Oil & Gas

Energy Storage Market Share, Size, & Growth Outlook, 2030

The Hydrogen Energy Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydrogen Energy Storage Global Market Report 2024, The hydrogen energy storage market size has grown strongly in recent years. It will grow from $15.72 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increase in renewable energy integration, increase in grid balancing, rise in energy sector decentralization, increase in industrial applications, rise in transportation fuel.

The hydrogen energy storage market size is expected to see strong growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing hydrogen economy, rising hydrogen economy, rising demand for renewable hydrogen, increasing energy security, rising grid decarbonization. Major trends in the forecast period include hydrogen electrolyzers, hydrogen infrastructure expansion, hydrogen storage technologies, hydrogen storage technologies, hydrogen as a grid balancer.

The growing aerospace industry is expected to propel the growth of the hydrogen energy storage market going forward. The aerospace industry is a sector that deals with vehicular flight within and beyond Earth’s atmosphere and encompasses research, development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft. In the aerospace sector, hydrogen energy storage serves as a clean, efficient energy source for propulsion and power generation, leading to emission reduction and extended flight durations for aircraft and spacecraft. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, the growing aerospace industry is driving the growth of the hydrogen energy storage market.

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The hydrogen energy storage market covered in this report is segmented –

1) By Storage Technology: Compression, Liquefaction, Material Based

2) By State: Liquid, Gas, Solid

3) By End User: Commercial, Industrial, Utilities

Companies in the hydrogen energy storage market are developing new technologies for hydrogen energy storage to meet customer demand and add comfort. The new technologies are designed to reduce weight, manufacturing cost, and, component requirements for hydrogen energy storage. Such technological advancements improve the efficiency of hydrogen fuel cells. For instance, in July 2021, Hyzon Motors Inc., a US-based hydrogen mobility company, developed new onboard hydrogen storage system technology which reduces commercial vehicle weight and production costs. The lightweight composite components are combined with the system’s metal frame in the latest patent-pending onboard hydrogen storage system innovation.

The hydrogen energy storage market report table of contents includes: