Hydrogen Energy Storage Market Size, Share, Growth, Trends | Report 2022-2030
The global hydrogen energy storage market size was estimated at around USD 14.73 billion in 2021 and it is projected to hit around USD 21.94 billion by 2030, growing at a CAGR of 4.53% from 2022 to 2030
Report Highlights
The supportive developments and policy support from countries around the world will boost the growth of the market in the near future.
Over the forecast period, growing applications of fuel cell technologies such as transportation, portable electricity, and stationary power are expected to bolster the expanding need for hydrogen energy storage. Through renewable-powered electrolysis, an excess amount of wasted renewable energy is used to produce green hydrogen. Forward integration is used by market actors in numerous countries when selling hydrogen produced on-site from renewable sources to major industrial users.
The increased deployment of hydrogen energy storage in the utility, commercial, and residential sectors is driving the industry. The sector is predicted to grow due to high industrial demand for hydrogen in metal treatment, petroleum refining, and food processing. Potential opportunity for the market lies in increasing the commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours.
Industry participants are entering into partnerships with the research organizations in order to construct full-scale hydrogen energy storage projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct a 110 kW capacity project that would utilize surplus wind energy to produce hydrogen through electrolysis and store it for later use. COVID-19 affected the growth of the market for hydrogen energy storage owing to factors such as reducing operational costs by end users, coupled with disruption in spare parts availability due to delays in manufacturing and logistics issues.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 14.73 billion |
| Revenue Forecast by 2030 | USD 21.94 billion |
| Growth rate from 2022 to 2030 | CAGR of 4.53% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, physical state, application, region |
| Companies Covered | Taiyo Nippon Sanso Corporation; Iwatani Corporation; Cummins Inc.; Nel ASA; Steelhead Composites Inc.; Air Products Inc.; Linde plc; Air Liquide; ITM Power; Nedstack Fuel Cell Technology BV; Engie; GKN Sinter Metals Engineering GmbH; PlugPower Inc.; Hygear |
Technology Insights
The compression storage technology segment accounted for the largest revenue share of over 40.04% in 2021. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in the manufacturing and chemical industries.
Bulk industrial gas suppliers such as Linde, Air Liquide, and Air Products & Chemicals Inc. prefer liquefaction technology to deliver hydrogen in bulk to industrial end users such as the oil and gas and chemical industries. Liquefaction technology is used by industrial end users who demand bulk hydrogen in their processes. Over the projection period, the material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.
Application Insights
The industrial application segment held the largest revenue share of over 40.16% in 2021. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which is likely to catalyze the utilization of fuel cells in residential applications for micro combined heat and power. For instance, Japan’s ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in the residential sector.
The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications. The total number of hydrogen refueling stations around the world has more than doubled in the last five years from 181 in 2014 to more than 540 as of 2020. The continuous growth in deployment is led by the European and Asian regions.
Physical State Insights
The solid segment held the largest revenue share of over 45.32% in 2021. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in the solid form include techniques involving the absorption or adsorption mechanisms of hydrogen by a material.
Currently, the storage of hydrogen in the liquid form is being reserved for certain special applications, i.e., in high-tech areas such as space travel and for bulk storage applications at industrial levels. For example, the tanks on the Ariane launcher, which are designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen, which provides fuel to the central engine.
Regional Insights
The Asia Pacific region held the largest revenue share of over 35.17% in 2021. The Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, the U.K., and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. The enormous demand for hydrogen generation from a variety of end-users, including industrial and commercial institutions, is to blame.
Large-scale hydrogen energy storage projects are being built across Europe, which is increasing the market demand. For example, Orsted, a Danish corporation, plans to use excess wind farm electricity in the North Sea to manufacture renewable hydrogen energy via electrolysis and sell it to large commercial users. Due to rigorous pollution control rules, the use of cleaner fuels, and an increase in fuel cell applications, the market in North America is predicted to rise at a high rate. Because of the rising hydrogen demand in chemical companies and oil refineries across the country, the U.S. has the greatest market share in the area.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hydrogen Energy Storage Market
5.1. COVID-19 Landscape: Hydrogen Energy Storage Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hydrogen Energy Storage Market, By Technology
8.1. Hydrogen Energy Storage Market, by Technology, 2022-2030
8.1.1 Compression
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Liquefaction
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Material Based
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Hydrogen Energy Storage Market, By Physical State
9.1. Hydrogen Energy Storage Market, by Physical State, 2022-2030
9.1.1. Solid
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Liquid
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Gas
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Hydrogen Energy Storage Market, By Application
10.1. Hydrogen Energy Storage Market, by Application, 2022-2030
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Commercial
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. Cheese
Chapter 11. Global Hydrogen Energy Storage Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Physical State (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. Air Liquide
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Air Products Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Cummins Inc.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Engie
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. ITM Power
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Iwatani Corporation
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Linde plc
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Nedstack Fuel Cell Technology BV
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Nel ASA
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Steelhead Composites Inc.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers