Hydrogen Energy Storage Market By State (Gas, Liquid, Solid), By Storage Technology (Compression, Liquefaction, Material Based), By Storage Type (Chemical Storage, Physical Storage, Stationary Storage), By End-Use (Oil Refineries, Chemical Industry, Transportation, Steel & Metal Works, Power Generation) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027
Key Market Insights
"Growing adoption of hydrogen based application driving its storage market"
Hydrogen is an energy-rich gas and is used in a number of applications such as rocket fuel, car fuel, material for industrial products such as hardened fats and also can be converted into synthetic natural gas. Hydrogen energy storage (HES) system increases resiliency and improves the economics of energy supply in electric grids, pipeline systems, and transportation fuels. The hydrogen energy storage system increases the flexibility and resilience of a sustainable energy supply system with an overall reduction in energy cost by on account of integration and better utilization of renewables. The HES system can provide ancillary grid services fuel for fuel cell electric vehicles (FCEV) and material handling equipment (MHE) like forklifts or airport tugs and backup power supply.
Moreover, HES systems are widely used in refineries, ammonia production facilities. Also, in the natural gas industry, hydrogen blending can increase the supply of renewable energy supply. Growing adoption of hydrogen in industrial applications influenced the demand for more storage facilities across the globe; thereby driving the market growth. In 2018, the global hydrogen energy storage market was accounted for US$ 12.96 Bn and estimated to grow with a CAGR of 5.7% during the forecast period.
End-use Segment Analysis
"Transportation segment to grow on account of growth of FCEV"
Globally, countries are increasingly opting for reducing their dependence on fossil fuels to conserve energy and reduce greenhouse gases. Further, with an extraordinary growth of fuel cell electric vehicle (FCEV) expected in the next decade, there is a high demand for hydrogen fuel in the transportation industry. In the Credence Research Analysis, it is estimated that the transportation segment to grow at the fastest rate during the forecast period.
In January 2020, Isuzu Motors Limited signed an agreement with Honda Motor Co. Ltd. for joint research on using fuel cells in heavy-duty trucks. Both companies are striving to expand the use of fuel cell technologies beyond use in passenger vehicles. Moreover, in November 2019, Toyota Motor Sales, U.S.A., Inc. launched its second-generation Mirai, with an upgraded FCEV powertrain having 30% more driving range. With this launch, the company expected to grab a major share of the FCEV market thereby influencing the hydrogen energy storage market in the near future.
Regional Analysis
"North America expected to lead the market"
North American region has a highly developed transportation and power industry. Additionally, with the oil boom of the U.S., there is a rise in a number of refineries that have a high demand for hydrogen fuel for its various applications. Moreover, increasing applications of fuel cells and stringent government regulations for emission control in the U.S. and Canada driving the demand for hydrogen. Furthermore, government initiatives such as Capital Cost Allowance from the Canadian government that could potentially benefit the hydrogen and fuel cell industry. Apart from this, growing investment in the region from well-established market players of the region have positively impacted the market.
Moreover, Europe and the Asia Pacific expected to show significant growth throughout the forecast period. In June 2018, France announced its Hydrogen Deployment Plan for Energy Transition which has a target to include 20 to 40% low carbon hydrogen use in industrial applications. Also, in January 2019, South Korea announced that by 2040, the FCEV production capacity to 6.3 million and 1200 hydrogen fueling stations across the country.
"Emerging partnership trend is keeping the market competitive"
The overall hydrogen energy storage market is fragmented and market players are focusing on partnership with other market players to bolster their market position. Following is the list of companies covered in this report.
Key Industry Development:
- In November 2019, Air Liquide signed an agreement with DLVA and ENGIE for developing “HyGreen Provence” project. The project aimed at producing, storing and distributing several thousand metric tons of renewable hydrogen every year.
- In September 2019, Hexagon Composites ASA received a permission from California Occupational Safety and Health Standards Board (CalOSHA), allowing its composite high pressure tanks to be used in hydrogen ground storage in California. This approval from the CalOSHA is a leap forward for the company in hydrogen storage applications and expected to gather larger share of the North American market.
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
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Billion |
| Segmentation |
State Segment (2017-2027; US$ Bn) |
|
Storage Technology Segment (2017-2027; US$ Bn) |
|
|
Storage Type Segment (2017-2027; US$ Bn) |
|
|
End-use Segment (2017-2027; US$ Bn) |
|
|
Geography Segment (2017-2027; US$ Bn) |
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global hydrogen energy storage market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Unique data points of this report
- Recent trends across different regions in terms of development of hydrogen energy storage market
- Attractive investment proposition for application segment as well as geography
Key questions answered in this report
- What was the market size of hydrogen energy storage market in 2018 and forecast up to 2027?
- What are the key factors driving the global hydrogen energy storage market?
- What are the key market trends and high-growth opportunities observed in the hydrogen energy storage market?
- Which is the largest regional market for hydrogen energy storage market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the hydrogen energy storage market?
- What are the key strategies adopted by the leading players operating in the market?
