Hydrogen Energy Storage Market Overview:
A research team conducted a significant amount of primary and secondary research for the analysis of the Hydrogen Energy Storage market. In order to supplement the available data, segment the market, calculate the market’s overall size, and project market size and growth rate, secondary research was conducted.
Hydrogen storage is a crucial enabler for hydrogen and fuel cell technology growth in applications such as fixed power, portable power, and mobility. Hydrogen has the highest energy per mass of any fuel, but it has the lowest energy per unit volume due to its low ambient temperature density, necessitating the development of better storage technologies with the potential for higher energy density.
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Growing Need for Hydrogen Storage and Demand for Fuel cell Vehicle:
The method of extracting hydrogen gas from electricity necessitates the use of hydrogen energy storage. With removed hydrogen, it is feasible to re-electrify the same. Hydrogen is a type of gas that can be used indefinitely. Several governments across the globe are supporting the storage of hydrogen gas. There is a pressing need to limit automobile consumption of conventional fuels. Petroleum and conventional fuels are both hazardous and emit carbon dioxide. The hydrogen energy storage market is expected to grow as people become more aware of the importance of sustainable energy conservation.
Hydrogen is a crucial component in the transportation sector. It is utilized as a fuel cell in a variety of car models. Vehicles incorporating a fuel cell have been rapidly growing in production in recent years. The hydrogen energy storage market’s most important driver is the growing demand for fuel cell vehicles. Hydrogen is required for fuel cell technology in all types of cars, from light-duty to heavy-duty. The global Market Trends will be positive as a result of these two critical drivers.
Hydrogen Energy Storage Market Segmentation:
The market for hydrogen energy storage is divided into three types: liquid, solid, and gas. In 2020, the Gas segment held a 52.4% market share. Compressing hydrogen as a gas is the simplest and most affordable method of storing hydrogen when compared to liquefaction, which explains why there is such a high demand for it in the global hydrogen energy storage market. As the amount of hydrogen storage increases, the price per unit decreases for the gas form while it stays constant for the solid form. The US Department of Energy estimates that at a flow rate of 10 kg/hr, storage costs for the gaseous and solid forms of hydrogen are $0.9/KG and $2.1/KG, respectively.
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Hydrogen Energy Storage Market Key players:
- Air Products and Chemicals (US)
- ITM Power (UK)
- Hydrogenics (Canada)
- Worthington Industries (US)
- Chart Industries (US)
- Hexagon Composites (Norway)
- FuelCell Energy (US)
- Nel Hydrogen (Norway)
- Plug Power (US)
- Cummins, Inc. (US)
COVID-19 Impact on Hydrogen Energy Storage market:
The COVID-19 outbreak has had a significant impact on the Hydrogen Energy Storage market. Due to the global economic downturn and a labour shortage, the development of Hydrogen Energy Storage production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered employee visits, limiting the growth of the Hydrogen Energy Storage market in 2020. However, given the high demand for Hydrogen Energy Storage, the market effects of COVID-19 are expected to be transitory. The industry is expected to fully recover by early 2021.
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