Hydrogen Energy Storage Market

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.
• PLUG POWER INC.
• 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
  • US.
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

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

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Hydrogen Energy Storage (HES) Market
2.2. Global HES Market, by State, 2018 (US$ Bn)
2.3. Global HES Market, by Storage Technology, 2018 (US$ Bn)
2.4. Global HES Market, by Storage Type, 2018 (US$ Bn)
2.5. Global HES Market, by End-use, 2018 (US$ Bn)
2.6. Global HES Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global HES Market Value, 2017 – 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Hydrogen Energy Storage (HES) Market, by State , 2017 – 2027 (US$ Bn)
4.1. Overview
4.2. Gas
4.3. Liquid
4.4. Solid

5. Global Hydrogen Energy Storage (HES) Market, by Storage Technology, 2017 – 2027 (US$ Bn)
5.1. Overview
5.2. Compression
5.3. Liquefaction
5.4. Material based

6. Global Hydrogen Energy Storage (HES) Market, by Storage Type, 2017 – 2027 (US$ Bn)
6.1. Overview
6.2. Chemical Storage
6.3. Physical Storage
6.4. Stationary Storage

7. Global Hydrogen Energy Storage (HES) Market, by End-use, 2017 – 2027 (US$ Bn)
7.1. Overview
7.2. Oil Refineries
7.3. Chemical Industry
7.4. Transportation
7.5. Steel & Metal Works
7.6. Power Generation

8. North America Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
8.1. Overview
8.1.1. North America HES Market Value and Growth, 2017 – 2027, (US$ Bn)
8.2. North America HES Market Value, By State, 2017 – 2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America

9. Europe Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
9.1. Overview
9.1.1. Europe HES Market Value and Growth, 2017 – 2027, (US$ Bn)
9.2. Europe HES Market Value, By State, 2017 – 2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe

10. Asia Pacific Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific HES Market Value and Growth, 2017 – 2027, (US$ Bn)
10.2. Asia Pacific HES Market Value, By State, 2017 – 2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific

11. Rest of the World Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World HES Market Value and Growth, 2017 – 2027, (US$ Bn)
11.2. Rest of the World HES Market Value, By State, 2017 – 2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of the World HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World HES Market Value, By Region, 2017 – 2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America

12. Company Profiles
12.1. FuelCell Energy, Inc.
12.2. Linde plc
12.3. Air Liquide
12.4. ITM Power
12.5. Air Products and Chemicals, Inc.
12.6. Hydrogenics
12.7. Hexagon Composites ASA
12.8. Nel ASA.
12.9. PLUG POWER INC.
12.10. Mcphy Energy S.A.

List of Figures

FIG. 1 Global Hydrogen Energy Storage (HES) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global HES Market Segmentation
FIG. 4 Global HES Market, by State, 2018, (US$ Bn)
FIG. 5 Global HES Market, by Storage Technology, 2018, (US$ Bn)
FIG. 5 Global HES Market, by Storage Type, 2018, (US$ Bn)
FIG. 5 Global HES Market, by End-use, 2018, (US$ Bn)
FIG. 7 Global HES Market, by Geography, 2018 (US$ Bn)
FIG. 8 Global HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key HES Manufacturers, 2018
FIG. 11 Global HES Market Value Share, by State, 2018 & 2027 (Value %)
FIG. 12 Global HES Market Value for Gas, 2017 – 2027, (US$ Bn)
FIG. 13 Global HES Market Value for Liquid, 2017 – 2027, (US$ Bn)
FIG. 13 Global HES Market Value for Solid, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by Storage Technology, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Compression, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Liquefaction, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Material based, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by Storage Type, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Chemical, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Physical, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Stationary, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by End-use, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Oil Refineries, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Chemical Industry, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Transportation, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Steel & Metal Works, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Power Generation, 2017 – 2027, (US$ Bn)
FIG. 24 North America HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 25 Europe HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 26 Asia Pacific HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 27 Rest of the World HES Market Value, 2017 – 2027, (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Hydrogen Energy Storage (HES) Market Value
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 Global HES Market, by State, 2017-2027, (US$ Bn)
TABLE 5 Global HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 5 Global HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 5 Global HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 7 Global HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 8 North America HES Market, by State, 2017-2027, (US$ Bn)
TABLE 9 North America HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 9 North America HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 9 North America HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 11 North America HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 12 Europe HES Market, by State, 2017-2027, (US$ Bn)
TABLE 13 Europe HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 13 Europe HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 13 Europe HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 15 Europe HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 16 Asia Pacific HES Market, by State, 2017-2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by Storage Technology, 2017 – 2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by Storage Type, 2017 – 2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by End-use, 2017 – 2027 (US$ Bn)
TABLE 19 Asia Pacific HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 20 Rest of the World HES Market, by State, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 23 Rest of the World HES Market Value, by Region, 2017 – 2027, (US$ Bn)
TABLE 24 FuelCell Energy, Inc.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 25 Linde plc: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 26 Air Liquide: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 27 ITM Power: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 28 Air Products and Chemicals, Inc.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 29 Hydrogenics: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 30 Hexagon Composites ASA: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 31 Nel ASA: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 32 PLUG POWER INC.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 33 Mcphy Energy S.A.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)