Hydrogen Energy Storage Market Overview:
Hydrogen Energy Storage (HES) is a procedure, which involves using surplus energy supplied by renewables to power electrolysis during periods of low energy demand. It helps to improve supply reliability while also lowering carbon emissions and the total use of conventional petroleum fuels. It provides material handling equipment, such as forklifts and airport tugs, with supplementary grid services and fuel. In comparison to pumped storage hydropower and compressed air energy storage, it also has a large storage capacity. As a result, hydrogen is stored as compressed gas, cryogenic liquid, and loosely bound hydride compounds in the HES. The global by Stellar Market Research on the hydrogen energy storage market is come up with the segment analysis on the basis of type, technology, end-user and region.
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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 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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Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company’s products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company’s subject-matter expertise and capacity to provide a workable solution to any research problem.
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