Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) --
High demand for renewable energy sources and rise in energy prices drive the hydrogen energy storage industry.
The increasing potential of hydrogen energy sources to address the surging global energy demand is a pivotal driver propelling market growth. The rise in energy prices on a global scale, coupled with a growing emphasis on emissions reduction, is steering a transition towards alternative energy sources like hydrogen to satisfy burgeoning global energy needs. As per the International Energy Agency (IEA), hydrogen demand is projected to skyrocket to six times the current level, accounting for 10% of total energy requirements and making a significant contribution to the Net Zero by 2050 Plan. Moreover, hydrogen energy storage is a clean and efficient solution for curbing greenhouse gas emissions, fueling its demand.
Additionally, governments worldwide foster the adoption of hydrogen as a viable power source by implementing supportive policies, incentives, and subsidies. Governments across North America and Europe are rolling out various initiatives to promote hydrogen production, storage, and utilization as an energy source. Notable examples include the UK Low Carbon Hydrogen Business Model, the EU's Important Projects of Common European Interest, and the US Hydrogen Production Tax Credit, which offer substantial funding to project developers engaged in diverse hydrogen generation projects. Furthermore, expansion strategies pursued by electrolyzer manufacturers are amplifying the demand for hydrogen energy storage solutions, further driving market growth in this domain.
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Segmentation Overview:
The hydrogen energy storage market has been segmented into storage form, technology, application, and region.
Gas is the leading storage segment, and this is attributed to their demand in the past few years.
- The hydrogen energy storage market has been segmented based on storage form into solid, liquid, and gas. The gas segment held the largest market share in 2023. Hydrogen gas is stored in high-pressure tanks made from high-strength material at 350–700 bar pressure.
The industrial segment registered a massive growth in 2023.
- Based on application, the hydrogen energy storage market has been segmented into utilities, commercial, and industrial. The industrial segment accounted for the greater market share in 2023 owing to its usage as power backup or grid balancing solutions. Hydrogen’s energy capacity can be used for electrical grid balancing, stored for a long duration, and used in combustion to produce power.
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Hydrogen Energy Storage Market Report Highlights:
- The hydrogen energy storage market growth is anticipated at a CAGR of 74.2% by 2032.
- The potential of hydrogen energy sources to meet increasing global energy demand is a major factor driving market growth. Rising energy prices worldwide and a growing focus on reducing emissions are leading to a shift towards alternative energy sources, such as hydrogen, to meet global energy demands.
- North America will likely account for a significant market share in the forthcoming years, which can be attributed to government initiatives promoting hydrogen adoption. Government initiatives such as the U.S. National Clean Hydrogen Strategy and Roadmap encourage the adoption of clean hydrogen and a shift towards decarbonized energy in various sectors of the economy.
- Some prominent players in the hydrogen energy storage market report include Air Liquide, Air Products and Chemicals Inc., Cummins Inc., Engie, ITM Power, LAVO System, Iwatani Corporation, H2GO Power, Linde plc, Nedstack Fuel Cell Technology BV, Nel ASA, Hydro X, and Steelhead Composites Inc.
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