Hydrogen Energy Storage Market Growth and Restrain Factors Analysis 2023-2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Hydrogen Energy Storage Market– (By States of matter (Liquid, Gas, Solid), By Technology Type (Compression, Liquefaction, Material Based), By End-User (Industrial Use, Commercial Use, Utilities)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”

According to the latest research by InsightAce Analytic, the Global Hydrogen Energy Storage Market is valued at US$ 13.76 Bn in 2022, and it is expected to reach US$ 572.56 Bn by 2031, with a CAGR of 51.5% during a forecast period of 2023-2031.

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Hydrogen energy storage involves producing and storing hydrogen from renewable sources for later use. This versatile energy carrier can be used for grid balancing, transportation, and industrial processes. 

The market’s growth is primarily propelled by the rapid industrialization of developing nations and the growing acceptance of alternative energy sources. Notably, the market is anticipated to experience substantial growth in the foreseeable future due to ongoing research, development, and the construction of expansive storage projects within the country. A key governmental objective is to create cost-effective, energy-efficient hydrogen stations nationwide, fostering market growth. 

Furthermore, the market growth is expected to be fueled by the increasing utilization of hydrogen in various industries. Industry players are deeply involved in the production process. As the demand for stored hydrogen rises across diverse applications such as fuel cell vehicles, grid services, and telecommunications, market players align their facilities with these end-use sectors, positively influencing market expansion.

List of Prominent Players in the Hydrogen Energy Storage Market:

• ITM Power Germany GmbH
• Worthington Industries
• Siemens Energy
• Linde Plc
• ENGIE
• Air Liquide
• Air Products Inc.
• Chart Industries, Inc.
• Nel ASA
• Hexagon Purus
• FuelCell Energy Inc.
• Hydrogenious LOHC Technologies
• GenH2
• HyGear
• HPS Home Power Solutions AG
• Hydrogen In Motion Inc. (H2M)
• Pragma Industries
• Inox India Pvt Ltd
• Cockerill Jingli Hydrogen
• Plug Power
• Mcphy Energy S.A.

·       Cummins Inc.

·       Steelhead Composites – Hydrogen Storage Solutions

Market Dynamics:

Drivers- 

The strong expansion of hydrogen energy storage worldwide is significantly attributed to the swiftly increasing need for hydrogen in industrial sectors like metal refining, oil refineries, and fuel cells. This demand surge stands out as a major driver for the growth. Furthermore, the market for hydrogen energy storage is experiencing a prosperous trajectory due to heightened government endeavours to set up energy-efficient hydrogen stations in various nations. This trend is propelling market growth at an attractive pace. Additionally, ongoing research and development efforts to uncover more industrial and commercial applications for hydrogen energy storage are providing an added boost to the market’s momentum.

Challenges:

Stringent government regulations concerning hydrogen production impede the robust growth of the global hydrogen energy storage market via electrolysis. These regulations, present in certain regions, prohibit both the production and application of hydrogen due to potential risks to the safety of factory workers. Furthermore, the production of hydrogen necessitates a substantial quantity of raw materials. Insufficient supply chain management can result in disruptions to the hydrogen production process. The elevated production costs of hydrogen also act as a hindrance, restraining the market’s expansion.

Regional Trends:

The North America Hydrogen Energy Storage market is expected to register a major market share primarily driven by an increasing need for hydrogen in chemical enterprises and oil refineries. The significant growth rate is due to stringent pollution regulations, the adoption of more environmentally friendly fuels, and the growing integration of fuel cell technology. Besides, Asia Pacific had a considerable share of the market. Factors like increased industrial hydrogen demand, strict governmental regulations, and a rising desire for sustainable energy sources propel the expansion of this region’s hydrogen energy storage market.

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Recent Developments:

• In Feb 2023, GenH2 recently declared a collaborative agreement with HYDS, a company established in Norway, to facilitate the manufacturing of Green Liquid Hydrogen inside Norway and other regions of the Nordic market. The solutions will be made accessible and commercially distributed via Liquiline, utilising GenH2’s integrated technology for hydrogen liquefaction and storage.

• In June 2020, Cummins Inc. signed a collaboration agreement with NPROXX to establish a joint company with a specific focus on hydrogen storage tanks, which has been maintained under the name NPROXX. The primary objective of this collaborative endeavour was to provide storage solutions for hydrogen and compressed natural gas, specifically designed for on-highway and rail applications, in order to fulfil the requirements of customers.

Segmentation of Hydrogen Energy Storage Market-

By States of matter-

·       Liquid

·       Gas

·       Solid

By Technology Type

·       Compression

·       Liquefaction

·       Material Based

By End-User

·       Industrial Use

·       Commercial Use

·       Utilities

By Region-

North America-

·       The US

·       Canada

·       Mexico

Europe-

·       Germany

·       The UK

·       France

·       Italy

·       Spain

·       Rest of Europe

Asia-Pacific-

·       China

·       Japan

·       India

·       South Korea

·       Southeast Asia

·       Rest of Asia Pacific

Latin America-

·       Brazil

·       Argentina

·       Rest of Latin America

 Middle East & Africa-

·       GCC Countries

·       South Africa

·       Rest of Middle East and Africa

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