According to the new market research report “Hydrogen Energy Storage Market by State (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial), Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Hydrogen Energy Storage Market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. The factors driving the growth for Hydrogen Energy Storage Market is Increasing hydrogen demand in the industrial sector and rising demand for hydrogen in stationary and mobile power applications.
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Gas is estimated to be the largest and the fastest growing in the state segment.
The Hydrogen Energy Storage Market, by gas, is segmented into gas, liquid and solid. Solid is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because of its cost-efficient storing hydrogen in gas form.
The Industrial segment is expected to be the most significant Hydrogen Energy Storage Market, by end use.
The Hydrogen Energy Storage Market, by end use, is segmented into industrial, commercial and electric utilities. The industrial segment accounted for the largest share of 45.1% of the Hydrogen Energy Storage Market in 2021. The rising applications of hydrogen in chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.
Europe is expected to dominate the global Hydrogen Energy Storage Market.
The Europe region is estimated to be the largest market for the Hydrogen Energy Storage Market, followed by Asia Pacific. The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe Hydrogen Energy Storage Market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Hydrogen Energy Storage Market. These players include Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania).
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