Hydrogen energy storage market is anticipated to grow at a significant CAGR of 13.5% during the forecast period (2024-2031).The market growth is attributed to the increasing demand for hydrogen energy storage in stationary power and transportation. According to the International Energy Agency (IEA), 2023, hydrogen demand will increase by more than 1.5 times to reach more than 150 Mt by 2030, with nearly 30.0% of that demand coming from new applications. Hydrogen energy storage provides the hydrogen needed to operate and heat fuel cells. The high gravimetric density and stability of the storage tanks make hydrogen suitable for long-term energy storage, including seasonal and annual storage.
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With the increasing adoption of hydrogen in industrial applications such as methanol production, steelmaking, concrete production, and oil refining, hydrogen is increasingly being used in outside-the-box ways to produce both old and new products. This includes industries like steelmaking, where hydrogen is being considered as a replacement for coal and other carbon-emitting fuels that are necessary for the process. Another potential use of hydrogen is in making concrete, which is a very carbon-energy-intensive process that is can be decarbonized by using hydrogen. Additionally, hydrogen is currently used in industrial processes, as rocket fuel, and in fuel cells for electricity generation and powering vehicles.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Hydrogen Energy Storage Market by Technology
- Compression
- Liquefaction
- Material Based
Global Hydrogen Energy Storage Market by Storage Form
- Solid
- Liquid
- Gas
Global Hydrogen Energy Storage Market by Application
- Stationary Power
- Transportation
Global Hydrogen Energy Storage Market by End-Users
- Residential
- Commercial
- Industrial
- Utilities
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Ballard Power Systems Inc.
- Bloom Energy Corp.
- Ceres Power Holdings plc
- Chart Industries, Inc.
- FuelCell Energy, Inc.
- Green Hydrogen Systems
- Hexagon Purus ASA
- Hydrogenious LOHC Technologies GmbH
- ITM Power PLC
- McPhy Energy SA
- Mitsubishi Heavy Industries, Ltd.
- Nel ASA
- Plug Power Inc.
- PowerCell Sweden AB
- Siemens AG
- Snam SPA
- Storengy SAS (Engie Group)
- Topsoe A/S
- Toshiba Energy Systems & Solutions Corp.
- Worley
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hydrogen energy storage market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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