Hydrogen Energy Storage Industry

The global hydrogen energy storage market size was estimated at USD 15.97 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. The 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 ongoing research & development and construction of full-scale storage projects. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of the initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs.

The development and construction of cost-effective and energy-saving hydrogen stations across the U.S. are among the key objectives planned by the government. Such factors are expected to boost market growth 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.

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

Hydrogen Energy Storage Market Segments:

Market Dynamics

Various government policies are ongoing to support hydrogen as a fuel. The European Commission announced its strategy for the development of green hydrogen. The European Commission has approved green hydrogen production, which reforms H2 from natural gas and captures carbon dioxide emissions through carbon capture and storage. In 2020, Engie successfully refueled its first renewable hydrogen passenger train for a pilot test in the Netherlands. Hydrogen-fueled train is expected to be introduced by 2024, wherein Engie and Alstom are expected to collaborate to develop hydrogen-fueled trains across the Netherlands. With this success, the company is likely to expand its solution further across other countries, wherein hydrogen trains can be deployed, leading to a high demand for hydrogen energy and its storage.

Technology Insights

The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2023. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in manufacturing and chemical industries.

Physical State Insights

The solid segment held the largest revenue share of around 50.0% in 2023. Storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in solid form include techniques involving absorption or adsorption mechanisms of hydrogen by a material.

Application Insights

The industrial application segment held the largest revenue share of over 40.0% in 2023. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which are likely to catalyze the utilization of fuel cells in the residential applications for micro combined heat and power. For instance, Japan’s ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in residential sector.

Regional Insights

Asia Pacific region held the largest revenue share of over 37.48% in 2023. Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other Southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, UK, and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. Enormous demand for hydrogen generation from a variety of end users, including industrial and commercial institutions, is to blame.

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

• The global fuel cell vehicle market size was valued at USD 1.45 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 52.5% from 2023 to 2030.
• The global green hydrogen market size was valued at USD 3.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 39.5% from 2022 to 2030.

Key Companies & Market Share Insights

Enhanced level of forward integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry. In September 2023, India is expected to launch 100 MW of green hydrogen storage pilot project for round-the-clock power supply. The proposed project is set for an investment of USD 250 billion and shall offer significant economic development opportunities.

Key Hydrogen Energy Storage Companies:

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

Segments Covered in the Report

Grand View Research has segmented the global hydrogen energy storage market on the basis of on technology, physical state, application, and region:

Hydrogen Energy Storage Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Compression
• Liquefaction
• Material Based

Hydrogen Energy Storage Physical State Outlook (Revenue, USD Million, 2018 - 2030)

• Solid
• Liquid
• Gas

Hydrogen Energy Storage Application Outlook (Revenue, USD Million, 2018 - 2030)

• Residential
• Commercial
• Industrial

Hydrogen Energy Storage Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Russia
  • UK
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Central & South America
  • Brazil
  • Colombia
  • Paraguay
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt

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