Base Year
Historical Year
Forecast Year
The global hydrogen energy storage market reached a value of about USD 17.95 billion in 2023. The market is further estimated to grow at a CAGR of 5.60% in the forecast period of 2024-2032 to reach a value of around USD 29.28 billion by 2032.
| Global Hydrogen Energy Storage Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 17.95 |
| Market Size 2032 | USD Billion | 29.28 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 5.6% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 6.3% |
| CAGR 2024-2032 - Market by Country | India | 7.1% |
| CAGR 2024-2032 - Market by Country | China | 6.1% |
| CAGR 2024-2032 - Market by Physical State | Liquid | 6.4% |
| CAGR 2024-2032 - Market by End Use | Industrial | 6.5% |
| Market Share by Country 2023 | France | 5.7% |
Based on the technology, the thriving compression segment is driving the market growth of hydrogen energy storage owing to its surging usage in storing gaseous hydrogen. The high efficiency (94%) of energy storage by hydrogen compression is providing impetus to the market expansion of hydrogen energy storage. The increasing hydrogen storage pressure increases the volumetric storage density, thereby invigorating the market. In addition, the pressure vessels used in hydrogen storage are easy to build and use, which is accelerating the development of the market.
Moreover, the utilisation of materials such as steel, aluminium, carbon fibre, epoxy resins, and polyethene in the production of pressure is not detrimental to the environment, thus fuelling the market growth. Further, the research activities to develop high-strength, lightweight and chemically inert materials for making pressure vessels with increased volumetric and gravimetric storage densities are expected to aid the market for hydrogen energy storage in the forecast period.
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Hydrogen energy storage involves converting electricity into hydrogen by electrolysis, and then the hydrogen is stored and eventually re-electrified in fuel cells to use in various applications. Small amounts of hydrogen are stored in pressurised vessels, solid metal hydrides or nanotubes, while large quantities of hydrogen are stored in constructed underground salt caverns.
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The market for hydrogen energy storage, by technology, is divided into:
Based on physical state, the market is classified into:
On the basis of end user, the market is segmented into:
Based on application, the market is divided into:
The regional markets for hydrogen energy storage can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The surging demand for renewable energy and the emerging need for better utilisation of such sources are leading to the identification of hydrogen as an energy carrier, thereby propelling the market for hydrogen energy storage. The development of renewable energy technologies at low cost and the disadvantages of batteries as a storage medium is further invigorating the market. In addition, the growing awareness about the importance of a hydrogen economy owing to growing environmental consciousness and the rising need to eradicate the use of fossil fuels is significantly catalysing the market development of hydrogen energy storage. Moreover, the use of hydrogen in various applications such as industries, electricity generation, vehicles, and exploring outer space is bolstering the market.
Also, the government initiatives in promoting hydrogen energy storage are playing a critical role in burgeoning the market of hydrogen energy storage. For instance, the Government of India is supporting a Research Development and Demonstration (R&D) programme on Hydrogen and Fuel Cell (HFC) to address the challenges in hydrogen production from renewable energy sources, efficient storage, and its utilisation in transport applications. Further, the investments in research activities by the market players for the development of efficient hydrogen energy storage technologies are anticipated to augment the market in the forecast period.
| CAGR 2024-2032 - Market by | Country |
| India | 7.1% |
| China | 6.1% |
| USA | 5.9% |
| Germany | 5.6% |
| Mexico | 5.2% |
| Canada | XX% |
| UK | XX% |
| France | XX% |
| Italy | 5.1% |
| Japan | XX% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
The report gives a detailed analysis of the following key players in the global hydrogen energy storage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment
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| Breakup by Technology |
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| Breakup by Physical State |
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| Breakup by End use |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global hydrogen energy storage market attained a value of nearly USD 17.95 billion.
The market is assessed to grow at a CAGR of 5.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 29.28 billion by 2032.
The major industry drivers include the expanding utilisation of hydrogen in various applications, emerging need to eradicate the use of fossil fuels, and the investments in research activities by the market players to develop advanced hydrogen energy storage technologies.
The key industry trends guiding the growth of the market include the development of renewable energy technologies and use of hydrogen as an energy carrier, growing environmental consciousness, and government initiatives.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various technologies used in hydrogen energy storage include compression, liquefaction, and material based.
The significant market divisions, based on physical state, include solid, liquid, and gas.
The major end users of the market include residential, commercial, and industrial.
The different applications of the market include stationary power, and transportation, among others.
The major players in the industry are the Linde plc, Air Products Inc., ITM Power plc, Dufresne Private Ltd, Worthington Industries, Inc., and Chart Industries, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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