Hydrogen Energy Storage Market Scenario
The need for complete energy
storage solution has become more important where fields of wind turbines are
generating gigawatts of electricity, often with a significant amount of grid
power generation not matching with the demand. 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.
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.
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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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.
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.
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