Hydrogen Energy Storage Global Market Report 2024

Hydrogen energy storage is a method of storing electric power by converting it into hydrogen. This process involves utilizing renewable energy surpluses to power electrolysis during periods of low energy demand. Electrolysis is a technique that separates hydrogen from a chemical solution by applying an electrical current across it.

The primary types of storage technologies in hydrogen energy storage encompass compression, liquefaction, and material-based approaches. Efficient compression technology for hydrogen is crucial to achieve usable levels of energy density. Hydrogen energy can be stored in three states: solid, liquid, and gas. Industries, commercial enterprises, and utility sectors are among the users of hydrogen energy storage.

The hydrogen energy storage market research report is one of a series of new reports that provides hydrogen energy storage market statistics, including hydrogen energy storage industry global market size, regional shares, competitors with a hydrogen energy storage market share, detailed hydrogen energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen energy storage industry. This hydrogen energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hydrogen energy storage market size has grown strongly in recent years. It will grow from $15.72 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to factors such as the increased integration of renewable energy, a rise in grid balancing efforts, the decentralization of the energy sector, an increase in industrial applications, and a heightened demand for hydrogen in transportation fuel.

The hydrogen energy storage market size is expected to see strong growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to factors such as the increasing prominence of the hydrogen economy, a rising demand for renewable hydrogen, growing concerns about energy security, and an upward trend in grid decarbonization. Key trends expected in the forecast period include the proliferation of hydrogen electrolyzers, the expansion of hydrogen infrastructure, advancements in hydrogen storage technologies, and the utilization of hydrogen as a grid balancer.

The hydrogen energy storage market is poised for growth, driven by the expanding aerospace industry. As a sector dedicated to vehicular flight within and beyond Earth's atmosphere, the aerospace industry relies on hydrogen energy storage as a clean and efficient source for propulsion and power generation. This application not only reduces emissions but also extends flight durations for both aircraft and spacecraft. Airbus SE reported a significant increase in commercial aircraft deliveries, reaching 661 units in 2022, marking an 8% rise from the previous year's 611 units. Consequently, the growing aerospace industry plays a pivotal role in propelling the hydrogen energy storage market forward.

The utilization of hydrogen in oil refineries and chemical industries is another factor contributing to the growth of the hydrogen energy storage market. Hydrogen finds applications in various industrial processes, including food processing, metal treatment, petroleum refining, and fertilizer production. Notably, hydrogen is employed in petroleum refineries to lower the sulfur content of fuels. The International Energy Agency reported a demand for hydrogen reaching 94 million tons in 2021, equivalent to about 2.5% of global final energy consumption. This demand surge, driven by traditional uses in refining and industrial applications, underscores the increasing role of hydrogen in various industries and fuels the growth of the hydrogen energy storage market.

Major companies in the hydrogen energy storage market are actively developing new technologies. These technologies aim to enhance the efficiency of hydrogen fuel cells by reducing weight, manufacturing costs, and component requirements. For example, Hyzon Motors Inc., a hydrogen mobility company, introduced a patent-pending onboard hydrogen storage system technology designed to decrease commercial vehicle weight and production costs. This innovation incorporates lightweight composite components with a metal frame, contributing to the overall efficiency of hydrogen fuel cells.

Major players in the hydrogen energy storage market are focusing on introducing advanced energy storage vessels. These specialized containers or systems are designed to store various forms of energy in a more efficient, safe, and compact manner. EnerVenue's second-generation Energy Storage Vessels (ESVs) are an example, offering simplicity, safety, and cost-efficiency for grid-scale, commercial, and industrial deployments. The ESVs, made from recyclable components, align with environmental sustainability goals and provide an eco-friendly alternative to traditional lithium-ion batteries.

In April 2021, Alstom, a manufacturing operation company based in France, acquired Helion Hydrogen Power to expand its range of competitive, innovative solutions in the hydrogen sector. This acquisition aligns with Alstom's strategic strategy, known as Alstom in Motion, and enhances its capabilities in hydrogen for the railway sector. Helion Hydrogen Power, a French company specializing in fuel cells and integrated hydrogen systems, further strengthens Alstom's position in advancing hydrogen technologies for transport and energy applications.

Major companies operating in the hydrogen energy storage market include Air Liquide, Plug Power Inc., Worthington Industries, Cummins Inc., Linde PLC, Chart Industries Inc., Hexagon Composites Nel, Hydrogenious LOHC Technologies GmbH, INOXCVA, Air Products and Chemicals Inc., H Bank Technologies Inc., McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries, GRZ Technologies SA, ITM Power plc., SunFire GmbH, Svante Technologies, Ricardo PLC, Johnson Matthey, Ionomr Innovations Inc., Siemens AG, Chart Industries Inc., FuelCell Energy Inc., Plug Power Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Virginia Retirement System, Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)

North America was the largest region in the hydrogen energy storage market in 2023. The regions covered in the hydrogen energy storage market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the hydrogen energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The hydrogen energy storage market consists of sales of compression, liquefaction, material-based, and other hydrogen energy storage. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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