Hydrogen Energy Storage - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Hydrogen Energy Storage Market is accounted for $13.00 billion in 2018 and is expected to reach $24.31 billion by 2027 growing at a CAGR of 7.2% during the forecast period. While the factors like growing demand for hydrogen in chemical industry and increasing demand for hydrogen in stationary and portable power applications are driving the growth of the market. However, high capital cost is restraining the market growth.
Hydrogen energy storage is a process wherein the additional of energy created by renewables during low energy demand periods is used to power electrolysis, a process in which an electrical current is passed through a chemical solution in order to divide hydrogen. Once hydrogen is created through electrolysis it can be used in stationary fuel cells, for power generation, to provide fuel for fuel cell vehicles, injected into natural gas pipelines to reduce their carbon intensity, or even stored as a compressed gas, cryogenic liquid or wide variety of loosely-bonded hydride compounds for later use.
Based on End User, utility segment is likely to have a huge demand due to the demand for power generation increases using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment. By geography, North America is estimated to have a lucrative growth due to rise in fuel cell applications, tight regulations about production control, and use of cleaner fuels is the major driving factor the growth of the market.
Some of the key players in Global Hydrogen Energy Storage market include Worthington Industries, Pragma Industries, Plug Power, Nel Hydrogen, Mcphy Energy, Linde, ITN Power, Inoxcva, Hydrogenious Lohc Technologies, Hydrogenics, Hexagon Composites, Grz Technologies, Fuelcell Energy, Chart Industries, Air Products and Chemicals and Air Liquide.
Storage Technologies Covered:
• Material Based
Storage Types Covered:
• Stationary Storage
• Physical Storage
• Chemical Storage
End Users Covered:
• Steel & Metal Works
• Oil Refineries
• Chemical Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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