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Hydrogen Energy Storage Market Size Projected to Reach $119.2 Billion by 2027 at a CAGR of 54.0% - Exclusive Report by MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
6 min read
MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, July 27, 2022 (GLOBE NEWSWIRE) -- Hydrogen Energy Storage Market is projected grow from USD 13.8 Billion in 2022 to USD 119.2 Billion by 2027, at a CAGR of 54.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. Rising demand of stationary and mobile power application is a driving factor for the market growth. Moreover, increasing demand of hydrogen in industrial sector. The market has a promising growth potential due to several factors, including the role of hydrogen energy storages playing in carbon emission reduction and Increase in fuel cell based electric vehicles and hydrogen storage infrastructure are driving the Hydrogen Energy Storage Market.

Browse in-depth TOC on “Hydrogen Energy Storage Market”
202 – Tables
53 – Figures
209 – Pages

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The Hydrogen Energy Storage Market was moderately affected by COVID-19 as the majority of the players have prefinanced ongoing project.’ Although there have been delays from vendors and suppliers, which has caused consequent delays in manufacturing, major players in the market have found alternative suppliers that meet their needs. Installation and maintenance operations have been more severely affected due to shortage of labor, shutdowns of facilities, shortage of medium voltage gear suppliers, decreased productivities of contractors/subcontractors, and more. Although players, such as Plug Power (US), have managed to report growth in their revenues, they do rely on third-party funding as well. If these third-party financers cancel investments or face liquidity issues due to COVID-19, then this will directly affect the Hydrogen Energy Storage Market as manufacturers will be unable to secure financing for the project development.

Hydrogen energy storage is a storage technique wherein electrical energy is converted into hydrogen through the electrolysis process, which can be further reprocessed as fuel in combustion engines or a fuel cell. Hydrogen can be stored in 3 ways—in high-pressure tanks as compressed gas, in dewars as liquid at – 253 degree C, and in chemical form by either reacting or absorbing with chemicals or metal compounds. Thus, the hydrogen stored in various forms can later be recovered when the supplies are low. Moreover, hydrogen can be stored for a longer duration of time, unlike the energy stored in batteries, which diminishes with the passage of time. The Hydrogen Energy Storage Market comprises revenues of companies that either store hydrogen or offer equipment to store. The operating expenditure and servicing revenue are not included in the scope of the study. For the estimation of Hydrogen Energy Storage Market size, the y-o-y annual capacity addition of liquid, gas, and solid-state hydrogen across the regions were estimated, and revenues of companies that manufacture and supply the hydrogen energy storage technology across various global regions are assessed in the study.

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