Hydrogen Energy Storage Market Worth US$ 12.96 Bn In 2018

The latest market report published by Brisk Insights, “Hydrogen Energy Storage Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the global Hydrogen Energy Storage market is worth US$ 12.96 Bn in 2018 and expected to grow at a CAGR of 5.7% during the forecast period from 2019 to 2027.

Market Insights

"Rising investment in green energy technology is driving"

Growing applications of hydrogen and advancement in technology to store and utilize hydrogen potential are driving the global hydrogen energy storage market.  Increasing the adoption of hydrogen energy as fuel estimated to reduce carbon emission, increasing the reliability of supply, and reduce consumption of conventional fossil fuels. New technologies such as direct injection of hydrogen into the natural gas pipeline referred to as power-to-gas and pre-conversion of hydrogen to methane to avoid various blending issues have a large impact on the application of hydrogen as a fuel; thereby increasing the demand for storage facilities. Further, at the end of 2018, the global FCEV stocks reached at 11,200 units with around 4,000 sales in the same year. China produced over 2000 small trucks. With an increasing number of refueling stations in Japan, Germany, and the U.S. there will be growing sales of FCEV in the coming years. Thereby, influencing the hydrogen energy storage market in the long run. 

On the contrary, the high capital cost of hydrogen storage and growing investment in the battery technology expected to restrain the market during the forecast period. Overall, the global hydrogen energy storage market was US$ 12.96 Bn in 2018 and expected to grow at a CAGR of 5.7% from 2019 to 2027. In 2027, the projected size of the global hydrogen energy storage market is estimated at US$ 21.15 Bn.

The overall hydrogen energy storage market is slightly fragmented in nature and it is growing at moderate rate. The growing investment from the government is influencing the market in a positive manner.

Industrial Developments

• In March 2019, the U.S. Department of Energy (DOE) announced about US$ 31 million funding to the H2@Scale concept for affordable and reliable large scale hydrogen generation, transport, storage and utilization across multiple sectors and industries of the U.S. This new funding from the government expected to strengthen energy security, resiliency, and strong domestic economy of the U.S.
• In January 2020, the California Energy Commission (CEC) tabled over US$ 11 million for customer-centric electrolytic hydrogen storage. To have 100% clean energy and diversion of longer duration storage technologies in the state, this funding expected to boom the hydrogen energy storage market in the region.

Key Market Movements:

• Globally, the hydrogen energy storage market is growing at a CAGR of 5.7% for the period from 2019 to 2027.
• Based on state, hydrogen energy storage market is segmented into gas, liquid and solid. As storing hydrogen in gas form is the easiest and cost-effective method, the gas segment captured the major share of the market in 2018.
• Based on storage technology, compression segment expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the simplest method of storing using compressor and pressure vessel.

List of Companies Covered:

• FuelCell Energy, Inc.
• Linde plc
• Air Liquide
• ITM Power
• Air Products and Chemicals, Inc.
• Hydrogenics
• Hexagon Composites ASA
• Nel ASA.
• PLUG POWER INC.
• Mcphy Energy S.A.
• and Others

Browse the full report at https://www.briskinsights.com/report/hydrogen-energy-storage-market

The Global Hydrogen Energy Storage Market is Segmented into:

*Complete segmentation list is on report page