Portland, OR, May 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydrogen energy storage industry was pegged at $15.4 billion in 2019, and is expected to hit $25.4 billion by 2027, with a CAGR of 6.5% from 2020 to 2027.
Surge in application as an alternative to fossil fuel and increase in demand for sustainable power source fuel the growth of the global hydrogen energy storage market. However, high capital cost restrains the growth to some extent. On the other hand, robust investment and government support are expected to usher an array of opportunities for the key players in the industry.
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Covid-19 scenario-
- Termination of shipments, project suspensions, and travel bans across the world slowed down the hydrogen energy storage market growth during the starting phase of the lockdown.
- However, modification of energy investment tax structures and robust financial provision from the local and state governments would aid the growth of the market.
The global market was segmented on the basis of product type, application, end user, and region. Based on product type, it is segmented into liquid, solid, and gas. Based on product type, the gas segment held the highest market share with nearly three-fourths of the global hydrogen energy storage market share in 2019, and is expected to lead the trail by the end of 2027. However, the solid segment would showcase the fastest CAGR of 9.20% throughout the forecast period.
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Based on application, the transportation segment dominated the market with more than two-thirds of the global hydrogen energy storage market revenue in 2019, and is expected to lead the trail by 2027. On the other hand, the stationary segment would manifest at the fastest CAGR of 7.30% during the forecast period.
Based on region, the market across Asia-Pacific held lion’s share in 2019, with nearly half of the global hydrogen energy storage market. At the same time, the market across LAMEA would generate the fastest CAGR of 8.60% from 2020 to 2027. Other two regions studied in the report include North America and Europe.
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Key players profiled in the industry include Air Products and Chemicals, FuelCell Energy, Hydrogenics, Hexagon Composites, ITM Power, Linde, Nel Hydrogen, Air Liquide (France), Plug Power, and Worthington Industries.
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