Global Hydrogen Energy Storage Market Overview
The global hydrogen energy storage market is projected to reach USD 196.8 billion by 2028 from an estimated USD 11.4 billion in 2023, at a CAGR of 76.8% during the forecast period. The growing emphasis on environmental sustainability, rising adoption of fuel cell vehicles, intermittent renewable energy integration accelerates the growth of the hydrogen energy storage market.
List of Key Companies Profiled in The Report
- Linde plc (Ireland),
- Plug Power Inc. (US),
- ENGIE (France),
- Iwatani Corporation (Japan),
- FuelCell Energy, Inc. (US) among others…
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Rapid expansion of gas terminals
The expansion of gas terminals is a strategic response to the increasing global demand for cleaner energy sources, with natural gas emerging as a prominent component of the energy transition. Gas terminals serve as key nodes in the transportation network, facilitating the liquefaction, regasification, and storage of natural gas. The intricate processes involved in these terminals necessitate advanced pumping systems to ensure the smooth and secure flow of gas throughout the supply chain. Oil and gas pumps, powered by cutting-edge technologies, become indispensable in optimizing the performance of these terminals, from the unloading of liquefied natural gas (LNG) from carriers to the distribution of regasified gas to end users. As the demand for natural gas continues to grow, driven by environmental considerations and the shift toward cleaner energy alternatives, the need for reliable and efficient pumping solutions becomes increasingly pronounced. Industry stakeholders are, therefore, compelled to invest in research and development initiatives to enhance the technological capabilities of oil and gas pumps, ensuring they meet the specific requirements of gas terminal operations. Thus, with the increasing demand for natural gas, the networks for gas transportation are expanding at a rapid rate.
Hydrogen Energy Storage Market Ecosystem
Electric Utilities is expected to hold the largest market share in the hydrogen energy storage market during the forecast period. The demand for hydrogen energy storage is increasing in electric utilities applications due to integration of renewable energy and grid stability and reliability. Hydrogen energy storage can provide backup power during grid outages and can be used to balance supply and demand on the grid by storing excess electricity during times of low demand are the factors that are expected to drive the growth of the electric utilities segment during the forecast period.
Based on the Storage form, the hydrogen energy storage market is segmented into solid, liquid and gas. The gas segment is expected to dominate the market during the forecast period as gas form is more efficient and can easily be transported. Hydrogen energy storage as gas results in fewer energy losses during the storage process and there is already established infrastructure for transporting and distributing gaseous hydrogen energy.
Based on the technology, the hydrogen energy storage market is segmented into compression, liquefaction and material-based. The compression segment is expected to be the fastest growing market during the forecast period owing to the low energy losses compared to other methods and high energy density per unit volume. Compression technology is cost effective as compared to other storage technologies, which is expected to drive the growth of the medium voltage segment in the forecasted period.
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This report segments the hydrogen energy storage market based on application into stationary power and transportation. During the forecast period, the stationary power segment holds the largest market share due to its higher efficiency, safety, and ability to provide a steady energy supply for grid integration and industrial processes. The Stationary systems are well-suited for critical facilities, sustainability goals, and avoiding transportation challenges.
