Home / Energy / Hydrogen E

Hydrogen Energy Storage Market By State (Gas, Liquid, Solid), By Storage Technology (Compression, Liquefaction, Material Based), By Storage Type (Chemical Storage, Physical Storage, Stationary Storage), By End-Use (Oil Refineries, Chemical Industry, Transportation, Steel & Metal Works, Power Generation) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027

Growing adoption of hydrogen-based application driving its storage market

Hydrogen is an energy-rich gas used in many applications such as rocket fuel, car fuel, and material for industrial products such as hardened fats. It can be converted into synthetic natural gas. The hydrogen energy storage (H.E.S.) system increases resiliency and improves the economics of energy supply in electric grids, pipeline systems, and transportation fuels. The hydrogen energy storage system increases the flexibility and resilience of a sustainable energy supply system with an overall reduction in energy cost on account of integration and better utilization of renewables. In addition, the H.E.S. system can provide ancillary grid services fuel for fuel cell electric vehicles (FCEV) and material handling equipment (M.H.E.) like forklifts or airport tugs and backup power supply.

Moreover, H.E.S. systems are widely used in refineries and ammonia production facilities. Also, in the natural gas industry, hydrogen blending can increase the supply of renewable energy supply. The growing adoption of hydrogen in industrial applications influenced the demand for more storage facilities across the globe, thereby driving market growth. In 2018, the global hydrogen energy storage market accounted for US$ 12.96 Bn and was estimated to grow with a CAGR of 5.7% during the forecast period.

Market Snapshot

End-use Segment Analysis

Transportation segment to grow on account of the growth of FCEV.

Globally, countries are increasingly opting to reduce their dependence on fossil fuels to conserve energy and reduce greenhouse gases. Further, with the extraordinary growth of fuel cell electric vehicles (FCEV) expected in the next decade, there is a high demand for hydrogen fuel in the transportation industry. As a result, the Credence Research Analysis estimates that the transportation segment will grow at the fastest rate during the forecast period.

In January 2020, Isuzu Motors Limited signed an agreement with Honda Motor Co. Ltd. for joint research on using fuel cells in heavy-duty trucks. Both companies are striving to expand the use of fuel cell technologies beyond use in passenger vehicles. Moreover, in November 2019, Toyota Motor Sales, U.S.A., Inc. launched its second-generation Mirai, with an upgraded FCEV powertrain having a 30% more driving range. With this launch, the company expected to grab a major share of the FCEV market, thereby influencing the hydrogen energy storage market in the near future.

Regional Analysis

North America expected to lead the market

The North American region has a highly developed transportation and power industry. Additionally, with the oil boom in the U.S., there is a rise in the number of refineries with a high demand for hydrogen fuel for various applications. Moreover, increasing applications of fuel cells and stringent government regulations for emission control in the U.S. and Canada drive the demand for hydrogen. Furthermore, government initiatives such as Capital Cost Allowance from the Canadian government that could potentially benefit the hydrogen and fuel cell industry. Apart from this, growing regional investment from well-established market players has positively impacted the market.

Moreover, Europe and Asia are expected to show significant growth throughout the forecast period. For example, in June 2018, France announced its Hydrogen Deployment Plan for Energy Transition, which has a target to include 20 to 40% low carbon hydrogen use in industrial applications. Also, in January 2019, South Korea announced that by 2040, the FCEV production capacity to 6.3 million, and there would be 1200 hydrogen fueling stations across the country.

Emerging partnership trend is keeping the market competitive

The hydrogen energy storage market is fragmented, and market players are focusing on partnerships with other players to bolster their market position. Following is the list of companies covered in this report.

Key Industry Development:

  • In November 2019, Air Liquide signed an agreement with DLVA and ENGIE to develop the "green Provence" project. The project aimed to produce, store, and distribute several thousand metric tons of renewable hydrogen annually.
  • In September 2019, Hexagon Composites A.S.A. received permission from California Occupational Safety and Health Standards Board (CalOSHA), allowing its composite high-pressure tanks to be used in hydrogen ground storage in California. This approval from CalOSHA is a leap forward for the company in hydrogen storage applications and is expected to gather a larger share of the North American market.

List of Companies Covered:

  • FuelCell Energy, Inc.
  • Linde plc
  • Air Liquide
  • ITM Power
  • Air Products and Chemicals, Inc.
  • Hydrogenics
  • Hexagon Composites ASA
  • Nel A.S.A.
  • Mcphy Energy S.A.
  • and Others

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Segmentation State Segment (2017-2027; US$ Bn)

  • Gas
  • Liquid
  • Solid

 Storage Technology Segment (2017-2027; US$ Bn)

  • Compression
  • Liquefaction
  • Material based

 Storage Type Segment (2017-2027; US$ Bn)

  • Chemical Storage
  • Physical Storage
  • Stationary Storage

 End-use Segment (2017-2027; US$ Bn)

  • Oil Refineries
  • Chemical Industry
  • Transportation
  • Steel & Metal Works
  • Power Generation

 Geography Segment (2017-2027; US$ Bn)

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Italy, Rest of Europe)
  • Asia Pacific (Japan, China, India, Rest of APAC)
  • Rest of the World (the Middle East & Africa, Latin America)

The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the global hydrogen energy storage market better. In addition, the global report also comprises a graphical representation of a competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Unique data points of this report

  • Recent trends across different regions in terms of the development of the hydrogen energy storage market
  • Attractive investment proposition for application segment as well as geography

Frequently Asked Questions:

The market for Hydrogen Energy Storage is expected to reach US$ 12.96 Bn in 2027.

The Hydrogen Energy Storage market is expected to see significant CAGR growth over the coming years, at 5.7%.

The report is forcasted from 2019-2027.

The base year of this report is 2018.

FuelCell Energy Inc., Linde plc, Air Liquide, ITM Power, Air Products and Chemicals Inc., Hydrogenics, Hexagon Composites ASA, Nel ASA. are some of the major players in the global market.

Choose License Type
Trusted By
Published Date:  Jan 2020
Category:  Energy
Report ID:   60154
Report Format:   PDF
Pages:   120
Rating:    4.4 (70)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
24/7 Research Support