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Stationary Hydrogen Energy Storage Market Trends

Report ID: GMI11050
Published Date: Aug 2024
Report Format: PDF

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Stationary Hydrogen Energy Storage Market Trends

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

There is a growing trend towards strategic collaborations between industry leaders, technology providers, and research institutions. These partnerships are fostering innovation and accelerating the deployment of hydrogen storage solutions. Hydrogen energy storage is gaining traction due to its potential to reduce greenhouse gas emissions and provide a flexible energy storage solution. Its role in achieving net-zero targets is becoming increasingly recognized. The market is expanding globally, with significant growth observed in regions such as Europe, North America, and Asia-Pacific. This expansion is driven by regional initiatives and investments in hydrogen technology.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

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.

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.

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.