Hydrogen Energy Storage Market Regional Opportunities And Future Scope 2030

Hydrogen Energy Storage Industry Overview

The global hydrogen energy storage market size was valued at USD 14.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030.

The market growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to the ongoing research & development and construction of full-scale storage projects in the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of an initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs.

Gather more insights about the market drivers, restrains and growth of the Global Hydrogen Energy Storage Market

U.S. hydrogen energy storage market size, by technology, 2020 - 2030 (USD Billion)

Development and construction of cost-effective and energy-saving hydrogen stations across the country are among the key objectives planned by the government. Such factors are expected to boost the growth of the market in the U.S. Increased hydrogen applications across a variety of industries are predicted to fuel market expansion. Hydrogen, for example, can be used for industrial applications in oil refineries, power generation in stationary fuel cells, as a fuel in fuel cell vehicles, and stored as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical compound.

According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel-produced hydrogen, it should be generated at less than USD 2.5 per kg. The cost is determined by a number of factors, including the location of production, market segment, renewable energy power tariffs, future electrolyzer investments, and others. Because of the low cost of hydrogen manufacturing, more energy storage systems will be deployed. The industry participants are substantially forward integrated. Demand for stored hydrogen in a variety of end-use applications, including fuel cell automobiles, grid services, and telecommunications, is forcing market players to integrate their facilities with the end-use industries.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

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Market Share Insights

  • June 2020: Cummins Inc. signed an agreement to form a joint venture with NPROXX for hydrogen storage tanks. The joint venture will continue under the name NPROXX. The joint venture aims to provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.

Key Companies profiled:

Some prominent players in the global hydrogen energy storage market include

  • Air Liquide
  • Air Products Inc.
  • Cummins Inc.
  • Engie
  • ITM Power
  • Iwatani Corporation
  • Linde plc
  • Nedstack Fuel Cell Technology BV
  • Nel ASA
  • Steelhead Composites Inc.

Order a free sample PDF of the Hydrogen Energy Storage Market Intelligence Study, published by Grand View Research.

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