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. 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 COVID-19
Analysis of Hydrogen Energy Storage Market Size is enduring an exacting
period with its robust growth coming to an abrupt halt in light of the COVID-19
pandemic.
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.
Global Hydrogen Energy Storage Market: 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.
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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Report at: https://www.marketresearchfuture.com/reports/hydrogen-energy-storage-market-7216
Regional Analysis
Geographically, the global hydrogen energy storage
market 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.
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.
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