Hydrogen Energy Storage Market worth USD 27.18 billion by 2028, registering a CAGR of 8.50% – Report by Market Research Future (MRFR)
New York, Sept. 21, 2021 (GLOBE NEWSWIRE) — Hydrogen Energy Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Energy Storage Market Research Report, Technology, End-User and Region – Forecast till 2028” the market size is projected to be worth USD 27.18 billion by 2028, registering a CAGR of 8.50% during the forecast period (2021 – 2028)., The market was valued at USD 16.53 billion in 2021.
Competitive Analysis
List of the Key Companies Profiled in the Hydrogen Energy Storage Market Research Report are –
- Hbank Technologies Inc.
- Inoxcva
- VRV S.P.A
- Luxfer Holdings PLC
- Worthington Industries Inc.
- Mcphy Energy S.A
- Linde AG.
- Air Liquide
- Praxair Inc
- others.
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Manufacturers strive to increase production capacities with new possibilities offered by digitalization. Many hydrogen energy storage developers are exploring expansion opportunities, making strategic investments in driving research and development activities, and fostering their expansion plans. Increasing strategic deals, such as mergers & acquisitions, collaborations, expansions, and product launches, are expected to be seen during the next few years.
For instance, recently, on Aug. 12, 2021, Aggreko announced the successful completion of testing of hydrogen combustion genset demonstrator it developed with its partner CMB.TECH, paving the way for further expansion.
The company stated it would invest in 10 additional units to support hydrogen readiness, working with lead customers & partners to further test and validate hydrogen as an energy carrier for temporary power. The deal is part of a wider movement by Aggreko to transition to low carbon technologies and hydrogen that is gaining traction in a range of different industries as a clean fuel source.
Rising Hydrogen Missions to Meet Increasing Global Energy Needs Drive Market Growth
The global hydrogen energy storage market enjoys tremendous traction. Rising government initiatives and hydrogen missions in the backdrop of increasing global energy needs drive the market growth. Increasing hydrogen generation seems to have sputtered out. Therefore governments are accentuating on a broader approach that embraces green hydrogen for energy storage, too.
The market is estimated to witness significant gains in the years to come, with the rising focus on hydrogen energy storage as a battery-type technology. The proliferation of renewable energy provides a strong edge in the global hydrogen economy compared to fossil energy. In terms of energy generation, coal, oil, and gas reserves are less than impressive. However, there are not good measures of hydropower with plenty of sunshine and wind. Resultantly, there are ample reasons to go to bat for green hydrogen.
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Continually Rising Demand for Alternate Fuel Solution Boost Market Size
Government initiatives and promotion programs to boost renewable energy generation create vast growth opportunities in the hydrogen energy storage industry. Continually rising energy demand, primarily from the industrial sectors and penetration of renewable energy sources pushes the hydrogen energy storage market growth. Additionally, advances in e-mobility and hydrogen energy storage systems influence the market revenues.
Vast investments in the production of hydrogen energy storage equipment and spurring rise in manufacturing infrastructures & industry automation are major market trends. Furthermore, substantial investments in renewable energy are anticipated to contribute to the market growth, driving primary energy production.
High Initial Costs are Major Headwinds
Installment of hydrogen energy storage requires vast investments. Also, stringent rules for hydrogen production from electrolysis impede the market rise, slowing down the overall hydrogen extracts and storage process. Moreover, the demand for a prolonged storage cycle is a serious restraint that can decline the hydrogen energy storage market value during the forecast period.
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COVID-19 Impacts
The COVID-19 outbreak did not affect the hydrogen energy storage industry much due to the reassuringly robust energy demand. Besides, the renewable energy market remained steadily growing throughout 2020, supporting the market demand. The hydrogen energy storage market is anticipated to grow steadily, following the uplift of the lockdown in many countries.
Also, the rapidly growing population and rapid industrialization & urbanization worldwide would bolster the market growth. Especially, metro cities with their increased industrial infrastructures are projected to create huge demand for energy storage.
Conventional energy generation sources, such as the combustion of fossil fuels, coal, and natural gas, contribute substantially to carbon emissions. Resultantly, the need for renewable/clean energy generation to reduce pollution levels and carbon footprint would propel the market revenues.
Segmentation
The market analysis is segmented into technologies, end-users, and regions. The technology segment is sub-segmented into liquid hydrogen, metal hydrides, carbon absorption, underground salt caverns, and others. The end-user segment is sub-segmented into power generation, transportation, chemicals, metalworking, and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America dominates the global hydrogen with major storage technology upgrades made by key manufacturers. Besides, the presence of notable industry players and infrastructure in the region fosters the hydrogen energy storage market size, allowing faster implementation of advanced storage technologies.
Increased renewable energy and rapid growth in the utility-scale hydrogen energy storage industry increase the hydrogen energy storage market share, meeting the energy demand in the region. Additionally, the spurring rise in commercial, industrial, and utility sectors and government initiatives to promote renewable energy increase the region’s hydrogen energy storage market value.
Segmentation of Market covered in the research:
Hydrogen Energy Storage Market Research Report: Information by Technology (Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caverns), End-User (Power Generation, Transportation, Chemicals, Metal Working, Others) & Region – Global Forecast till 2028
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