What Has Been the Growth Trajectory of the Hydrogen Energy Storage Market?
The hydrogen energy storage market has seen considerable growth due to a variety of factors.
• The market for hydrogen energy storage has seen robust expansion in the preceding years. It is projected to rise from $16.36 billion in 2024 to $17.19 billion in 2025, resulting in a compound annual growth rate (CAGR) of 5.1%.
Factors contributing to the growth during the historic period include enhanced integration of renewable energy, improved grid balancing, a surge in energy sector decentralization, expanded industrial applications, and an increased demand in transportation fuel.
What Does the Future Hold for the Hydrogen Energy Storage Market?
The hydrogen energy storage market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations indicate that the hydrogen energy storage market will experience significant expansion in the forthcoming years. It is projected to reach $21.73 billion by 2029, registering a compound annual growth rate (CAGR) of 6.0%.
Factors contributing to the market growth during the forecast period include the booming hydrogen economy, surging demand for renewable hydrogen, enhanced energy security, and elevated levels of grid decarbonization. Prominent trends during this period encompass advancements in hydrogen electrolyzers, expansions in hydrogen infrastructure, improved hydrogen storage technologies, and the use of hydrogen as a grid balancer.
What Are The Leading Drivers Of Growth In The Hydrogen Energy Storage Market?
The expansion of the aerospace industry is predicted to boost the rise of the hydrogen energy storage market. The aerospace industry focuses on vehicle flight within and beyond the Earth's atmosphere, involving research, development, manufacturing, operation, and upkeep of aircraft and spacecraft. Hydrogen energy storage in this sector presents an eco-friendly, efficient energy alternative for propulsion and power generation, contributing to reduced emissions and prolonged flight times. As an example, Airbus SE, a Dutch aerospace corporation stated in January 2023 that they had delivered 661 commercial aircraft to 84 customers in 2022, marking an 8% rise from the 611 units sold in 2021. Consequently, the flourishing aerospace industry is fuelling the expansion of the hydrogen energy storage market.
How Are The Segments Defined Within The Global Hydrogen Energy Storage Market?
The hydrogen energy storage market covered in this report is segmented –
1) By Storage Technology: Compression, Liquefaction, Material Based
2) By State: Liquid, Gas, Solid
3) By End User: Commercial, Industrial, Utilities
Subsegments:
1) By Compression: High-Pressure Gas Storage, Composite Cylinders
2) By Liquefaction: Cryogenic Hydrogen Storage, Liquid Hydrogen Tanks
3) By Material Based: Metal Hydrides, Chemical Hydrogen Storage, Adsorption-Based Storage
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How Are New Trends Expected To Influence The Growth Of The Hydrogen Energy Storage Market?
Key players in the hydrogen energy storage market, such as bar hydrogen tanks, are creating sophisticated techniques to enhance the efficiency and safety of hydrogen storage and transportation. This makes hydrogen a more practicable alternative for clean energy. Generally used for storing hydrogen gas, bar hydrogen tanks are high-pressure vessels with pressures usually between 350 to 700 bar (about 5,000 to 10,000 psi). For example, in April 2024, the Germany-based tech firm Voith Group unveiled its hydrogen storage subsidiary, Voith HySTech GmbH, and the Plug & Drive H2 Storage System. The initiation of Voith HySTech GmbH exemplifies the increasing focus on hydrogen as a feasible substitute for fuel, especially in industries where electrification might be inadequate. The Plug & Drive H2 Storage System, built particularly for heavy-duty vehicles, is an easy-to-install system that features 700-bar hydrogen tanks.
Who Are the Key Players in the Hydrogen Energy Storage Market?
Major companies operating in the hydrogen energy storage market include:
• Air Liquide
• Plug Power Inc.
• Worthington Industries
• Cummins Inc.
• Linde plc
• Chart Industries Inc.
• Hexagon Composites Nel
• Hydrogenious LOHC Technologies GmbH
• INOXCVA
• Air Products and Chemicals Inc
• H Bank Technologies Inc.
• McPhy Energy SAS
• Luxfer Holdings PLC
• Pragma Industries
• GRZ Technologies SA
• ITM Power plc.
• SunFire GmbH
• Svante Technologies
• Ricardo plc
• Johnson Matthey
• Ionomr Innovations Inc.
• Siemens AG
• FuelCell Energy Inc.
• H2go Power Ltd.
• HyTech Power LLC
• Varea LLC
• ElektrikGreen Inc.
• Redeem Solar Technologies GmbH
• Neom Green Hydrogen Company (NGHC)
What Is The Most Dominant Region In The Hydrogen Energy Storage Market?
North America was the largest region in the hydrogen energy storage market in 2024. The regions covered in the hydrogen energy storage market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
