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Report Overview: Global Hydrogen Energy Storage MarketThe global hydrogen energy storage market size was valued at USD 11.4 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2027. Growing demand for producing hydrogen from electrolysis using surplus renewable power is projected to drive the market over the coming years. Increasing applications of hydrogen across several sectors are expected to further propel market growth. For instance, hydrogen generated from electrolysis can be used for power generation, to reduce carbon intensity in gas pipelines, in stationary fuel cells, as a fuel in fuel cell vehicles, stored as a cryogenic liquid, compressed gas, or as loosely bonded hydride chemical-compounds. In the U.S., the market is projected to witness a significant growth rate owing to ongoing research and development and construction of full-scale storage projects in the country. For instance, in 2019, Magnum Developer and Mitsubishi Hitachi Power Systems announced that the companies are planning to construct a 1 GW energy storage facility to provide power using renewable hydrogen, large scale flow batteries, solid oxide fuel cells, and compressed air energy storage. Declining cost of renewable power generation from solar and wind energy is anticipated to further boost the market for hydrogen energy storage. According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel produced hydrogen, it should be generated at less than USD 2.5 per kg. The price depends on several factors such as production location, market segment, renewable energy power tariffs, and investments in future electrolyzers. Low hydrogen production prices will lead to higher deployment of its energy storage systems. Industry players operating in the market for hydrogen energy storage are heavily forward integrated. Stored hydrogen demand in several end-use applications including fuel cell vehicles, grid services, and telecommunication services, is prompting the market players to integrate their facility with end-use sectors.
Technology Insights: Global Hydrogen Energy Storage MarketThe compression storage technology segment accounted for dominant share of around 40.0% in 2019 owing to majority number of applications of compressed hydrogen across various sectors. The applications include on-site stationary power generation, hydrogen refueling stations, and vehicles used in road transportation. The liquefaction segment was valued at USD 3.8 billion in 2019. Storing hydrogen in liquid form has one major benefit of energy density when compared to the compression storage technology. Liquid tanks have increased energy density thereby storing more hydrogen in a given volume. However, the boil-off losses due to high energy requirement for liquifying hydrogen, impact the cost efficiency and safety of the storage technology. Material based storage technology is expected to witness a CAGR of 4.9% over the forecast period 2021-2027. The technology consisting of hydride storage systems, liquid hydrogen carriers, and surface storage systems, has a high volumetric storage density as compared to other storage technologies. For instance, palladium absorbs hydrogen gas with a volume that is approximately 1000 times its own volume.
Application Insights: Global Hydrogen Energy Storage MarketIndustrial segment held the largest market share of 40.5% in 2019. The segment is anticipated to account for a prominent share of the hydrogen energy storage market by 2027. Hydrogen finds various applications in industrial segment such as petroleum refining, food processing, and metal treatment. Petroleum refiners require large amounts of hydrogen for lowering the sulfur content in fuels. Growing number of industrial applications are expected to provide a major boost to market growth. The residential segment is anticipated to ascend at a CAGR of 5.9% over the forecast period. The growth can be attributed to the growing number of residential applications such as powering catalytic boilers, direct flame combustion boilers, gas-powered heat pumps, fuel cell micro Combined Heat and Power (CHP). Physical State Insights The solid segment held the largest market share of 50.0% in 2019. The gas segment is projected to witness the highest CAGR of 7.9% during the forecast period. The significant growth of the segment can be attributed to the non-complexity and cost-effectiveness of compressed gas technology. Gas is the most common physical state in which hydrogen finds its majority of applications. Moreover, increasing commercialization of power-to-gas technology is expected to further propel the growth of the segment. The liquid segment was valued at USD 3.6 billion in 2019. The segment is expected to grow during the forecast period owing to liquid hydrogen witnessing demand in applications that require high purity levels of hydrogen, such as the chip industry. Even though liquid hydrogen has a higher energy density than its gaseous form, it involves an additional economic cost. Heavy insulation of the liquid tanks and required liquefaction at -253 degrees Celsius are expected to hamper segment growth by 2027.
Regional Insights: Global Hydrogen Energy Storage MarketAsia Pacific accounted for the largest revenue share of 33.0% in 2019. Declining costs of renewable electricity and electrolyzers have resulted in rapid production of green hydrogen. The increased hydrogen production has led to growing demand for its storages across the residential, industrial, and commercial sectors. The market in North America is expected to grow at a significant rate owing to strict regulations regarding emission control, usage of greener fuels, and increasing fuel cell applications. The U.S. occupies largest market share in the region owing to growing hydrogen demand in chemical industries and oil refineries across the country. Construction of large-scale hydrogen energy storage projects is boosting the market across Europe. For instance, Denmark based company, Orsted, is planning to use the surplus wind farm energy in the North Sea to produce renewable hydrogen energy through electrolysis and further sell it to large commercial customers.
Key Companies & Market Share Insights: Global Hydrogen Energy Storage MarketEnhanced level of forward integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the industry. Some of the prominent players in the hydrogen energy storage market include:
Key companies Profiled: Global Hydrogen Energy Storage Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global hydrogen energy storage market report on the basis of technology, physical state, application, and region:
- Air Products and Chemicals
- Nel Hydrogen
- Air Liquide
- FuelCell Energy
- ITM Power
- Worthington Industries
Technology Outlook (Revenue, USD Billion, 2016 - 2027)
- Material Based
Physical State Outlook (Revenue, USD Billion, 2016 - 2027)
Application Outlook (Revenue, USD Billion, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumption 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...