Pune India, June 29, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Hydrogen Energy Storage market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the hydrogen energy storage market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Hydrogen Energy Storage Market Size by Physical State (Gas, Liquid and Solid), Technology (Material Based, Compression and Liquefaction), Application (Transportation, Stationary Power and Chemical Manufacturing), Distribution Channel (Online and Offline) Regions, Segmentation, and forecast till 2029.
The significant players operating in the global hydrogen energy storage market are Cummins Inc, Taiyo Nippon Sanso Corporation, Nel ASA, Iwatani Corporation, Steelhead Composites Inc., Linde Plc, Air Products Inc., Air Liquide, Nedstack Fuel Cell Technology BV, ITM Power, GKN Sinter Metals Engineering GmbH, Engie, Hygear, PlugPower Inc., and others. To achieve a substantial market share in the worldwide hydrogen energy storage market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Cummins Inc. and Linde Plc are one of the most significant manufacturers and distributors present in the global hydrogen energy storage market.
Hydrogen is known to be the compound with highest energy per unit volume. In the recent years, there have been extensive research and development in hydrogen energy storage technology. Hydrogen storage is crucial nowadays to meet the demand for energy from various end-use industries. Hydrogen can be stored as liquid, sold or gas through different processes. The flexibility of hydrogen as a source of energy has called for an efficient setup for it's storage. The main issue with hydrogen is it's production process and thus the development of an energy storage is a necessity. Fuel cell technology requires storage of hydrogen so that it can be used in transportation applications as well as in stationary power.
The increasing demand for utilization of energy and replacement of fossil fuels in applications such as automobile, industrial manufacturing, etc. is one of the most promising drivers of the hydrogen energy storage market. In automotive, the trend of using renewable energy source like hydrogen, is one of the most lucrative opportunities for the hydrogen energy storage market. The low cost of storing of hydrogen is crucial factor supporting development of hydrogen energy storage technologies. The use of fuel has grown tremendously and conventional fuels are at the verge of exhaustion. Also, the prices of conventional fuels and their storing technology is soaring at a all time high due to disruptions in the international market. Hydrogen is found to be a reliable energy source for most of the industries and most of the countries are investing huge resources in the development of hydrogen energy storage system.
The developing regions are adopting the hydrogen energy storage for use in different end-users. The industries, like chemical manufacturing, automotive, power generation emits tons of carbon on a daily basis which is leading to high pollution rate especially in industrial areas. The use of hydrogen energy storage has thus gained popularity among the countries present in both developed and developing regions as the use of hydrogen helps to limit the pollution. However, the fluctuating in prices of raw materials is a major restraint to the market. Further, various issues regarding the imposition of the stringent regulations for product approval is a challenge for the market growth.
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Segmentation Analysis
The gas segment is expected to be the fastest growing segment during the forecast period of 2022 to 2029.
The physical state segment includes gas, liquid and solid. Among these, the gas segment is expected to be the fastest growing segment during the forecast period of 2022 to 2029. Gas form of hydrogen is readily available and is also highly flammable. It is light in nature and is colourless. The light weight of hydrogen gas makes the storage easy and even cost-effective.
The compression segment is expected to be the fastest growing segment during the forecast period of 2022 to 2029.
The technology segment includes material based, compression and liquefaction. Among these, the compression segment is expected to be the fastest growing segment during the forecast period of 2022 to 2029. Compression technique is the most cost-effective technology of all the options and is also reliable. Hydrogen has very low density and thus the compression technique is suitable for storing it.
The transportation segment led the hydrogen energy storage market with a market share of around 39.11% in 2021
The application segment includes transportation, stationary power and chemical manufacturing. Out of the end-users, the transportation segment led the hydrogen energy storage market with a market share of around 39.11% in 2021. Transportation sector requires use of alternative fuels in place of conventional fuels due to numerous factors including soaring cost, limited quantity and large amount of emissions. In the coming years, hydrogen is ought to be one of the widely used fuels in automotives.
The industrial segment led the hydrogen energy storage market with a market share of around 41.10% in 2021
The end-users segment includes commercial, industrial and electric utilities. Out of these, the industrial segment led the hydrogen energy storage market with a market share of around 41.10% in 2021. Industrial applications in developed countries have extensive applications of hydrogen energy storage. Hydrogen supports the requirement of manufacturing activities in industrial facilities. Storage of hydrogen enables optimum utilization of resources in such facilities.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the hydrogen energy storage include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Europe region dominated the hydrogen energy storage market and held the 39.12% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and constant demand for renewable fuels. The higher pace of industrialization and commercial applications has brought tremendous growth in the regional hydrogen energy storage market. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in industrial manufacturing industry along with technological developments in renewable energy sector is the significant factor behind the growing market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for hydrogen energy storage has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of hydrogen energy storage were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for hydrogen energy storage significantly decreased.
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