Global Hydrogen Energy Storage Market Synopsis:
The data experts at Market Research Future Reports (MRFR) have revealed that the global Hydrogen Energy Storage Market is projected to expand at a CAGR of 8.5% during the review period. The burgeoning technical development is likely to be one of the most significant factors steering the global Hydrogen Energy Storage Market 2020.
Besides, the surging investment in research and development of fuel cell is likely to present several opportunities for market enlargement. The growing need for energy preservation and lessening the usage of conventional petroleum fuels is anticipated to be a pivotal factor in market expansion. Also, the increasing concerns towards the environment are likely to play a crucial factor resulting in market expansion. Besides, hydrogen plays an intrinsic part in the transportation sector since it is used as fuel for fuel cell vehicles.
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However, the emergency caused due to eruption of COVID-19 has declined the momentum of the global Hydrogen Energy Storage Market. Disturbance in the supply chain, delayed fulfilment of renewable energy projects, has impeded the market. The epidemic has caused the severe economic global crisis and has brought an adverse impact on the renewable energy sector. In addition, the investments have been lessened, which has trembled the market. The energy storage market is likely to face reduced employment, as well. Therefore, the government of various countries have taken initiatives to prepare packages to recover from the losses caused due to the COVID-19 and the lockdown.
The established players of the global hydrogen energy storage market are Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, VRV S.P.A, Luxfer Holdings PLC, Praxair Inc, Linde AG., Worthington Industries Inc., and Air Liquide, among others.
Hydrogen Energy Storage Market Segmentation:
The global Hydrogen Energy Storage Industry can be segmented on the basis of end-user, technology, and region.
On the basis of end-user, the global Hydrogen Energy Storage Market can be distinguished into power generation, chemicals, transportation, metalworking, and others.
On the basis of technology, the global Hydrogen Energy Storage Market can be distinguished into metal hydrides, liquid hydrogen, underground salt caverns, and carbon absorption.
On the basis of region, the global Hydrogen Energy Storage Market can be distinguished into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.
Impact of COVID-19 on the Global Hydrogen Energy Storage Market at: https://www.marketresearchfuture.com/report/covid-19-impact-hydrogen-energy-storage-market
The geographical review of the hydrogen energy storage market can be distinguished into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.
The global market is estimated to exhibit significant growth during the review period. The most important factor responsible for market growth is the increasing demand for dependable power and demand for an alternative with lesser carbon emission. As per the evaluation, the U.S. and China are anticipated to reign the global market. Further, the U.S., the U.K., and India are making a massive investment in research and development initiatives which would technically advance the market. It has assured the development of hydrogen storage for light-duty vehicles, portable power applications, material-handling devices which would aid in obtaining the objectives set by the U.S Department of energy. In China, the reduced oil price has resulted in lowering the investment and production driving the imports to an upward trajectory.
However, the market is likely to show different behaviour due to the unforeseen spread of the pandemic COVID-19. Several regions observed lockdown to stifle the spread of disease. The trajectory of the global market is likely to topple due to the halt in daily operations, loss of employment, and delay in completion of projects. It is anticipated that it will take some time to recuperate from the losses incurred.
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