Hydrogen Energy Storage Market to Grow $18.2 billion by 2024 | Leading key players are Hydrogenics, ITM Power, Hexagon, Linde, Air Liquide etc.

October 12 21:18 2020
Hydrogen Energy Storage Market to Grow $18.2 billion by 2024 | Leading key players are Hydrogenics, ITM Power, Hexagon, Linde, Air Liquide etc.

Browse 72 market data Tables and 40 Figures spread through 139 Pages and in-depth TOC on “Hydrogen Energy Storage Market – Global Forecast to 2024”
The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.8 billion in 2019, at a CAGR of 5.8% during the forecast period.

According to the new market research reportHydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region – Global Forecast to 2024″, the global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry.

Gas segment is expected to lead the hydrogen energy storage market by state

The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of gas segment is because of the easy available plans to produce and store hydrogen in the gaseous form.

Browse 72 market data Tables and 40 Figures spread through 139 Pages and in-depth TOC on “Hydrogen Energy Storage Market – Global Forecast to 2024”

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Compression segment is expected to capture the significant share of the hydrogen energy storage market by storage technology

Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally.

This research report categorizes the hydrogen energy storage market by state, storage technology, capacity, end-user, and region.

The hydrogen energy storage market, by state, has been segmented as follows:

    Liquid
    Gas
    Solid

The hydrogen energy storage market, by storage technology, has been segmented as follows:

    Compression
    Liquefaction
    Material Based

The hydrogen energy storage market, by end-user, has been segmented as follows:

    Industrial
    Commercial
    Utilities

The hydrogen energy storage market, by region, has been segmented as follows:

    North America
    Europe
    Asia Pacific
    Middle East & Africa
    South America

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Utilities are the leading end-users of hydrogen energy storagesand are expected to lead the market throughout the forecast period

Hydrogen energy storage market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases,  using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.

North America is expected to dominate the global hydrogen energy storage market

Increasing use of hydrogen gas in oil refineries and chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.’

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Hydrogenics(Canada), ITM Power(UK), Hexagon Composites(Norway), Worthington Industries(US), Linde(UK), Nel Hydrogen(Norway), Plug Power(US), Chart Industries(US), Air Liquide(France), Air Products and Chemicals(US) and Hydrogenious(Germany) along with other prominent manufacturers of hydrogen energy storage.

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