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Hydrogen Energy Storage (HES) Market
2.2. Global HES Market, by State, 2018 (US$ Bn)
2.3. Global HES Market, by Storage Technology, 2018 (US$ Bn)
2.4. Global HES Market, by Storage Type, 2018 (US$ Bn)
2.5. Global HES Market, by End-use, 2018 (US$ Bn)
2.6. Global HES Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global HES Market Value, 2017 – 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Hydrogen Energy Storage (HES) Market, by State, 2017 – 2027 (US$ Bn)
4.1. Overview
4.2. Gas
4.3. Liquid
4.4. Solid
5. Global Hydrogen Energy Storage (HES) Market, by Storage Technology, 2017 – 2027 (US$ Bn)
5.1. Overview
5.2. Compression
5.3. Liquefaction
5.4. Material based
6. Global Hydrogen Energy Storage (HES) Market, by Storage Type, 2017 – 2027 (US$ Bn)
6.1. Overview
6.2. Chemical Storage
6.3. Physical Storage
6.4. Stationary Storage
7. Global Hydrogen Energy Storage (HES) Market, by End-use, 2017 – 2027 (US$ Bn)
7.1. Overview
7.2. Oil Refineries
7.3. Chemical Industry
7.4. Transportation
7.5. Steel & Metal Works
7.6. Power Generation
8. North America Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
8.1. Overview
8.1.1. North America HES Market Value and Growth, 2017 – 2027, (US$ Bn)
8.2. North America HES Market Value, By State, 2017 – 2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America
9. Europe Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
9.1. Overview
9.1.1. Europe HES Market Value and Growth, 2017 – 2027, (US$ Bn)
9.2. Europe HES Market Value, By State, 2017 – 2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe
10. Asia Pacific Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific HES Market Value and Growth, 2017 – 2027, (US$ Bn)
10.2. Asia Pacific HES Market Value, By State, 2017 – 2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific HES Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific
11. Rest of the World Hydrogen Energy Storage (HES) Market Analysis, 2017 – 2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World HES Market Value and Growth, 2017 – 2027, (US$ Bn)
11.2. Rest of the World HES Market Value, By State, 2017 – 2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World HES Market Value, By Storage Technology, 2017 – 2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World HES Market Value, By Storage Type, 2017 – 2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of the World HES Market Value, By End-use, 2017 – 2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World HES Market Value, By Region, 2017 – 2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America
12. Company Profiles
12.1. FuelCell Energy, Inc.
12.2. Linde plc
12.3. Air Liquide
12.4. ITM Power
12.5. Air Products and Chemicals, Inc.
12.6. Hydrogenics
12.7. Hexagon Composites ASA
12.8. Nel ASA.
12.9. PLUG POWER INC.
12.10. Mcphy Energy S.A.
*Hear we are using HES as a short form for Hydrogen Energy Storage
TABLE 1 Market Snapshot: Global Hydrogen Energy Storage (HES) Market Value
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 Global HES Market, by State, 2017-2027, (US$ Bn)
TABLE 5 Global HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 5 Global HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 5 Global HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 7 Global HES Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 8 North America HES Market, by State, 2017-2027, (US$ Bn)
TABLE 9 North America HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 9 North America HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 9 North America HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 11 North America HES Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 12 Europe HES Market, by State, 2017-2027, (US$ Bn)
TABLE 13 Europe HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 13 Europe HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 13 Europe HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 15 Europe HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 16 Asia Pacific HES Market, by State, 2017-2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by Storage Technology, 2017 – 2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by Storage Type, 2017 – 2027 (US$ Bn)
TABLE 17 Asia Pacific HES Market, by End-use, 2017 – 2027 (US$ Bn)
TABLE 19 Asia Pacific HES Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 20 Rest of the World HES Market, by State, 2017 - 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by Storage Technology, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by Storage Type, 2017 – 2027, (US$ Bn)
TABLE 21 Rest of the World HES Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 23 Rest of the World HES Market Value, by Region, 2017 - 2027, (US$ Bn)
TABLE 24 FuelCell Energy, Inc.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 25 Linde plc: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 26 Air Liquide: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 27 ITM Power: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 28 Air Products and Chemicals, Inc.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 29 Hydrogenics: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 30 Hexagon Composites ASA: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 31 Nel ASA: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 32 PLUG POWER INC.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 33 Mcphy Energy S.A.: Company Snapshot (Business Description; Storage Technology Portfolio; Financial Information; Business Overview and Recent Development)
FIG. 1 Global Hydrogen Energy Storage (HES) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global HES Market Segmentation
FIG. 4 Global HES Market, by State, 2018, (US$ Bn)
FIG. 5 Global HES Market, by Storage Technology, 2018, (US$ Bn)
FIG. 5 Global HES Market, by Storage Type, 2018, (US$ Bn)
FIG. 5 Global HES Market, by End-use, 2018, (US$ Bn)
FIG. 7 Global HES Market, by Geography, 2018 (US$ Bn)
FIG. 8 Global HES Market Value, 2017 - 2027, (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key HES Manufacturers, 2018
FIG. 11 Global HES Market Value Share, by State, 2018 & 2027 (Value %)
FIG. 12 Global HES Market Value for Gas, 2017 – 2027, (US$ Bn)
FIG. 13 Global HES Market Value for Liquid, 2017 – 2027, (US$ Bn)
FIG. 13 Global HES Market Value for Solid, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by Storage Technology, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Compression, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Liquefaction, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Material based, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by Storage Type, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Chemical, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Physical, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Stationary, 2017 – 2027, (US$ Bn)
FIG. 15 Global HES Market Value Share by End-use, 2018 & 2027 (Value %)
FIG. 16 Global HES Market Value for Oil Refineries, 2017 – 2027, (US$ Bn)
FIG. 17 Global HES Market Value for Chemical Industry, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Transportation, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Steel & Metal Works, 2017 – 2027, (US$ Bn)
FIG. 18 Global HES Market Value for Power Generation, 2017 – 2027, (US$ Bn)
FIG. 24 North America HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 25 Europe HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 26 Asia Pacific HES Market Value, 2017 – 2027, (US$ Bn)
FIG. 27 Rest of the World HES Market Value, 2017 – 2027, (US$ Bn)
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