Despite being the most-abundant element on earth, hydrogen is close to being utilized to its complete potential. It has perhaps found the widest use as rocket fuel, along with liquid oxygen; its usage in other applications remains limited. The major reason behind this is the high cost associated with extracting the gas from the atmosphere or hydrogen-based compounds, storing it, and transporting it. One of the simplest ways of producing it is reacting steam and methane; while steam takes almost nothing to produce, methane is expensive. Similarly, the expenditure in H2 production via electrolysis is governed by electricity prices, which keep on increasing.
However, seeing the negative environmental impact of burning crude oil, natural gas, and coal to produce electricity and power vehicles, the focus on cleaner fuels is rising. The efforts to clean the environmental have especially picked pace since the signing of the Paris Agreement in 2016, which has spawned extensive research and development (R&D) in hydrogen production, storage, and transportation technologies. Thus, with the demand for the gas increasing, the hydrogen storage market will likely reach $991.7 million by 2026 from $426.4 million in 2015, at a 7.6% CAGR between 2016 and 2026 (forecast period).
This is also why Asia-Pacific (APAC) accounts for the highest usage of hydrogen storage systems around the world. Being the most polluted region in the world, APAC has a strong need to clean up its transportation system. This is why China, Japan, India, and other regional countries are already doing a lot to reduce the number of ICE vehicles and replace them with those that burn cleaner fuels. Although fuel-cell electric vehicles (FCEVs) still represent a fraction of the total number of EVs in operation, they are set to gain rapid popularity in the coming years.
Additionally, North America will grow the fastest in the hydrogen storage market during the forecast period due to the rapid advancements in the hydrogen fuel technology for vehicles. With stringent emission regulations in place, people are swiftly shifting to cleaner fuels. This is being accompanied by the expansion of the hydrogen filling infrastructure; as per the U.S. Department of Energy (DoE), there were only 39 hydrogen filling stations in the country in 2018, which is why efforts are being taken to increase their number.
Hence, with the world shifting to environment-friendly technologies, the demand for storage solutions for hydrogen will continue to increase.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hydrogen energy storage market include Air Products and Chemicals, FuelCell Energy, Hydrogenics, Hexagon Composites, ITM Power, Linde, Nel Hydrogen, Air Liquide, Plug Power, and Worthington Industries.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hydrogen Energy Storage Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/hydrogen-energy-storage-market/download-sampleMarket DynamicsThe dominating trend of renewable energy sources and the growing need to integrate efficient energy storage technologies in the fluctuating renewable energy development will be the primary drivers for the hydrogen energy storage market.
The increasing utilization of RES into the existing electricity grid will benefit market growth.
Hydrogen energy storage, offering a clean, scalable, sustainable, and flexible storage option that enables large-scale energy storage over long periods without posing any restrictions on location, will further propel market growth.
The adoption of HEST in energy-intensive sectors such as the gas grid, transport as a fuel, and industrial processes will be a market booster.
