The Hydrogen Energy Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Hydrogen Energy Storage Market:
https://www.thebusinessresearchcompany.com/report/hydrogen-energy-storage-global-market-report
According to The Business Research Company’s Hydrogen Energy Storage Global Market Report 2024, The hydrogen energy storage market size has grown strongly in recent years. It will grow from $15.72 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increase in renewable energy integration, increase in grid balancing, rise in energy sector decentralization, increase in industrial applications, rise in transportation fuel.
The hydrogen energy storage market size is expected to see strong growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing hydrogen economy, rising hydrogen economy, rising demand for renewable hydrogen, increasing energy security, rising grid decarbonization. Major trends in the forecast period include hydrogen electrolyzers, hydrogen infrastructure expansion, hydrogen storage technologies, hydrogen storage technologies, hydrogen as a grid balancer.
The growing aerospace industry is expected to propel the growth of the hydrogen energy storage market going forward. The aerospace industry is a sector that deals with vehicular flight within and beyond Earth’s atmosphere and encompasses research, development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft. In the aerospace sector, hydrogen energy storage serves as a clean, efficient energy source for propulsion and power generation, leading to emission reduction and extended flight durations for aircraft and spacecraft. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, the growing aerospace industry is driving the growth of the hydrogen energy storage market.
Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=5607&type=smp
The hydrogen energy storage market covered in this report is segmented –
1) By Storage Technology: Compression, Liquefaction, Material Based
2) By State: Liquid, Gas, Solid
3) By End User: Commercial, Industrial, Utilities
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:
.
.
.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Overview and Scope Nail care products refer to a variety of cosmetics and tools designed…
Overview and Scope Livestock identification refers to the process of uniquely identifying individual animals or…
Overview and Scope Healthcare gamification refers to the incorporation of game elements, such as competition,…
Overview and Scope Electronic design automation (EDA) refers to a category of software tools that…
Overview and Scope Medical image management encompasses the efficient handling and organization of diverse medical…
Overview and Scope Insolvency software refers to specialized tools and applications to assist businesses, financial…