Global
Hydrogen Energy Storage Market: Synopsis
The detailed report published by Market
Research Future (MRFR) projects that the global hydrogen energy storage market
is marked to exhibit noteworthy expansion at a CAGR of 8.50% during the
forecast period from 2016 to 2023 and generate significant revenue by the end
of the review period. Increased research activities for the development of
alternative energy solutions in order to reduce the consumption of fossil
fuels, increased emphasis on utilizing cleaner fuel, high demand for
alternative power sources as a result of
increased energy consumption due to rapid rise in population, and rising
environmental concerns regarding the adverse effects caused due to vehicle
emission are majorly propelling the growth of the global hydrogen energy
storage market during the assessment period.
Hydrogen
Energy Storage Industry Segmental Analysis
The global hydrogen energy storage
market has been segmented on the basis of technology and end-users. Based on
technology, the global hydrogen energy storage market has been segmented into
liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns.
The liquid hydrogen segment commands for the major share of the global hydrogen
energy storage market. The high demand for clean
and effective energy source is fueling the growth of this segment in the global
hydrogen energy storage market during the assessment period. Based on end users, the global hydrogen energy storage
market has been segmented into power generation, transportation, chemicals, metal working, and others.
Regional
Analysis
Geographically, the Hydrogen
Energy Storage Market Size has been segmented into five major regions
such as North America, South America, Asia Pacific (APAC), Europe, and the
Middle East and Africa. The Asia Pacific region commands the major share of the
global hydrogen energy storage market during the assessment period. The factors
such as increased research activities for the development of alternative energy
solutions in order to reduce the consumption of fossil fuels, increased
emphasis on utilizing cleaner fuel, high demand for alternative power sources as a result of increased energy consumption due
to rapid rise in population, and rising environmental concerns regarding the adverse
effects caused due to vehicle emission are majorly propelling the growth of the
global hydrogen energy storage market in the Asia Pacific region. Rapid
technological advancement and increased adoption of alternative energy
solutions are fueling the growth of the global hydrogen energy storage market
in the North America and Europe regions.
Global
Hydrogen Energy Storage Market: Industry Updates
In February 2019, Chroma, a leading test and measurement instrumentation manufacturer,
has announced its collaboration with Hephas
Energy, a supplier of fuel cell test equipment, in order to test hydrogen fuel
cells to expand Chroma's product scope.
In February 2019, Shell, a global oil
company, has announced its agreement to acquire 100 percent of Sonnen, a
leading provider of smart energy storage systems and innovative energy services
for household purposes.
Global
Hydrogen Energy Storage Market: Key Players
The key players profiled by Market Research Future (MRFR)
that are operating in the global hydrogen energy storage market are Worthington Industries
Inc., Praxair Inc, Linde AG., VRV S.P.A, Hbank Technologies Inc., Inoxcva,
Mcphy Energy S.A, Luxfer Holdings
PLC, Air Liquide, and others.
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