HYDERABAD, India, April 28, 2022 /PRNewswire/ -- Demand for renewable sources such as solar and wind energy is increasing rapidly, however, these sources suffer from supply and demand imbalances, as their most productive periods are when demand is lowest and vice versa. Hydrogen energy storage could be one of the effective solutions to address this imbalance. Hydrogen energy storage refers to a process in which surplus energy generated by renewable sources is used to power electrolysis and separate hydrogen. This hydrogen can be used for a variety of purposes including stationary battery storage and fuel.
Market Overview
According to ReAnIn, the global hydrogen energy storage market was valued at USD 14,856.45 million in the year 2021 and is projected to reach USD 26,298.03 million by the year 2028, registering a CAGR of 8.5% during the forecast period. Increasing demand for renewable sources of energy, growing concerns regarding climate change and its severe consequences, and technological advancements are few of the leading drivers for this market. According to International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, renewable electricity generation is expected to increase by more than 8% in 2021, the fastest year-on-year growth since the 1970s. However, the high capital cost of hydrogen storage is expected to be the primary barrier in this market.
Download free sample: Global Hydrogen Energy Storage Market Growth, Share, Size, Trends and Forecast (2022 - 2028)
Hydrogen: Fuel of the Future
According to IEA, the price of natural gas is expected to rise from €0.017/kWh in 2020 to €0.032/kWh by 2030 and €0.041/kWh by 2040, while the production costs for hydrogen are expected to fall during the same time period (from €0.18/kWh - €0.13/kWh by 2020, to €0.12/kWh by 2030, and to between €0.021/kWh and €0.032/kWh by 2040). Therefore, hydrogen generated from wind can be cheaper than natural gas by 2040. Hydrogen fuel has the potential to become the primary fuel by 2040 owing to its environment-friendly nature and cost-effectiveness. However, the hydrogen economy will need government support to realize its full potential.
Key Highlights of the Report:
- Currently, a majority of the hydrogen is stored in gaseous form because compression is the easiest and most cost-effective method compared with other technologies including Liquefaction. Therefore, gas accounted for the highest market share in 2021 and is expected to maintain its dominance throughout the forecast period.
- In the end-user segment, utilities accounted for the majority of the market share in 2021 and are expected to grow significantly in the near future. Moreover, hydrogen as a fuel for commercial vehicles including cars is gaining traction across the globe.
- Among regions, North America holds the largest market share, followed by Europe. Strict regulations regarding emission control and favorable government policies are contributing to the growth of hydrogen energy storage in these developed economies.
- Europe is turning out to be the laboratory for hydrogen economy where more and more companies are investing in hydrogen-related technology or process. Success in Europe may become a viable template for others to follow
Access the report description on: Global Hydrogen Energy Storage Market
Market Segmentation:
ReAnIn has segmented the global hydrogen energy storage market by:
- State
- Gas
- Liquid
- Solid
- Storage Technology
- Compression
- Liquefaction
- Material Based
- Metal Hydrides
- Chemical Hydrides
- End-User
- Industrial
- Utilities
- Commercial
- Transportation
- Space Heating
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Competitive Landscape
Leading players operating in the global hydrogen storage market are Air Liquide, Air Products and Chemicals, Cummins Inc, FuelCell Energy, Hexagon Composites ASA, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries. Key players in the market are focusing n inorganic strategies to strengthen their presence in the market. For instance, in February 2021, Air Liquide and Siemens Energy signed a Memorandum of Understanding to combine their expertise in Proton Exchange Membrane (PEM) electrolysis technology and to co-create large industrial-scale hydrogen projects.
Know more about this report: Global Hydrogen Energy Storage Market
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