Hydrogen Energy Storage (HES) is a process that uses excess renewable energy to power electrolysis during periods of low energy demand. It contributes to increased supply reliability while reducing carbon emissions and the total use of conventional petroleum fuels. It provides supplementary grid services and fuel to material handling equipment such as forklifts and airport tugs. It also has a large storage capacity when compared to pumped storage hydropower and compressed air energy storage. As a result, hydrogen is stored in the HES as a compressed gas, cryogenic liquid, and loosely bound hydride compounds. Stellar Market Research has produced a global segment analysis of the hydrogen energy storage market based on type, technology, end-user, and region.
Hydrogen Energy Storage Market Report Scope and Research Methodology:
The report’s main goal is to provide a comprehensive analysis of the Hydrogen Energy Storage market in simple language, including both qualitative and quantitative data. It also provides an in-depth analysis of the most recent trends in each segment from 2022 to 2027, as well as a thorough examination of the Hydrogen Energy Storage market drivers, restraints, challenges, and opportunities. The report examines all major aspects of the Hydrogen Energy Storage market, including a value chain analysis, PESTLE analysis, Porter’s Five Forces model, market forecasts in terms of value competitive landscape, key players benchmarking, market dynamics, and future market trends.
The bottom-up method was used to estimate the size of the and regional Hydrogen Energy Storage markets. The data was gathered using both primary and secondary research methods, and the data was gathered using both methodologies to obtain accurate and error-free findings on the Hydrogen Energy Storage market. Interviews with industry participants, subject-matter experts, high-level executives of key market players, industry consultants, and other experts were conducted as part of the primary research. Secondary research includes gathering data from a pre-selected set of sources for the Hydrogen Energy Storage market report. The report’s PESTLE analysis aids in the development of company strategies in the Hydrogen Energy Storage industry. The Hydrogen Energy Storage Market’s strengths and weaknesses were determined using a SWOT analysis.
Hydrogen Energy Storage Market Report Overview:
Stellar Market Research has published reports that assist clients in understanding the landscape of the Hydrogen Energy Storage Market in which the client competes. The report provides market insights to help clients understand future demand for their product and how competitive the Hydrogen Energy Storage Market is likely to be. The Hydrogen Energy Storage market overview provides comprehensive information about the market’s size, trade statistics, leading players, and various market metrics such as life cycle, trends, and so on.
Hydrogen Hydrogen Energy Storage Market size was valued at US$ 14.1 Bn. in 2020. The global Hydrogen Hydrogen Energy Storage Market is estimated to grow at a CAGR of 7.2% over the forecast period.
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Hydrogen Energy Storage Market Dynamics:
The extraction of hydrogen gas from electricity requires the use of hydrogen energy storage. It is possible to re-electrify hydrogen that has been removed. Hydrogen is a type of gas that has an infinite shelf life. Several governments around the world are advocating for hydrogen gas storage. There is an urgent need to limit conventional fuel consumption in automobiles. Petroleum and conventional fuels are both dangerous and emit CO2. As people become more aware of the importance of sustainable energy conservation, the market for hydrogen energy storage is expected to grow.
Hydrogen Energy Storage Market Segmentation:
The Hydrogen Energy Storage Market is classified into three types: liquid, solid, and gas. In 2020, the Gas segment held 52.4% of the market. When compared to liquefaction, compressing hydrogen as a gas is the simplest and most cost-effective method of storing hydrogen, which is why it is so popular in the global hydrogen energy storage industry. The cost per unit of hydrogen storage decreases as the amount of hydrogen storage increases for the gas form, but it remains constant for the solid form. According to the United States Department of Energy, At a flow rate of 10 kg/hr, the storage costs for gas and solid hydrogen are $0.9/KG and $2.1/KG, respectively. At a flow rate of 10,000 kg/hr., however, the gas and solid storage costs are $0.25/KG and $2.1/KG, respectively.
The Hydrogen Energy Storage Market is divided into three segments based on end user: industrial, commercial, and residential. In 2020, the Industrial segment held 41% of the market. As the demand for power generation from renewable energy sources grows, the use of hydrogen energy storage in the industrial sector becomes necessary. During the forecast period, the Commercial segment is expected to grow at the fastest rate, with a CAGR of 6.8%. Commercial segment growth is being driven by increased demand in commercial buildings and densely populated cities. The use of hydrogen energy storage in these locations can aid in the efficiency of heating systems, particularly heat pumps, throughout the winter. In the commercial sector, gas turbines and microturbines are used to generate electricity for homes and businesses, as well as cars and buses. In addition, hydrogen energy is used in fuel cells to power a wide range of mobile and stationary applications, as well as small and large scale applications.
Hydrogen Energy Storage Market Key Players:
Air Liquide (France)
Linde (UK)
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)
Nel ASA (Norway)
Nedstack Fuel Cell Technology BV (Netherlands)
Iwatani Corp. (Japan)
Hydrogen Energy Storage Market Regional Insights:
The report’s Regional Analysis assists in understanding the Hydrogen Energy Storage market in various countries. Political, geographic, purchasing behaviour, and other factors influence the Hydrogen Energy Storage market in each region. Local development plans are frequently influenced by the performance of the Hydrogen Energy Storage market. The report includes a thorough examination of all factors, including market size, growth rate, and import and export in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Key questions answered in the Hydrogen Energy Storage Market are:
- What is Hydrogen Energy Storage Market?
- What are the trends in the Hydrogen Energy Storage Market?
- What are the factors contributing to the final price of Hydrogen Energy Storage Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Hydrogen Energy Storage Market?
- How is the intervention from regulatory authority is shaping the Hydrogen Energy Storage Market?
- What growth strategies are the players considering to increase their presence in Hydrogen Energy Storage Market?
- Who held the largest market share in Hydrogen Energy Storage Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2027.
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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