Global Hydrogen Energy Storage Market Size to Surpass USD 26.44 by 2029 Report by Exactitude Consultancy

According to Exactitude Consultancy the Global Hydrogen Energy Storage Market size is expected to reach USD 26.44 by 2029, growing at a 5.85% CAGR of Between Forecast Period 2023 and 2029, Increased hydrogen demand in the industrial sector, Growing commercialization of power-to-gas technologies

PUNE, India, April 25, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hydrogen Energy Storage Market.

The global hydrogen energy storage market size is expected to grow at more than 5.85% CAGR from 2021 to 2029. It is expected to reach above USD 26.44 billion by 2029 from a little above USD 7.57 billion in 2020. Hydrogen serves as an energy carrier rather than a primary energy source and can be generated from a range of fossil fuels and other primary energy sources. Additionally, electricity can be utilized to produce hydrogen via electrolysis. By decarbonizing sectors such as transport, iron and steel, and chemicals, hydrogen offers a potential solution to a variety of critical energy challenges. Furthermore, it has the ability to help cope with the variability of output from renewables like solar photovoltaic and wind power.

In terms of energy storage, hydrogen is one of the most promising options for storing energy from renewables and is poised to become the most cost-effective alternative for storing large amounts of electricity over extended periods. Water electrolysis offers the most adaptable and sustainable method for storing renewable energy on a large and long-term scale. As the installation of renewable energy continues to grow worldwide to address the rising levels of greenhouse gas emissions, there is likely to be an increase in demand for energy storage systems. Additionally, favorable government policies and objectives aimed at reducing carbon emissions are expected to drive growth in the hydrogen energy storage market.

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Key Market Driver -

• Extensive demand for energy storage system

Key Market Restraint -

• Complications and safety measures require to store hydrogen energy

Hydrogen Energy Storage Market Overview

Hydrogen energy storage refers to the process of storing energy in the form of hydrogen gas. This can be done by using excess renewable energy to split water molecules into hydrogen and oxygen, a process called electrolysis. The hydrogen gas can then be stored and used later to generate electricity through a fuel cell, which combines hydrogen with oxygen to produce electricity and water vapor.

The hydrogen energy storage market size is experiencing rapid growth, driven by several factors, including:

1. Increasing demand for renewable energy: As the world shifts towards more sustainable energy sources, there is a growing need for energy storage solutions that can help balance the intermittent nature of renewable energy sources like wind and solar.
2. Government support: Many governments around the world are supporting the development of hydrogen energy storage technologies through funding and regulatory frameworks.
3. Technological advancements: Advances in hydrogen storage technologies, such as solid-state hydrogen storage and hydrogen fuel cells, are making it easier and more cost-effective to store and use hydrogen as an energy source.
4. Growing interest from the transportation sector: The transportation sector is exploring the use of hydrogen as a clean fuel for vehicles, which is driving demand for hydrogen production and storage solutions.

Overall, the hydrogen energy storage market size is expected to continue to grow in the coming years, as renewable energy becomes more widespread and hydrogen storage technologies become more mature and cost-effective.

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Key benefits for stakeholders

• The global hydrogen energy storage market size analysis covers in-depth information of major industry participants.
• Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides in-depth analysis of the global hydrogen energy storage market forecast for the period 2022–2029.
• The report outlines the current global hydrogen energy storage market trends and future estimations of the market from 2020 to 2029 to understand the prevailing opportunities and potential investment pockets. 
• The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study

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Hydrogen Energy Storage Market Growth Factors

The hydrogen energy storage is widely utilized in the storing of electricity. This form of storage can help during the shortage of electric control. The hydrogen energy is widely used in the transportation industries. All the vehicles can get fuel with the help of hydrogen energy storage and the hydrogen energy storage will help during the situation of energy depletion.

Growing demand for hydrogen in the industrial applications such as metal refining, oil refineries, and fuel cell among others is one of the prominent factors for the robust growth of hydrogen energy storage across the globe. Furthermore, the increasing government initiatives towards the establishment of energy-saving hydrogen stations in various countries is driving the market growth of hydrogen energy storage at a lucrative rate. Moreover, the continuous research and development activities to explore a greater number of hydrogen energy storage industrial and commercial application is further boosting the market.

Due to global warming, the government of all regions and countries are focusing towards the installation of grid power stations. The hydrogen energy is widely used in stationary power. This is due to the growing demand for clean and green energy. The emission of hydrogen energy does not involve emission of any kind of toxic gases or greenhouse gases. Thus, this is supporting the expansion of the global hydrogen energy storage market over the projected period.

Also, the rising favourable government initiatives for the development of the hydrogen energy storage market are creating lucrative opportunities for the growth of the global industry. The key market players and government agencies are highly investing in research and development activities for the development of the market. These activities also focus on the efficient and effective power supply in underdeveloped regions or regions with less or no electricity.

 Key Market Segments: Global Hydrogen Energy Storage Market

By Technology

• Compression
• Liquefaction
• Material Based

By Physical State

• Solid
• Liquid
• Gas

By Application

• Stationary Power
• Transportation

By End User

• Residential
• Commercial
• Industrial

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Important Countries In All Regions Are Covered

 FAQ's About This Report

     1.  Who are the key players in the global hydrogen energy storage market?

Some key players operating in the global hydrogen energy storage market include Air Liquide, Air Products and Chemicals, Cummins Inc., FUEL CELLLL Energy, Hexagon Composites ASA, ITM Power, Linde Plc, NEL Hydrogen, Plug Power, Worthington Industries.

     2.  What are the factors driving the global hydrogen energy storage market?

An increase in the use of hydrogen storage as a replacement for the use of fossil fuels by a range of end users propelling the hydrogen energy storage market's growth.

     3.  How big is the global hydrogen energy storage market?

The global hydrogen energy storage market size was estimated at USD 7.57 billion in 2021 and is expected to reach USD 26.44 billion in 2029.

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About Exactitude Consultancy

Exactitude Consultancy is a market research consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

Contact us

for your special interest research needs at [email protected] and we will get in touch with you within 24hrs and help you find the market research report you need.

Website: https://exactitudeconsultancy.com/

Contact:
Irfan Tamboli 
[email protected]
+91-7507-07-8687

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SOURCE Exactitude Consultancy

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