Hydrogen Energy Storage Market Analysis:
Hydrogen may be produced from a variety of domestic resources while releasing virtually no greenhouse gasses. To release energy, the gas can be utilized as fuel in a combustion engine or fuel cell. Electrolysis is a way of turning electricity to hydrogen. The hydrogen may now be stored before being re-electrified. Today's storage technology has lower round trip efficiency. Despite its low efficiency, hydrogen energy storage is gaining popularity because it has significantly more storage capacity than pumped hydro, batteries (small size), and compressed air energy storage (large scale).
Population growth and transportation electrification will drive up energy use, and continuing to rely on fossil fuels to supply that demand will worsen the global warming crisis. According to the US Energy Information Administration, electricity generation accounts for 33% of annual carbon dioxide (CO2) emissions, with large-scale coal and natural gas power plants accounting for 65% of the total. As a response, the United States government has established a statewide Net-Zero Emission objective for 2050, mandating the power industry, notably power utilities and production companies, to supply its load with green energy by 2035 and the transportation sector to be completely electrified by 2050.
Key Points and Statistics on the Hydrogen Energy Storage Market:
· Global hydrogen energy storage market projected to hit USD 30.1 billion by 2032, with a 6.8% CAGR from 2023 to 2032
· Hydrogen energy storage market valued at USD 15.9 billion in 2022, segmented by state, storage technology, end-user, and region
· Asia-Pacific anticipated as top revenue-generating region through 2032
· Compression segment expected to lead in storage technology segment of the market
Request for a sample of this premium research report @ https://www.amecoresearch.com/sample/276459
The Increasing Investment in Battery Storage Technologies Fuels the Hydrogen Energy Storage Market Growth
In recent years, the world's ability to produce battery cells has grown considerably. Currently, battery manufacturing businesses throughout the world can produce around 320 gigawatt-hours (GWh) of batteries per year for use in electric vehicles. This much exceeds the 100 GWh of batteries required to power the 2.1 million electric vehicles delivered in 2019. The growing commercialization of power-to-gas technology is another major element driving industrial demand. Power-to-Gas is a process that employs electrolysis to convert energy, mostly electricity, into hydrogen and oxygen, which are then converted into methane via a chemical reaction known as methanation. The ultimate result is e-gas, often known as synthetic natural gas or replacement natural gas (SNG).
Furthermore, increased consumer interest in renewable end goods is causing a boom in the business. For more than a decade, several governments throughout the world have worked tirelessly to build renewable energy infrastructure. The International Energy Agency (IEA) predicts that renewable energy sources such as hydropower, biomass, wind, and solar will account for 18% of primary energy by 2035. Furthermore, the growing use of hydrogen storage systems for backup power applications is expected to generate several potential opportunities for the market in the coming years.
Opportunities in the Hydrogen Energy Storage Market
The hydrogen energy storage sector offers several potential for expansion and innovation. First, the growing emphasis on decarbonization and the switch to renewable energy sources is boosting demand for hydrogen energy storage technologies. As nations and companies work to cut greenhouse gas emissions and achieve sustainability goals, hydrogen emerges as a critical facilitator of clean energy transitions. Hydrogen energy storage has the potential to store extra renewable energy supplied by sources such as wind and solar power, hence providing grid stability, balancing supply and demand changes, and facilitating the integration of intermittent renewables into current energy systems. This allows hydrogen energy storage providers to work with renewable energy producers, utilities, and grid operators to deliver integrated energy storage solutions that improve system stability and promote the increase of renewable energy capacity.
Furthermore, the expansion into new nations opens up enormous prospects for growth in the Hydrogen Energy Storage industry. Rapid urbanization, rising disposable incomes, and changing consumer habits in Asia-Pacific, Latin America, and Africa are driving up demand for packaged beverages. Beverage companies may capitalize on this opportunity by developing packaging solutions tailored to the interests and desires of customers in these areas. This might include offering smaller serving quantities, adapting container shapes for local distribution channels, and adopting packaging designs that reflect cultural preferences. Hydrogen Energy Storage manufacturers may extend their global reach and establish new revenue streams by entering emerging markets.
Hydrogen Energy Storage Market Segmentation:
Based on State
· Solid
· Liquid
· Gas
Based on Storage Technology
· Compression
· Liquefaction
· Material-Based
Based on End-User
· Utility
· Industrial
· Commercial
Based on Region
· North America
· Europe
· Asia-Pacific
· Latin America
· The Middle East & Africa
Hydrogen Energy Storage Market Segmentation Overview:
The worldwide hydrogen energy storage segmentation covers state, storage technology, end-user, and region. The state section consists of solid, liquid, and gas. Based on states, the gas type sector accounted for the bulk of the market in 2022 and is expected to rise significantly between 2023 and 2032.
The storage technology category is further divided into three categories: compression, liquefaction, and material-based. Based on storage technology, compression had the biggest market share in 2022. However, the material-based industry is likely to have the strongest development in the future years. Furthermore, the liquefaction segment is predicted to increase at a consistent rate due to its preference for bulk gas providers.
The market is segmented into three segments based on end-user: industrial, commercial, and utility. The industrial category held the highest proportion in 2022. Meanwhile, the utilities category is expected to grow the quickest between 2023 and 2032.
The regions are North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. The Asia-Pacific region is expected to dominate the market in the next years. Growing awareness of hydrogen energy storage and the acceptance of foreign equipment by emerging nations such as China and India are driving the Asia-Pacific hydrogen energy storage market forward. Furthermore, the growing demand for backup power in the area is likely to propel the APAC industry. For example, in Japan, over 200,000 fuel cells have been installed, and huge corporations such as Panasonic are emerging as major fuel cell suppliers for home or backup power.
Hydrogen Energy Storage Market Companies:
Prominent players in the industry include Air Liquide, Cummins, Inc., Air Products, Inc., Engie, ITM Power, Linde plc, Iwatani Corp., Nel ASA, Nedstack Fuel Cell Technology BV, and Steelhead Composites, Inc.
On November 2021 - Steelhead Composites announced that it would build a new plant in Wheatridge, Colorado, specializing in the manufacturing of composite overwrapped pressure vessels (COPVs) for compressed hydrogen storage.
To receive personalized service, please share your research needs here@ https://www.amecoresearch.com/enquiry-before-buy/276459
Buy this premium research report - https://www.amecoresearch.com/buy/276459
Contact Us:
Mr. Richard
Ameco Research
USA: +1 347 474 3864
India: +91 8983225533
E-mail: sales@amecoresearch.com