Hydrogen Energy Storage Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Solid, Liquid, Gas), Application Type (Stationary Power, and Transportation), End User (Industrial, and Commercial), and Region Forecast 2019-2030

Hydrogen Energy Storage Market size was valued at US$ 16,674.2 million in 2023, and is poised to grow at a 7.4% CAGR from 2024 to 2030. Hydrogen energy storage is another form of chemical energy storage in which electrical power is changed into hydrogen. This energy can be released again by using the gas as fuel in a combustion engine or a fuel cell. Hydrogen energy storage has extensive applications in various sectors as this form of storage can help during the shortage of electric power and in transportation sectors. This wide range of applications is the primary driver of the market. Furthermore, Due to global warming, the government of many countries is focusing on the installation of grid power stations, which enhances the demand for market. Additionally, the emission of hydrogen energy does not contain any kind of toxic gases or greenhouse gases. These factors also support the expansion of the global market over the forecasted period.

The market is constrained by the high cost of hydrogen energy as compared to other energy sources. Moreover, the production of hydrogen requires a large number of raw materials, and a lack of good supply chain management can lead to disruption in the hydrogen production process, which also restricts the growth of the market over the forecast period. Apart from this, the increasingly favorable government initiatives for the development of the market are creating attractive opportunities for the growth of the global market. Also, the presence of key market players and government bodies is making huge investments in research and development activities for the development of the market. These activities focus on the efficient and effective power supply in underdeveloped regions or regions with less or no electricity. These factors will surely be boosting the demand in the hydrogen energy storage market during the forecasted period.  

Hydrogen Energy Storage Recent Market Developments

In Jan 2020, The Los Angeles Department of water and power will assist with the institution of the Green Hydrogen Coalition, an institute dedicated to advancing green energy production and accelerating the emergence of a carbon-free energy future.