New York, March 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrogen Energy Storage Global Market Report 2022" - https://www.reportlinker.com/p06244970/?utm_source=GNW
, McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries and Grz Technologies.
The global hydrogen energy storage market is expected to grow from $13.08 billion in 2021 to $14.69 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.13 billion in 2026 at a CAGR of 6.8%.
The hydrogen energy storage market consists of sales of hydrogen energy storage technologies by entities (organizations, sole traders, and partnerships) that store electric power in the form of hydrogen.Hydrogen energy storage is a procedure in which renewable energy surpluses are used to power electrolysis during periods of low energy demand.
Power electrolysis is a method of separating hydrogen from a chemical solution by passing an electrical current across it.
The main types of storage technologies in hydrogen energy storage are compression, liquefaction, and material-based.Efficient compression technology of hydrogen is required to achieve usable levels of energy density.
The hydrogen energy is stored in three states including solid, liquid, and gas. Hydrogen energy storage is used by industrial, commercial, and utility sectors.
North America was the largest region in the hydrogen energy storage market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing use of hydrogen in oil refineries and the chemical industries is contributing to the growth of the hydrogen energy storage market.Hydrogen is used for processing foods, treating metals, refining petroleum, and producing fertilizers.
To lower the sulfur content of fuels petroleum refineries, use hydrogen. For instance, according to the U.S Energy Information Administration, in October 2020, in the United States, there were roughly 161 operational fuel cells at 108 sites, generating a total of about 250 megawatts (MW) of energy using hydrogen produced from natural gas. Therefore, the growing demand for hydrogen from oil refineries and the chemical industry is expected to drive the growth of the hydrogen energy storage market going forward.
Companies in the hydrogen energy storage market are developing new technologies for hydrogen energy storage to meet customer demand and add comfort.The new technologies are designed to reduce weight, manufacturing cost and, component requirements for hydrogen energy storage.
Such technological advancements improve the efficiency of hydrogen fuel cells. For instance, in July 2021, Hyzon Motors Inc., a US-based hydrogen mobility company, developed new onboard hydrogen storage system technology which reduces commercial vehicle weight and production costs. The lightweight composite components are combined with the system’s metal frame in the latest patent-pending onboard hydrogen storage system innovation.
In April 2021, Alstom, a France-based manufacturing operation company acquired Helion Hydrogen Power for an undisclosed amount.Through this acquisition, Alstom, which is a pioneer in the field of hydrogen for the railway sector, expands its range of competitive, innovative solutions and continues to implement its Alstom in Motion strategic strategy.
Helion Hydrogen Power is a France based company that designs and manufactures fuel cells and fully integrated hydrogen systems for transport and energy applications.
The countries covered in the hydrogen energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06244970/?utm_source=GNW
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