Hydrogen Energy
Storage Market Scenario
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. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on Hydrogen
Energy Storage Market is included in the present report.
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.
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.
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.
Access Full Report at: https://www.marketresearchfuture.com/reports/hydrogen-energy-storage-market-7216
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.
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