The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Hydrogen energy storage refers to the use of hydrogen gas (H2) as a medium to store and release energy for various applications. It addresses the challenges of intermittency and variability associated with renewable energy sources like solar and wind, which generate power based on weather conditions and are not always available on demand. Hydrogen energy storage enables excess energy generated during peak times to be stored and later converted back into electricity or used for other applications when energy demand is high or renewable energy production is low.
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Grid Energy Storage: Hydrogen can be produced during periods of excess renewable energy generation and stored. When energy demand increases or renewable energy production decreases, the stored hydrogen can be used to generate electricity through fuel cells or be reconverted to electricity using hydrogen combustion engines or turbines.
Transportation: Hydrogen fuel cell vehicles use stored hydrogen to generate electricity and power electric motors. Hydrogen-powered vehicles have the advantage of fast refueling times and longer driving ranges compared to battery-electric vehicles.
The Asia-pacific region dominated the hydrogen energy storage market with around 47% revenue share in 2019.
Asia-Pacific accounted for highest revenue share, owing to the impact of productivity improvements. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency.
Some of the key players profiled in the hydrogen energy storage industry report include Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.
Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth.
Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth.
As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period.
High capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications.
Liquid hydrogen storage involves high insulation cost to prevent vaporization.
The storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market.
The solid hydrogen storage segment is projected to grow at the highest CAGR of approximately 9.2%, in terms of revenue, during the forecast period.
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Industrial Processes: Hydrogen can be used as a feedstock for industrial processes or as a clean fuel for high-temperature heat generation.
Backup Power Generation: Hydrogen energy storage can provide backup power for critical facilities or remote locations where grid access is limited.
Remote Power Generation: Hydrogen can be used in off-grid areas or remote locations where traditional energy sources are not readily available.
By application, the transportation segment held more than 50% market share with a CAGR of 6.1%, in terms of revenue, during the forecast period.
Hydrogen energy storage is the process to store the excess amount of energy through electrolysis. In this process, the hydrogen is separated from chemical solution.
The hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen energy is stored by absorption through a solid-state material. Hydrogen energy storage is widely used in fuel cell technologies for stationary power and transport applications.
COVID-19 scenario analysis
The hydrogen energy storage market has significant impact of COVID-19 pandemic, owing to travel restrictions and global lockdown norms.
Shifting trend toward decarbonization and sustainable energy resources will further increase the market demand in post-COVID timeframe.
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The growing demand for electric vehicles, large number of industry players are investing in new startups in emerging economies, which will further create new market opportunities during the forecast period.
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