Hydrogen Energy Storage Market Size, Share & Industry Analysis, By Storage Technology (Physical-based (Compression,Liquefaction) Material Based), By Hydrogen State (Solid, Liquid, Gas), By Application (Industrial, Utility, Others) and Regional Forecast, 2024-2032

Hydrogen is an energy carrier, not a primary energy source. Hydrogen can be produced from a variety of fossil fuels and other primary energy sources. Electricity can also be used to produce hydrogen via electrolysis. Hydrogen can help to tackle various critical energy challenges as it is used to decarbonize a range of sectors such as transport, iron & steel, chemicals. It has the potential to help with a variable output from renewables such as solar photovoltaic and wind power. Hydrogen is one of the best options for storing energy from renewables and poised to become the lowest cost alternative for storing large quantities of electricity over a long time. Meanwhile, water electrolysis is the most flexible and tenable solution to store renewable energy on a large and long terms scale. The growing installation of renewable energy around the world to mitigate the rising GHG emission likely to increase the demand for an energy storage system. Also, favorable government policies and goals aim to minimize carbon emission set to drive the hydrogen energy storage market.

The hydrogen energy storage market is classified into hydrogen energy technology, hydrogen state, and application. Hydrogen energy can be stored by using physical or material-based technology. Physical based technology is further divided into compression and liquefaction. Compression technology is most commonly and widely used to store hydrogen energy. Subsequently, the gas state is expected to dominate the market owing to feasibility and cost-effective method to store hydrogen energy using compression. Hydrogen energy storage is used in industries, utility, and others. Exponential demand for electricity and the expansion of renewable energy sources is likely to provide a profitable market.

Key Market Driver -

Extensive demand for energy storage system

Key Market Restraint -

Complications and safety measures require to store hydrogen energy

Many countries are embracing clean energy technology to mitigate rising carbon emissions. However, the intermittent nature of renewable energy sources likely to boost the energy storage system demand. Besides, exponential growth in stationary and backup power applications might drive the market.

Hydrogen is highly flammable and has a lower density than gasoline. Thus, it requires scientifically proven safety measures that increase the cost of storing hydrogen energy, which inhibits the growth of the market.

Key Players Covered:

The key players in the hydrogen energy storage market are Hydrogenics, ITM Power, Air Liquide, Air Products, Chart Industries, Inc., Hexagon Lincoln, FuelCell Energy, Inc., Plug Power, Linde, H2GO Power, and HyTech Power, LLC.

Regional Analysis:

The hydrogen energy storage market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to data collected by U.S. Energy Information Administration, the US had a total installed wind generating capacity of 94 gigawatts. It further states that renewables produce nearly 50% of world electricity demand by 2050. Hydrogen energy storage is essential to store substantial amounts of energy. The growing demand for renewables is projected to drive the market in North America. Europe is embracing clean energy technology to reduce carbon emission to meet the EU2020 goal. Many countries are majorly investing in solar, wind, and other renewable energy technology, which emphasize the demand for energy storage. For instance, Germany is already implementing hydrogen energy storage owing to the expansion of renewable energy network.

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Hydrogen is being pumped into its grid, and sub-megawatt sized electrolyzers are used to store excess wind energy as hydrogen gas. Asia Pacific countries have abundant sun, and microgrid can electrify remote areas using solar power. Moreover, government and private companies are majorly investing in clean energy technology to electrify remote location area. Hydrogen energy storage might play an essential role in storing excess renewable energy. The favorable government policies for renewable generation and requisition for energy storage are projected to boost the market. On the occasion of the 10^th Clean Energy Ministerial and 4^th Mission Innovation Ministerial, a new partnership has been established to expand energy storage deployment in developing countries. Many international organizations and financial institutions collaborating with local governments for the development of clean energy technology as well as an energy storage system that accelerate the growth of the market in the MEA.

Segmentation

Key Industry Developments

• In January 2020, the Los Angeles Department of Water & Power helps to launch Green Hydrogen Coalition, an institute dedicated to implementing policies and practices to advance green energy production to accelerate the growth of the carbon-free energy future.


• In December 2019, Ballard Power Systems signed a pact with Hydrogen de France for the development and integration of a multi-megawatt (MW) scale fuel system into HDF Energy’s Renewable power plant designed for stationary power applications. It is a multi-MW baseload system enabling large scale storage of intermittent renewable energy in the form of hydrogen through a process of electrolysis.


• In October 2019, The Orlando Utilities Commission took a project to integrate public power utility’s growing solar feet by installing hydrogen and lithium battery storage system. The commission serves around 25,000 customers in Orlando and is in the final stage to add up to 149MW of solar to its system.