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Transportation-Based Hydrogen Energy Storage Market Trends

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

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Transportation-Based Hydrogen Energy Storage Market Trends

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

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.

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.