Market Highlights
Market
Research Future (MRFR) says in its latest report that the global hydrogen energy
storage market can achieve a healthy CAGR of 8.50% during the forecast period
(2016-2023).
Market Boosters and Key
Barriers
The
Hydrogen
Energy Storage System Market gets a significant boost from the
increasing demand for energy supply in the power and energy sector. Over and
above that, increasing focus on the generation of energy from renewable sources
is set to have a remarkable effect on the worldwide market in the years to
come.
The
evolving trend of producing alternative renewable energy from oxygen, hydrogen and
fuel cells, seems to be working in favor of the hydrogen energy storage market.
Soaring demand for power consumption, given the rapid industrialization and urbanization
stimulates market growth to a great extent.
Companies
like Eutectix LLC and Cella Energy Ltd have tie-ups with hydrogen generation
and automobile companies for the distribution of hydrogen storage. A large
number of these companies adopt marking strategies, like partnerships with Defense
& Aerospace to improve the hydrogen storage technology.
Market Segmentation
The
worldwide hydrogen
energy storage market has been segregated into the segments of technology
and end-user.
With
reference to technology, the market can be considered for metal hydrides,
liquid hydrogen, underground salt caverns, and carbon absorption. Liquid
hydrogen is the dominating segment in the market owing to rising demand for a clean
and effective energy source.
Depending
on the end-user, the market caters to transportation, power generation, metalworking,
chemicals, and others. Power generation can emerge as the top segment in the
market since there has been a rise in renewable energy generation. Hydrogen generated
via renewable electrolysis acts as an ideal solution for electric power along
with transportation sector.
Regional Analysis
Asia
Pacific (APAC), North America, The Middle East & Africa (MEA), South
America and Europe are the main regions where the hydrogen energy storage
market is concentrated and is expected to thrive during the forecast period
(2016-2023).
APAC
can quite possibly achieve the top position in the global hydrogen storage
market during the appraisal period. India, South Korea, and China have been
recognized as the countries with maximum market potential, given the expanding industrial
sector. Surging consumption of petrol as well as diesel in Indonesia, Malaysia and
India happen to be a major reason behind the strong growth of the hydrogen
storage market in the region. Fast-paced industrialization paired with mounting
awareness for renewable energy resources could also benefit the regional
market. Besides, South Korean and Japanese governments have furnished subsidies
to produce hydrogen fuel cell powered automobiles. In addition, they also offer
strong financial support for the development of infrastructure, which
facilitates better use of hydrogen.
South
America can observe substantial growth over the next couple of years. Many
countries in the region are making considerable investments for commercializing
harnessing power with the use of renewable resources as well as low-emission
fuels like hydrogen.
High
number of research activities focused on developing alternative energy
solutions due to need for reducing consumption of fossil fuels solidifies the
market position in North America. Strong emphasis on utilization of cleaner
fuel and robust demand for alternative power sources on account of increased
energy consumption boosts market demand in the region.
Top Vendors
Some
of the renowned players competing in the worldwide hydrogen energy storage market
are Luxfer Holdings PLC, Praxair Inc, Mcphy Energy S.A, Air Liquide,
Worthington Industries Inc., VRV S.P.A, Linde AG., Inoxcva, Hbank Technologies
Inc., to name a few.
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