The Business Research Company’s report on the Hydrogen Energy Storage Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the hydrogen energy storage market?
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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How has the hydrogen energy storage market size evolved, and what are the latest forecasts for its expansion?
The hydrogen energy storage market size has grown strongly in recent years. It will grow from $16.36 billion in 2024 to $17.19 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. 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 $21.73 billion in 2029 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.
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Which major companies dominate the hydrogen energy storage market?
Major companies operating in the hydrogen energy storage market include Air Liquide, Plug Power Inc., Worthington Industries, Cummins Inc., Linde plc, Chart Industries Inc., Hexagon Composites Nel, Hydrogenious LOHC Technologies GmbH, INOXCVA, Air Products and Chemicals Inc, H Bank Technologies Inc., McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries, GRZ Technologies SA, ITM Power plc., SunFire GmbH, Svante Technologies, Ricardo plc, Johnson Matthey, Ionomr Innovations Inc., Siemens AG, FuelCell Energy Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)
What trends will shape the future of the hydrogen compressor market?
Major companies operating in the hydrogen energy storage market are developing advanced technologies, such as bar hydrogen tanks, to improve the efficiency and safety of hydrogen storage and transport, enabling more effective utilization of hydrogen as a clean energy source. Bar hydrogen tanks are high-pressure storage vessels designed to safely store hydrogen gas at pressures typically ranging from 350 to 700 bar (approximately 5,000 to 10,000 psi). For instance, in April 2024, Voith Group, a Germany-based technology company launched its hydrogen storage subsidiary, Voith HySTech GmbH and Plug & Drive H2 Storage System. The establishment of Voith HySTech GmbH reflects a growing emphasis on hydrogen as a viable alternative fuel source, particularly in sectors where electrification may not be sufficient. Plug & Drive H2 Storage System is a ready-to-install system designed specifically for heavy-duty vehicles. This system features integrated 700-bar hydrogen tanks.
Which region dominates the hydrogen energy storage market, and what factors contribute to its leadership?
North America was the largest region in the hydrogen energy storage market in 2024. The regions covered in the hydrogen energy storage market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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How is the hydrogen energy storage market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Compression: High-Pressure Gas Storage, Composite Cylinders
2) By Liquefaction: Cryogenic Hydrogen Storage, Liquid Hydrogen Tanks
3) By Material Based: Metal Hydrides, Chemical Hydrogen Storage, Adsorption-Based Storage
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What defines the structure and scope of the hydrogen energy storage market?
Hydrogen energy storage is defined as energy storage that stores electric power in the form of hydrogen. Hydrogen energy storage is a procedure in which renewable energy surpluses are used to power electrolysis during periods of low energy demand. Power electrolysis is a method of separating hydrogen from a chemical solution by passing an electrical current across it.
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