The Hydrogen Energy Storage Global Market Report 2023 by The Business Research Company, provides hydrogen energy storage market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Hydrogen Energy Storage Global Market Report 2023, the market size grew from $14.7 billion in 2022 to $15.9 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the hydrogen energy storage market is expected to grow to $20.53 billion in 2027 at a CAGR of 6.6%.
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 in petroleum refineries, use hydrogen.
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The hydrogen energy storage market is segmented:
1) By Storage Technology: Compression, Liquefaction, Material Based
2) By State: Liquid, Gas, Solid
3) By End User: Commercial, Industrial, Utilities
Top Major Players:
Air Liquide
Plug Power
Worthington Industries
Hydrogenics
Linde plc
North America was the largest region in the hydrogen energy storage market in 2022.
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.
The hydrogen energy storage market report table of contents includes:
1. Executive Summary
2. Hydrogen Energy Storage Market Characteristics
3. Hydrogen Energy Storage Market Trends And Strategies
4. Hydrogen Energy Storage Market – Macro Economic Scenario
5. Hydrogen Energy Storage Market Size And Growth
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26.Africa Hydrogen Energy Storage Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Hydrogen Energy Storage Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hydrogen Energy Storage Market
29. Hydrogen Energy Storage Market Future Outlook and Potential Analysis
30. Appendix
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