Hydrogen Energy Storage Market Recent Industry Demand, Growth & Trends By 2027

The global hydrogen energy storage market size is expected to reach USD 18.6 billion by 2027, escalating at a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Growing applications of fuel cell technologies such as transportation, portable power, and stationary power are likely to strengthen the rising demand for energy storage systems over the forecast period.          

Surplus amount of unused renewable energy is being used in the production of green hydrogen through renewable powered electrolysis. Market players across several countries practice forward integration as they sell the gas produced from on-site renewable sources, to large industrial consumers.

The market is majorly driven by growing adoption of energy storage systems in utility, commercial, and residential sector. Huge industrial demands for the gas in metal treatment, petroleum refining, and food processing is expected to boost industry growth. Potential opportunity for the market lies in increasing commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours.

Industry participants are entering into partnerships with the research organizations in order to construct full scale projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct 110 kW capacity projects that would utilize surplus wind energy to produce the gas through electrolysis and store it for later use.

Industrial segment dominated the market and accounted for largest revenue share in 2019. This is attributed to increasing number of industrial applications including food processing, petroleum refining, and metal treatment. Petroleum refiners need large amount of the gas for lowering the sulfur content in fuels. The solid physical state segment dominated the market and accounted for the largest revenue share in 2019.

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Hydrogen Energy Storage Market Report Highlights

• The gas segment is likely to be the fastest-growing segment, escalating at a CAGR of 8.7% over the forecast period owing to the rapid commercialization of power-to-gas technology
• The material based segment is anticipated to witness a CAGR of 5.1% over the forecast period owing to the presence of higher volumetric storage density as compared to other storage technologies
• The residential segment accounted for a significant CAGR of 6.1% owing to increasing number of applications such as powering fuel cell micro Combined Heat and Power (CHP), gas powered heat pumps, and direct flame combustion boilers
• Asia Pacific accounted for the largest market revenue share of 33.0% in 2019 owing to decreasing price of renewable hydrogen.

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Hydrogen Energy Storage Market Segmentation

Grand View Research has segmented the global hydrogen energy storage market on the basis of technology, physical state, application, and region:

Hydrogen Energy Storage Technology Outlook (Revenue, USD Billion, 2016 - 2027)

• Compression
• Liquefaction
• Material Based

Hydrogen Energy Storage Physical State Outlook (Revenue, USD Billion, 2016 - 2027)

• Solid
• Liquid
• Gas

Hydrogen Energy Storage Application Outlook (Revenue, USD Billion, 2016 - 2027)

• Residential
• Commercial
• Industrial

Hydrogen Energy Storage Regional Outlook (Revenue, USD Billion, 2016 - 2027)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• Russia
• U.K.
• Spain
• Italy
• France
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Central & South America
• Brazil
• Colombia
• Paraguay
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Egypt

List of Key Players of Hydrogen Energy Storage Market

• Hydrogenics
• Air Products and Chemicals
• Linde
• Nel Hydrogen
• Air Liquide
• FuelCell Energy
• ITM Power
• Worthington Industries

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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