Hydrogen Energy Storage Market Report 2025

This Hydrogen Energy Storage market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The hydrogen energy storage market size has grown strongly in recent years. It will grow from $16.36 billion in 2024 to $17.19 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increase in renewable energy integration, increase in grid balancing, rise in energy sector decentralization, increase in industrial applications, rise in transportation fuel.

The hydrogen energy storage market size is expected to see strong growth in the next few years. It will grow to $21.73 billion in 2029 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing hydrogen economy, rising hydrogen economy, rising demand for renewable hydrogen, increasing energy security, rising grid decarbonization. Major trends in the forecast period include hydrogen electrolyzers, hydrogen infrastructure expansion, hydrogen storage technologies, hydrogen storage technologies, 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 rising use of hydrogen in oil refineries and chemical industries is driving the growth of the hydrogen energy storage market. Hydrogen plays a crucial role in processing foods, treating metals, refining petroleum, and producing fertilizers. In petroleum refineries, it is used to reduce the sulfur content of fuels. For example, in September 2022, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that the demand for hydrogen reached 94 million tonnes (Mt) in 2021. This volume of hydrogen contained energy equivalent to approximately 2.5% of global final energy consumption. Most of the demand increase was attributed to its traditional uses in refining and industrial applications. There was also a notable rise in demand for new applications, reaching about 40 thousand tonnes, marking a 60% increase from 2020. Consequently, the increasing demand for hydrogen from oil refineries and the chemical industry is expected to propel the growth of the hydrogen energy storage market in the future.

Major companies in the hydrogen energy storage market are advancing technologies, such as bar hydrogen tanks, to enhance the efficiency and safety of hydrogen storage and transport, facilitating the more effective use of hydrogen as a clean energy source. Bar hydrogen tanks are high-pressure storage vessels specifically designed to safely hold hydrogen gas at pressures typically between 350 and 700 bar (approximately 5,000 to 10,000 psi). For example, in April 2024, Voith Group, a Germany-based technology company, launched its hydrogen storage subsidiary, Voith HySTech GmbH, along with the Plug & Drive H2 Storage System. The establishment of Voith HySTech GmbH highlights a growing focus on hydrogen as a viable alternative fuel source, especially in sectors where electrification may not suffice. The Plug & Drive H2 Storage System is a ready-to-install solution designed specifically for heavy-duty vehicles and features integrated 700-bar hydrogen tanks.

Major companies in the hydrogen energy storage market are increasingly focused on developing advanced energy storage vessels to secure a competitive advantage. Advanced energy storage vessels are specialized containers or systems designed to store various forms of energy, including electricity, thermal energy, or chemical energy, in a more efficient, safe, and compact manner. For example, in December 2022, EnerVenue, a US-based clean energy storage solutions company, introduced its second-generation Energy Storage Vessels (ESVs) as part of its metal-hydrogen energy storage solution. These vessels are designed to be simple, safe, and cost-effective, making them an ideal choice for grid-scale, commercial, and industrial applications. They can be stacked and installed in multiple configurations, allowing customers to build and scale their energy storage capacity as required. Additionally, the ESVs are environmentally sustainable and constructed from recyclable components, making them a more eco-friendly alternative to lithium-ion batteries..

In September 2022, Hydrasun Group, a UK-based provider of integrated fluid transfer, power, and control products, acquired Fuel Cell Systems for an undisclosed sum. This acquisition is intended to enhance Hydrasun's portfolio in renewable energy solutions, particularly in hydrogen technologies. Fuel Cell Systems is a UK-based company that offers hydrogen systems and applications, including fuel cells, modular electrolyzer systems, compression and storage solutions, as well as mobile and static refueling systems.

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, FuelCell Energy Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)

North America was the largest region in the hydrogen energy storage market in 2024. 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.

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 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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