The Hydrogen Energy Storage Market Grows At 12% Rate With Increased Demand From End-Use Industries - TBRC

The growing demand for hydrogen from oil refineries and the chemical industry is expected to drive the growth of the hydrogen energy storage market going forward.

LONDON, March 3, 2022 /PRNewswire/ -- The increasing use of hydrogen in oil refineries and the chemical industries is contributing to the growth of the hydrogen energy storage market. Hydrogen is used for processing foods, treating metals, refining petroleum, and producing fertilizers. To lower the sulfur content of fuels, petroleum refineries use hydrogen.

The global hydrogen energy storage market size is expected to grow from $13.08 billion in 2021 to $14.69 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydrogen energy storage market forecast sees it reaching $19.13 billion in 2026 at a CAGR of 6.8%.

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Hydrogen Energy Storage Industry Report Segmentation

The main types of storage technologies in hydrogen energy storage are compression, liquefaction, and material-based. Efficient compression technology of hydrogen is required to achieve usable levels of energy density. The hydrogen energy is stored in three states including solid, liquid, and gas. Hydrogen energy storage is used by industrial, commercial, and utility sectors.

Hydrogen Energy Storage Market Trends

Hydrogen energy storage market analysis shows that companies are developing new technologies to meet customer demand and add comfort. The new technologies are designed to reduce weight, manufacturing cost and, component requirements for hydrogen energy storage. Such technological advancements improve the efficiency of hydrogen fuel cells. For instance, in July 2021, Hyzon Motors Inc., a US-based hydrogen mobility company, developed new onboard hydrogen storage system technology which reduces commercial vehicle weight and production costs. The lightweight composite components are combined with the system's metal frame in the latest patent-pending onboard hydrogen storage system innovation.

Key Players And Their Strategies In The Hydrogen Energy Storage Industry

Major players in the hydrogen energy storage market are Air Liquide, Plug Power, Worthington Industries, Hydrogenics, Linde plc, Chart Industries Inc., Hexagon Composites, Nel, Hydrogenious Lohc Technologies, INOXCVA, Air Products and Chemicals Inc, H Bank Technologies Inc., McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries and Grz Technologies.

In April 2021, Alstom, a France-based manufacturing operation company acquired Helion Hydrogen Power for an undisclosed amount. Helion Hydrogen Power is a France based company that designs and manufactures fuel cells and fully integrated hydrogen systems for transport and energy applications. Through this acquisition, Alstom, which is a pioneer in the field of hydrogen for the railway sector, expands its range of competitive, innovative solutions and continues to implement its Alstom in Motion strategic strategy.

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