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
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.
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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.
Recent Developments
February 2019
Chroma, a well-known test and
measurement instrumentation manufacturer is all set to collaborate with Hephas
Energy, a fuel cell test equipment supplier. This collaboration has been
carried out in a bid to test hydrogen fuel cells which will expand Chroma’s
product scope.
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Complete Report at: https://www.marketresearchfuture.com/reports/hydrogen-energy-storage-market-7216
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