LONDON, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Hydrogen energy storage is the storage of energy in the form of hydrogen. The most common way to store hydrogen is as a compressed gas; however, it can be stored as a cryogenic liquid at extremely low temperatures. Metal hydride materials, as well as various chemical hydrides, are methods of storing hydrogen. In these cases, the hydrogen is bonded to a solid material and can be released when needed. Hydrogen energy storage can accommodate much longer time scales than batteries. As more renewable energies are added to the grid, hydrogen energy storage systems will become more common. As the situation worsens, the demand for the solution grows. As a result, states with 100% renewable portfolio standard mandates, such as Hawaii and California, are likely to be early adopters of the technology.
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Global Hydrogen Energy Storage Market Dynamics
Some of the factors driving the growth of the global hydrogen energy storage market include the increase in the use of stored hydrogen for stationery and backup power applications as well as growing demand in the chemical industry for production of ammonia and methanol. Furthermore, an increase in the application of hydrogen storage as a replacement of fossil fuel in different end-users is expected to fuel the market growth. However, the growth can be attributed primarily to the rapid industrialization in developing countries and the acceptance of alternative forms of energy. In addition, the high cost of hydrogen energy storage and infrastructure cost are hampering the market growth.
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Regional Overview
Strong government regulation and commercial support, combined with technological advances, point to promising prospects for clean hydrogen development in the Asia Pacific region. The Asia Pacific region dominates the global market for hydrogen energy storage. However, before the region's hydrogen economy can mature and take root, a number of significant challenges must be overcome. In the short term, the push for hydrogen as a clean energy source must deal with and overcome the economic uncertainties caused by the COVID-19 pandemic. In the long run, industry and government will need to develop both the supply and demand sides of the hydrogen economy. Furthermore, many countries around the world have been working diligently for over a decade to implement renewable energy plants. Renewable energy sources such as hydropower, bioenergy, wind, and solar will account for 18% of primary energy by 2035, according to the International Energy Agency (IEA).
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Market Segmentation
Based on state, the market for hydrogen energy storage is segmented into liquid, gas, and solid. In 2020, gas state dominated the segment with the majority of the share, due to the low cost of energy storage for compressed gas as compared to that of solid and liquid types. Moreover, the storage of hydrogen in the liquid form is being reserved for certain special applications, which include high-tech areas such as space travel and bulk storage applications at industrial levels.
The storage technology segment is divided into compression, liquefaction, and material based. Material based storage is ideal for situations in which hydrogen is produced onsite using renewable electrolysis and stored for extended periods of time. However, material based storage combines the benefits of low-pressure tanks for safe operation with high-power density capabilities. Because of its material resources, this type of storage technology is both sustainable and recyclable. High-pressure vessels made of carbon-fiber-reinforced plastic are not fully recyclable, and electrochemical electric battery storage systems lack recycling efforts while depleting raw material resources.
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The end-user segment is separated into industrial, commercial, and utility. The utility segment is expected to display significant growth over the forecast period. Hydrogen energy is used in the commercial sector to generate electricity for homes and buildings, as well as cars and buses, using gas turbines and micro turbines. Moreover, Hydrogen energy is used in fuel cells to power a wide variety of applications, mobile, and stationary, as well as small and large scale.
Major Players
Some major players covered global hydrogen energy storage markets are Linde plc, Engie, Air Liquide, Steelhead Composites, Inc., Air Products, Inc., ITM Power, Iwatani Corp., Nedstack Fuel Cell Technology BV, Cummins, Inc., Nel ASA, and others.
• In February 2021, Air Liquide and ITOCHU collaborated on the development of hydrogen retail infrastructure in Japan, including both passenger and commercial vehicles. In conjunction with public authorities, the goal is to expand this retail infrastructure and build a competitive hydrogen supply offer for passenger and business end-users, enabling for a rapid ramp-up of hydrogen mobility in Japan.
• Cummins launched a hydrogen storage joint venture with NPROXX in June 2020. Customers can get hydrogen and compressed natural gas storage items from the joint venture for both on-highway and rail applications.
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