Transportation-Based Hydrogen Energy Storage Market Size - By Method (Compression, Liquefaction, Material-Based), Regional Outlook & Forecast, 2024 – 2032

Transportation-Based Hydrogen Energy Storage Market Size

Transportation-Based Hydrogen Energy Storage Market was valued at USD 1.25 billion in 2023 and is set to grow at a CAGR of 10.6% from 2024 to 2032. Significant progress in hydrogen storage technologies is driving market growth. Innovations such as high-pressure tanks, metal hydrides, and liquid hydrogen storage are improving the efficiency and safety of hydrogen storage systems. High-pressure tanks are widely used in hydrogen fuel cell vehicles (FCVs) due to their ability to store hydrogen at pressures of up to 700 bar. Metal hydrides offer a high-density storage solution, while liquid hydrogen, stored at extremely low temperatures, provides high energy density.

Governments and regulatory bodies worldwide are increasingly supporting hydrogen as a key component of their clean energy and climate goals. Policies such as subsidies, tax incentives, and research funding are encouraging the development and adoption of hydrogen technologies. For instance, the European Union, Japan, and South Korea have implemented strategies to promote hydrogen fuel cell vehicles and hydrogen infrastructure.

Transportation-Based Hydrogen Energy Storage Market Trends

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The development of hydrogen refuelling infrastructure is crucial for the widespread adoption of hydrogen-powered vehicles. There is a growing focus on building hydrogen refuelling stations and distribution networks to support the deployment of hydrogen fuel cell vehicles. Collaborative efforts between governments, private companies, and research institutions are driving investments in hydrogen infrastructure.

The transportation sector is witnessing a shift towards cleaner alternatives, with hydrogen emerging as a key player alongside battery electric vehicles (BEVs). Hydrogen fuel cell vehicles offer advantages such as longer range and faster refuelling times compared to BEVs. This shift is particularly relevant for heavy-duty and long-haul transportation, where hydrogen provides a practical solution for reducing emissions and meeting energy demands.

Transportation-Based Hydrogen Energy Storage Market Analysis

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Based on method, the liquefaction segment is projected to surpass USD 450 million by 2032. Technological advancements in hydrogen liquefaction processes are driving the growth of this segment. Innovations in cryogenic cooling systems, compressor technology, and heat exchange mechanisms have improved the efficiency and cost-effectiveness of hydrogen liquefaction. Enhanced liquefaction technologies are reducing the overall cost of hydrogen production and storage, making liquid hydrogen a more competitive option compared to other storage methods.

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The Asia Pacific transportation-based hydrogen energy storage market is set to reach a value of over USD 870 million by 2032. Governments across the Asia-Pacific region are actively promoting hydrogen as a key component of their clean energy strategies. Countries like Japan, South Korea, and China have implemented ambitious national hydrogen strategies and funding programs to support the development of hydrogen technologies and infrastructure.

The U.S. federal government is showing strong support for hydrogen as part of its clean energy strategy. The Infrastructure Investment and Jobs Act, along with the Hydrogen Shot initiative under the U.S. Department of Energy (DOE), aims to reduce the cost of hydrogen production, storage, and distribution.

Transportation-Based Hydrogen Energy Storage Market Share

Air Liquide has emerged as a leading player in the transportation-based hydrogen energy storage industry, leveraging its strong manufacturing capabilities, dedication to technological innovation, and strategic partnerships with major hydrogen producers. The company's focus on transformation has resulted in the advancement of superior hydrogen energy storage systems, which are driving increased demand for environmentally friendly and high-performance power solutions.

Transportation-Based Hydrogen Energy Storage Market Companies

• 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
  

Transportation-Based Hydrogen Energy Storage Industry News

• In May 2021, Gravitricity has introduced a stored energy demonstrator that enhances its underground hydrogen storage capabilities by integrating hydrogen and heat storage with its gravity energy system. This initiative is designed to address the growing need for cost-effective and secure solutions for hydrogen storage and renewable energy.
  
• In September 2020, Air Products and Chemicals, Inc. has partnered with the European Clean Hydrogen Alliance to advance the region's transition to a competitive and sustainable economy. This collaboration aims to strengthen Europe's role as a leader in hydrogen, laying the foundation for a robust EU transportation-based hydrogen network. The partnership not only boosts the company’s presence in the region but also solidifies its leadership position in the hydrogen industry.
  

This transportation-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 Method

• Compression
• Liquefaction
• Material-Based

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