Energy, Automobile, EV, Renewable News | Worldwide Hydrogen Energy Storage Industry Expected to Reach $13.8 Billion by 2027

Worldwide Hydrogen Energy Storage Industry Expected to Reach $13.8 Billion by 2027

September 26, 2022

DUBLIN–(BUSINESS WIRE)–The “Global Hydrogen Energy Storage Market by State (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial), Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period.

The market has a promising growth potential due to several factors, including the role of hydrogen energy storages playing in carbon emission reduction and Increase in fuel cell based electric vehicles and hydrogen storage infrastructure are driving the hydrogen energy storage market.

Gas: The fastest growing segment of hydrogen energy storage market, by state

Hydrogen as a gas is colorless, highly flammable, and the lightest of all other elements. It is used in the production of synthetic ammonia and methanol, in petroleum refining, in the hydrogenation of organic materials, and in rocket fuels. Hydrogen has the highest energy per mass of any fuel. However, its low ambient temperature density results in a low energy per unit volume, therefore requiring the development of advanced storage methods, which have a potential for higher energy density.

Compression: The fastest growing segment of hydrogen energy storage market, by technology

Compression segment of hydrogen energy storage market will be the fastest growing segment during forecast period. Compression segment majorly caters end users like industrial sectors. Compression is easy and cost-efficient hydrogen storage via compression technology is likely to generate its demand in the hydrogen energy storage market.

Transportation: The fastest growing segment of hydrogen energy storage market, by application

Transportation segment of hydrogen energy storage market will be the fastest growing segment during forecast period. Fuel cell vehicle applications include the use of fuel cells in forklift trucks and other goods handling vehicles, such as airport baggage trucks, light duty vehicles (LDVs), such as cars and vans, buses and trucks, trains and trams, ferries, and smaller boats. Focusing on decarbonizing transportation sector will drive market growth.

Europe: The fastest-growing region in the hydrogen energy storage market

The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.

Market Dynamics

Drivers