consumption, and increased safety, the compression segment is anticipated to rise due to technological changes in the compression systems. Innovation in engineering and materials is aiding in the production of more advanced, cost effective, and reliable compression solutions.
The Asia Pacific stationary hydrogen energy storage market is expected to surpass USD 3.25 billion by 2032. Currently, the Asia Pacific region is undergoing swift technological improvements in hydrogen storage including the development of advanced high-pressure compression techniques, liquefaction, and solid-state storage. The goal of these developments is to enhance the efficiency, safety, and cost-effectiveness of hydrogen storage solutions. Member countries in the Asia-Pacific region are adopting friendly policies and incentives to encourage the use of hydrogen technologies. These policies include subsidies, tax breaks, and other policies aimed at developing hydrogen economies and infrastructure storage solutions.
The U.S. stationary hydrogen energy storage market is experiencing great improvements in hydrogen storage technologies, especially in high pressure compression, liquefaction and advanced solid state storage solutions. Government and private initiatives are making these changes to improve the performance, security, and expandability of hydrogen storage systems. Federal and state government is passing laws and regulations friendly to the development and usage of hydrogen energy storage systems.
Air Liquide has emerged as a major force in the stationary hydrogen energy storage business owing to its strong production potential, persistent investment in new technology, and agreements with leading hydrogen manufacturers. The focus of Air Liquide’s transformation has resulted in innovative hydrogen energy storage technologies that are supporting the increased requirement for clean and efficient energy technologies.
Top companies operating in the stationary hydrogen energy storage industry include:
Market, By Method
The above information has been provided for the following regions and countries:
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 some of the major stationary hydrogen energy storage companies worldwide.
The compression segment is expected to reach over USD 6.5 billion by 2032, owing to the rising need for efficient and scalable storage solutions.
Asia Pacific market is expected to exceed USD 3.25 billion by 2032, attributed to rapid development in hydrogen storage technologies, including innovations in high-pressure compression, liquefaction, and solid-state storage.
The market size of stationary hydrogen energy storage reached USD 3.86 billion in 2023 and is set to register 8.7% CAGR from 2024 to 2032, due to innovations in hydrogen storage technologies, such as solid-state and liquid hydrogen storage, enhancing efficiency and reducing costs worldwide.