Hydrogen Energy Storage Market Scenario
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.
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.
Segmental Analysis
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.
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Scope of the Report
This research
report provides insights into various levels of analysis, such as industry
analysis and market share analysis for the leading industry competitors, along
with their profiles. It also helps in studying the target segments by providing
views on the emerging & high-growth segments. The market data comprises the
basic assessment of the competitive scenarios and strategies in the global
Hydrogen Energy Storage market, including high-growth regions and/or countries,
and political and economic environments. The project report further provides
both – historical market values and pricing & cost analysis.
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.
Key Players
The key players of
the 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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