Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Energy Storage Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Market Report on Hydrogen Energy Storage Evaluates Growth Prospects and Technological Advancements
The latest comprehensive research on the hydrogen energy storage market is pivotal for stakeholders in the energy sector, offering in-depth insights into the market's current dynamics and future outlook. This report highlights the significant growth witnessed by the market, projected to expand from USD 15.72 billion in 2023 to an estimated USD 16.64 billion in 2024, thriving at a compound annual growth rate (CAGR) of 5.9%.
Key Findings
- The market is expected to see strong growth to USD 20.98 billion in 2028 at a CAGR of 6.0%.
- Increased integration of renewable energy and rising grid balancing efforts fuel growth.
- Major advancements in aerospace industry applications bolster market expansion.
- Industrial uses of hydrogen, such as in oil refineries and chemical industries, contribute significantly to market demand.
- Technological innovations by key players aim to enhance the efficiency and cost-effectiveness of hydrogen storage solutions.
Further analysis reveals the North American region as the market front-runner in 2023, with significant developments in other geographies like Asia-Pacific, Western Europe, and the Middle East and Africa also contributing to the industry's robust expansion.
Industries Across the Globe Transitioning Towards Hydrogen Economy
The hydrogen energy storage market is witnessing a transformative phase, with industry and commercial sectors increasingly adopting hydrogen as a clean and reliable energy source. The growing prominence of the hydrogen economy is set to redefine energy storage and distribution practices across global markets.
A noteworthy trend is the integration of hydrogen electrolyzers and the expansion of hydrogen infrastructure, positioning hydrogen energy storage as a viable grid balancer and renewable energy enhancer. These developments are shaping a sustainable future landscape for energy consumption and storage, with hydrogen at the forefront.
Leading Market Players Innovate to Forge a Sustainable Future
The sector's growth is spearheaded by major companies investing in cutting-edge technologies that promise to revolutionize energy storage vessels. These innovations align with the urgent need for eco-friendly alternatives, offering safer, more compact, and more efficient energy storage solutions. Moreover, strategic acquisitions such as Alstom's acquisition of Helion Hydrogen Power indicate an industry in motion, geared towards harnessing hydrogen's potential in transport and energy.
The hydrogen energy storage market report provides crucial information for businesses and investors looking to understand the landscape and make informed decisions. Key players, including Air Liquide, Plug Power Inc., and Linde PLC, reflect the diverse ecosystem driving the hydrogen energy market towards a dynamic growth trajectory. With detailed analyses of market segments, regional shares, and competitor activity, the report offers a comprehensive knowledge resource on the hydrogen energy storage industry.
Continuing developments and investments augur well for the future of the hydrogen energy storage market, signaling sustained growth and innovative breakthroughs in the years to come.
A selection of companies mentioned in this report includes
- Air Liquide
- Plug Power Inc.
- Worthington Industries
- Cummins Inc.
- Linde plc
- Chart Industries Inc.
- Hexagon Composites Nel
- Hydrogenious LOHC Technologies GmbH
- INOXCVA
- Air Products and Chemicals Inc
- H Bank Technologies Inc.
- McPhy Energy SAS
- Luxfer Holdings PLC
- Pragma Industries
- GRZ Technologies SA
- ITM Power plc.
- SunFire GmbH
- Svante Technologies
- Ricardo plc
- Johnson Matthey
- Ionomr Innovations Inc.
- Siemens AG
- Chart Industries Inc.
- FuelCell Energy Inc.
- Plug Power Inc.
- H2go Power Ltd.
- HyTech Power LLC
- Varea LLC
- ElektrikGreen Inc.
- Virginia Retirement System
- Redeem Solar Technologies GmbH
- Neom Green Hydrogen Company (NGHC)
For more information about this report visit https://www.researchandmarkets.com/r/layyyi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
