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Transportation-Based Hydrogen Energy Storage Market Analysis

Report ID: GMI11106
Published Date: Aug 2024
Report Format: PDF

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Transportation-Based Hydrogen Energy Storage Market Analysis

Transportation-Based Hydrogen Energy Storage Market Share, By Method, 2023

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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of transportation-based hydrogen energy storage was worth over USD 1.25 million in 2023 and is expected to record a 10.6% CAGR through 2032, owing to the significant progress in hydrogen storage technologies.

The liquefaction segment is projected to surpass USD 450 million by 2032, due to innovations in cryogenic cooling systems, compressor technology, and heat exchange mechanisms that improve efficiency and cost-effectiveness.

Asia Pacific transportation-based hydrogen energy storage market is set to reach over USD 870 million by 2032, backed by the strategies and funding programs to support hydrogen technologies and infrastructure.

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