According to IMARC Group latest report titled “Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on hydrogen energy storage market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market reached a value of US$ 16.73 Billion in 2021. The global Hydrogen Energy Storage Market to reach US$ 25.25 Billion by 2027, exhibiting at a CAGR of 6.60% during 2022-2027.
Hydrogen energy storage is a chemical energy storage which is used to store electric power in the form of hydrogen. Hydrogen is manufactured through water electrolysis, and the gas is stored in medium or large containers according to the requirements. Hydrogen energy is stored in liquid, solid, and gaseous forms. The gaseous form requires high-pressure tanks, whereas it can be stored in liquid form only under cryogenic temperature. It is widely used in fuel cell technologies for stationary power and transport applications.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global market is majorly driven by the increasing demand for hydrogen in the industrial sector. In line with this, the rising demand for stationary and mobile power applications is significantly contributing to the market. Furthermore, the growing commercialization of power-to-gas technologies is offering lucrative opportunities for market growth. Moreover, ongoing research and development and construction of full-scale storage projects in various countries are creating a positive outlook for the market. Additionally, the key players in the market are introducing hydrogen energy storage solutions in the food and beverage sector, thereby strengthening the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Air Liquide
- Air Products Inc.
- Caterpillar Inc.
- Chart Industries Inc.
- Cummins Inc.
- H2go Power
- Hexagon Composites ASA
- ITM Power
- Linde plc
- McPhy Energy S.A.
- Plug Power Inc.
- Pragma Industries
Hydrogen Energy Storage Market Segmentation:
Our report has categorized the market based on region, product type, technology, application and end user.
Breakup by Product Type:
Breakup by Technology:
- Material Based
Breakup by Application:
- Stationary Power
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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