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Hydrogen Energy Storage Market 2020: Business Opportunities, Competitive Landscape, Specifications and Forecast 2020 to 2023

A new market study, titled “Global Hydrogen Energy Storage Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.

Market Highlights

Market Research Future (MRFR) says in its latest report that the global hydrogen energy storage market can achieve a healthy CAGR of 8.50% during the forecast period (2016-2023).

Market Boosters and Key Barriers

The hydrogen energy storage market gets a significant boost from the increasing demand for energy supply in the power and energy sector. Over and above that, increasing focus on the generation of energy from renewable sources is set to have a remarkable effect on the worldwide market in the years to come.

The evolving trend of producing alternative renewable energy from oxygen, hydrogen and fuel cells, seems to be working in favor of the hydrogen energy storage market. Soaring demand for power consumption, given the rapid industrialization and urbanization stimulates market growth to a great extent.

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Companies like Eutectix LLC and Cella Energy Ltd have tie-ups with hydrogen generation and automobile companies for the distribution of hydrogen storage. A large number of these companies adopt marking strategies, like partnerships with Defense & Aerospace to improve the hydrogen storage technology.

Market Segmentation

The worldwide hydrogen energy storage market has been segregated into the segments of technology and end-user.

With reference to technology, the market can be considered for metal hydrides, liquid hydrogen, underground salt caverns, and carbon absorption. Liquid hydrogen is the dominating segment in the market owing to rising demand for a clean and effective energy source.

Depending on the end-user, the market caters to transportation, power generation, metalworking, chemicals, and others. Power generation can emerge as the top segment in the market since there has been a rise in renewable energy generation. Hydrogen generated via renewable electrolysis acts as an ideal solution for electric power along with transportation sector.

Regional Analysis

Asia Pacific (APAC), North America, The Middle East & Africa (MEA), South America and Europe are the main regions where the hydrogen energy storage market is concentrated and is expected to thrive during the forecast period (2016-2023).

APAC can quite possibly achieve the top position in the global hydrogen storage market during the appraisal period. India, South Korea, and China have been recognized as the countries with maximum market potential, given the expanding industrial sector. Surging consumption of petrol as well as diesel in Indonesia, Malaysia and India happen to be a major reason behind the strong growth of the hydrogen storage market in the region. Fast-paced industrialization paired with mounting awareness for renewable energy resources could also benefit the regional market. Besides, South Korean and Japanese governments have furnished subsidies to produce hydrogen fuel cell powered automobiles. In addition, they also offer strong financial support for the development of infrastructure, which facilitates better use of hydrogen.

South America can observe substantial growth over the next couple of years. Many countries in the region are making considerable investments for commercializing harnessing power with the use of renewable resources as well as low-emission fuels like hydrogen.

High number of research activities focused on developing alternative energy solutions due to need for reducing consumption of fossil fuels solidifies the market position in North America. Strong emphasis on utilization of cleaner fuel and robust demand for alternative power sources on account of increased energy consumption boosts market demand in the region.

Top Vendors

Some of the renowned players competing in the worldwide hydrogen energy storage market are Luxfer Holdings PLC, Praxair Inc, Mcphy Energy S.A, Air Liquide, Worthington Industries Inc., VRV S.P.A, Linde AG., Inoxcva, Hbank Technologies Inc., to name a few.

Recent Developments

February 2019

Chroma, a well-known test and measurement instrumentation manufacturer is all set to collaborate with Hephas Energy, a fuel cell test equipment supplier. This collaboration has been carried out in a bid to test hydrogen fuel cells which will expand Chroma’s product scope.

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