Product Code: CMI7407
The global hydrogen energy storage market is estimated to be valued at USD 16.70 Bn in 2024 and is expected to reach USD 22.89 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
US$ 16.70 Bn |
Historical Data for: |
2019 To 2023 |
Forecast Period: |
2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: |
4.60% |
2031 Value Projection: |
US$ 22.89 Bn |
Figure. Hydrogen Energy Storage Market Share (%), By Region, 2024
Hydrogen has potential to be an important part of a net zero energy future as it can store excess renewable energy and power transportation, buildings and industry with near-zero emissions. Hydrogen energy storage utilizes hydrogen fuel cells or storage facilities to store energy for later use. With greater deployment of intermittent renewable energy sources like solar and wind power worldwide, large-scale and long-duration hydrogen energy storage systems are gaining more interest to solve energy storage challenges. Governments across countries are implementing policies and programs to develop hydrogen infrastructure and technologies. Rising environmental concerns are also fueling the adoption of clean hydrogen as an alternative fuel.
(Market Dynamics):
The global hydrogen energy storage market is driven by supportive government policies and initiatives aimed at promoting renewable energy integration and reduction of greenhouse gas emissions. Rising demand for efficient energy storage solutions to deal with fluctuations in renewable energy supply is a key growth opportunity. However, high infrastructure setup costs and technological challenges associated with hydrogen production, distribution, and use hamper the market growth. Lack of standards also poses difficulties. The market is expected to gain traction from the increasing deployment of fuel cells in transport sectors, industries adopting hydrogen for heat and power, and use of hydrogen for grid energy storage. The Asia Pacific region offers lucrative prospects due to a rapidly growing renewable energy sector and the presence of leading fuel cell manufacturers in countries such as Japan and South Korea.
(Key Features of the Study):
- This report provides in-depth analysis of the global hydrogen energy storage market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global hydrogen energy storage market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ITM Power, Linde plc, Air Liquide, Nel Hydrogen, Siemens Energy, Hydrogenics (Cummins), H2 Storage, First Hydrogen, Lhyfe, HySiLabs, Engie, BP, Shell, ExxonMobil, TotalEnergies, Orsted, Messer Group, Ceres Media, Hyzon Motors, and Plug Power
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global hydrogen energy storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen energy storage market
Detailed Segmentation-
- By Technology Insights (Revenue, USD Bn, 2019 - 2031)
- Compressed Hydrogen Storage
- Liquid Hydrogen Storage
- Metal Hydrides
- Chemical Hydrogen Storage
- Others
- Application Insights (Revenue, USD Bn, 2019 - 2031)
- Power Generation
- Transportation
- Industrial Uses
- Residential and Commercial
- Others
- Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- Key Players Insights
- ITM Power
- Linde plc
- Air Liquide
- Nel Hydrogen
- Siemens Energy
- Hydrogenics (Cummins)
- H2 Storage
- First Hydrogen
- Lhyfe
- HySiLabs
- Engie
- BP
- Shell
- ExxonMobil
- TotalEnergies
- Orsted
- Messer Group
- Ceres Media
- Hyzon Motors
- Plug Power
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Technology
- Market Snippet, By Application
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
4. Global Hydrogen Energy Storage Market - Impact of Coronavirus (COVID-19) Pandemic
- Overview
- Factors Affecting the Global Hydrogen Energy Storage Market - COVID-19
- Impact Analysis
5. Global Hydrogen Energy Storage Market, By Technology, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Compressed Hydrogen Storage
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Liquid Hydrogen Storage
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Metal Hydrides
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Chemical Hydrogen Storage
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
6. Global Hydrogen Energy Storage Market, By Application, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Power Generation
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Transportation
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Industrial Uses
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Residential and Commercial
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
7. Global Hydrogen Energy Storage Market, By Region, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, By Region, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- North America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- Latin America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Sub-regions/Countries
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Technology, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Regions/Countries
- South Africa
- North Africa
- Central Africa
8. Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- ITM Power
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Linde plc
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Air Liquide
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Nel Hydrogen
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Siemens Energy
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Hydrogenics (Cummins)
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- H2 Storage
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- First Hydrogen
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Lhyfe
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- HySiLabs
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Engie
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- BP
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Shell
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- ExxonMobil
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- TotalEnergies
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Orsted
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Messer Group
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Ceres Media
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Hyzon Motors
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
- Plug Power
- Company Overview
- Technology Portfolio
- Recent Developments/Updates
9. Analyst Recommendation
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. Section
- References
- Research Methodology
- About Us and Sales Contact
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