30 August 2022
Visiongain has published a new report entitled Hydrogen Energy Storage Market Report 2022-2032: Forecasts by Product Type (Hydrogen Gas, Hydrogen Liquid, Hydrogen Solid), by Storage Technology (Compression Storage Technology, Liquefaction Storage Technology, Material Based Storage Technology), by End-user (Industrial, Commercial, Utilities), by Application (Stationary Power, Portable Power, Transportation, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global hydrogen energy storage market was valued at US$14,587 million in 2021 and is projected to grow at a CAGR of 6.0% during the forecast period 2022-2032.
Building on the Existing Infrastructure, Such as Natural Gas Pipes Spanning Millions of Kilometres, can Employ Hydrogen
The introduction of clean hydrogen to replace merely 5% of a country's natural gas supply would considerably increase demand for hydrogen and lower costs. This will turn out to be a great opportunity for the players in the Hydrogen Energy Storage market. While batteries and pumped water storage facilities can meet the same dispatchable energy needs, they both have limitations that hydrogen energy storage can overcome. Batteries degrade over time and can only store a limited amount of energy, whereas hydrogen fuel can be stored indefinitely and in quantities limited only by the size of storage facilities.
How has COVID-19 had a significant negative impact on the Hydrogen Energy Storage Market?
At the start of the Covid-19 crisis, energy storage was already losing ground: in 2019, annual installations of energy storage technologies fell year over year for the first time in almost a decade. Growth was hampered by waning policy support in important markets and concerns over battery safety, with grid-scale installations declining by 20%. Given that battery production has a particularly complicated supply chain from cells to modules to packs and installers, the 2020 crisis is likely to exacerbate these effects.
Finally in the pre-commercialization stage, the clean hydrogen industry is prepared to contribute significantly to the decarbonisation of our economies. The European Green Deal can achieve its objectives for economic, environmental, and climate change by partnering with clean hydrogen. The adoption and commercial roll-out of clean hydrogen may be significantly delayed as a result of the economic crisis that followed the COVID-19 pandemic. It might even irreparably harm the clean hydrogen industry's ability to fill the gap left by fossil fuels in the energy transition.
How will this Report Benefit you?
Visiongain’s 433-page report provides 285 tables and 317 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global hydrogen energy storage market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Hydrogen Energy Storage. Get financial analysis of the overall market and different segments including product type, storage technology, end-user, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing hydrogen energy storage market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Hydrogen Has the Potential to Help Renewables Contribute even more Towards Sustainability
It has the potential to aid with fluctuating renewable energy output, such as solar photovoltaics (PV) and wind, whose availability does not always meet demand. Hydrogen is one of the most popular solutions for storing renewable energy, and it appears to be the cheapest option for storing electricity for days, weeks, or even months. Energy from renewables can be transported over great distances using hydrogen and hydrogen-based fuels, from locations with significant solar and wind resources, such as Australia or Latin America, to energy-hungry cities thousands of kilometres away.
Hydrogen is a Versatile Substance Finding Use in Renewable, Nuclear, Natural Gas, Coal, and Oil Industries
Hydrogen can produce, store, move, and utilise energy in a variety of ways thanks to current technologies. Hydrogen can be produced by a variety of fuels, including renewables, nuclear, natural gas, coal, and oil. It's like liquefied natural gas in that it may be transported as a gas through pipelines or as a liquid by ships (LNG). It may be converted into energy and methane, which can be used to power homes and feed industries, as well as fuels for automobiles, trucks, ships, and planes.
The major players operating in the hydrogen energy storage market are Air Liquide, Linde , Air Products and Chemicals, ITM Power, Hydrogenics (Cummins), Worthington Industries, Chart Industries, Hexagon Composites, FuellCell Energy, Nel Hydrogen, Plug Power, Skeleton Technologies, Luxfer Holdings Plc, Nedstack fuel technologies, ENGIE Utilites Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• Air Products has announced that it has acquired Air Liquide’s industrial gases business in the UAE, including liquid bulk, packaged gases and specialty gases; and Air Liquide’s majority share in MECD, which owns and operates a liquid CO2 production facility in Bahrain. Financial terms are not being disclosed for the agreement.
• CIMC-HEXAGON, a joint-venture company of CIMC Enric and Hexagon Purus producing hydrogen cylinder and systems solutions for mobility applications in China and Southeast Asia, has signed a Memorandum of Understanding (“MoU”) with Hong Kong-based bus operator Bravo Transport Services (“Bravo”).
Notes for Editors
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