Hydrogen Energy Storage Market Size to Grow USD 4337 Million by 2029 at a CAGR of 20.8% | Valuates Reports

BANGALORE, India, Sept. 8, 2023 /PRNewswire/ -- The Hydrogen Energy Storage Market is Segmented by Type (Compressed Gas, Cold Compressed Liquid Hydrogen, Solid Compound Hydrogen Storage and Distribution, Organic Liquid Hydrogen Storage and Distribution), by Application (New Energy Automobile, Chemical, Aerospace): Global Opportunity Analysis and Industry Forecast, 2023-2029.

The global Hydrogen Energy Storage market was valued at USD 1397.8 million in 2022 and is anticipated to reach USD 4337 million by 2029, witnessing a CAGR of 20.8% during the forecast period 2023-2029.

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Major Factors Driving the Growth of OF Hydrogen Energy Storage Market:

The Hydrogen Energy Storage market is anticipated to develop as demand for hydrogen energy storage, which uses extra electric power, increases. The market is anticipated to develop as more end users begin to adopt hydrogen storage as a fossil fuel replacement. Governments all over the world are putting more of an emphasis on sustainable power sources, hence the market is anticipated to rise steadily throughout the forecast period.

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TRENDS INFLUENCING THE GROWTH OF HYDROGEN ENERGY STORAGE MARKET:

More nations and governments are placing bets on this resource and funding hydrogen-related technology. Many European nations, like Germany and the United Kingdom, have made the decision to invest billions in the low-carbon hydrogen industry, with millions of those dollars going particularly to fuel cells and hydrogen stations. A practical technique to store renewable energy for a long time is hydrogen. Storage and intermittency are both major problems for renewable energy sources. Batteries are now less cost- and energy-efficient than what is required for the global energy shift. The use of hydrogen as a storage medium will support and encourage the use of renewable energy sources and aid in the fight against global warming. Sustainable hydrogen energy, also known as green hydrogen, can dramatically lower carbon dioxide emissions and aid in reducing climate change through various channels. This factor is expected to drive the growth of the Hydrogen Energy Storage Market.

Hydrogen is adaptable since it can be compressed into petrol or liquefied to make transportation simpler and more affordable. It may also be used as a fuel source in a variety of industries. The majority of hydrogen is currently used in chemical plants or refineries. In hydrogenation reactions, unsaturated molecules are converted chemically into saturated compounds by the addition of hydrogen atoms. Various items, such as margarine, medicines, and edible oils are produced using this procedure. The Haber-Bosch process, which produces ammonia from nitrogen and hydrogen gas, relies heavily on hydrogen as a crucial component. Modern agriculture requires fertilizers, which are produced using ammonia as a key ingredient. This factor is expected to drive the growth of the Hydrogen Energy Storage Market.

A net zero home heating option is also provided by hydrogen. Electric heat pumps might not be appropriate for all properties, even though electrification has benefited from government policy in the UK. Depending on the situation, the expense, and the availability of a supply, hydrogen might be the answer. In the future, switching from a gas boiler to a hydrogen-ready boiler might be simpler and easier. This factor is expected to drive the growth of the Hydrogen Energy Storage Market.

Additionally, hydrogen has a place in the transportation industry, particularly in hard-to-electrify areas like heavy-duty freight, specific trains and buses, ferries, and ocean-going vessels. Before any aircraft powered by hydrogen can be seen in the skies, it might take decades. This factor is expected to drive the growth of the Hydrogen Energy Storage Market.

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HYDROGEN ENERGY STORAGE MARKET SHARE ANALYSIS:

North America comes in second with a share of the market of around 30%, followed by Asia-Pacific with about 35%.

The top 2 businesses in the world market for hydrogen energy storage, which accounts for nearly 10% of the total market share, are Iljin Hysolus and Iwatani.

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Key Companies:

• Iljin Hysolus
• Iwatani
• The Japan Steel Works
• Faurecia
• Kawasaki
• Chart Industries
• Toyota
• Gardner Cryogenics
• Hexagon Composites
• Jiangsu Guofu Hydrogen Energy Equipment
• Faber Industrie
• Whole Win (Beijing) Materials Sci. & Tech
• PRAGMA INDUSTRIES
• Hydrogenious Technologies
• Chiyoda Corporation
• Hynertech Co Ltd.

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-  Residential Energy Storage market size is projected to reach USD 13910 million by 2027, from USD 6716.5 million in 2020, at a CAGR of 12.9% during the forecast period 2022-2027.

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