The
global hydrogen energy storage market is estimated to expand at 8.50% CAGR
during the forecast period. Hydrogen energy storage is a process through which
the electricity so converted into hydrogen, can be stored and eventually can be
re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency
of sustainable energy supply systems in the electric grid, gas pipeline
systems, and transportation fuels. The hydrogen can be stored in pressurized
vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored
through technologies such as solid metal hydrides with a very high density.
Hydrogen energy storage also facilitates re-electrification in fuel cells with
efficiencies up to 50% or burned in combined cycle gas power plants.
Industry
Highlights:
The
global hydrogen energy storage market is set to witness significant growth due
to factors such as reduction in carbon emissions, increasing reliability of
power supply, reduction in consumption of conventional petroleum fuels, and
hydrogen has higher storage capacity compared to batteries. Moreover, growing
investments in research and development of fuel cell technology present
opportunity for industry expansion. For instance, in 2017, Kia motors, South
American company, announced the launch of H2 based hybrid automobile fuel cell
system driving clean feet implementation, thus driving the demand for hydrogen
energy storage market.
Key Players:
The key players of global Hydrogen Energy Storage
market are VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A,
Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and
Air Liquide, among others.
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Industry
Segmentation:
The Hydrogen
Energy Storage market has been segmented based on end-user into power
generation, transportation, chemicals, and metal working, among others.
Among
these end-users, power generation segment is the largest segment in the hydrogen
energy storage market as increasing renewable energy generation present an
opportunity for hydrogen energy storage market. Hydrogen produced by renewable
electrolysis offers a promising solution for electric power as well as
transportation sector.
Regional Outlook:
Region
wise, Asia-Pacific held the largest market share of the global hydrogen energy storage
Market in 2018. Rising demand for hydrogen storage in the Asia-Pacific region
is mainly driven by strong demand for ammonia and methanol from countries such
as China, India, and Australia. Also, stringent regulations in China on oil
refineries for producing cleaner fuels is expected to further boost the
hydrogen energy storage market. Moreover, the government in South Korea and
Japan have announced subsidies for manufacturing hydrogen powered fuel cell
vehicles and has also extended financial support in developing hydrogen
infrastructure further driving the hydrogen energy storage market.
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