Hydrogen Energy Storage Market by State (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Hydrogen Energy Storage Market size is projected to reach a CAGR of 7.3% from 2023-2030.
Hydrogen is produced through the electrolysis of water and the gas is stored in medium or large-sized containers according to the requirements. The gas can be converted into energy in a combustion engine or a fuel cell. Usually, hydrogen energy is stored in three forms; liquid, solid, and gaseous form. Store hydrogen in gas form, requires high high-pressure tanks, whereas it can be stored in liquid form only under cryogenic temperature. Hydrogen storage is widely used in fuel cell technologies for stationary power and transport applications.
The hydrogen energy storage market has plenty of segments. The hydrogen liquid, gas, and solid are the three crucial variations. The need for storing a cost-effective storage solution is high in the forecast year. This requirement will offer plenty of growth prospects for the overall market. The rising need for the hydrogen gas segment will ultimately open up new growth possibilities in this market. Also, the main reason for this requirement is the cost efficiency of storing this hydrogen gas. The cost-effective storage solution of hydrogen gas attracts new end-users and enhances overall profitability in the upcoming years. Also, the technological advancement in the fuel cell vehicle market will offer massive growth opportunities
Hydrogen energy storage is a sophisticated process. The electricity is tried to convert into hydrogen energy. It is an artificial method to produce sustainable hydrogen energy. This method may not offer natural hydrogen energy found in fossil fuels. There are plenty of stringent rules to produce hydrogen energy from electrolysis. The conversion of electricity to hydrogen is allowed only 2.5 kg at a time. All these factors hamper the production of hydrogen energy. Due to these restrictions, the overall hydrogen extracts and storage process slows down.
The outbreak of covid 19 has had plenty of effects on the Hydrogen Energy Storage Industry. Some industries are unable to cope with the losses. The market is showing a declining trend in recent years. The hindrance in hydrogen energy storage products and solutions is less. However, post this situation, the production and supply chain procedures will happen smoothly. The annulment of ships during the pandemic is a crucial challenge for the hydrogen energy storage market. Also, the travel bans and the immobility of vehicles on road affect the overall hydrogen storage market growth. However, post the pandemic, the tax investments in the hydrogen energy market will raise. All these factors will help the market in the recovery process. Governmental support for the market will prove beneficial for market growth.
The demand for hydrogen gas is on the rise, which is expected to bring about new opportunities for growth in the market. One of the primary drivers behind this demand is the cost efficiency associated with storing this gas. This cost-effective storage solution is attracting a growing number of end-users, which is expected to drive profitability in the coming years. As a result, the hydrogen gas segment is expected to witness significant growth in the market, opening up new avenues for growth and innovation in the years ahead.
Europe to Dominate the Market