Hydrogen Energy Storage Market Scenario
Hydrogen energy storage is a process through which the electricity so converted into hydrogen, can be stored and eventually can be re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency of sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. The hydrogen can be stored in pressurized vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored through technologies such as solid metal hydrides with a very high density. Hydrogen energy storage also facilitates re-electrification in fuel cells with efficiencies up to 50% or burned in combined cycle gas power plants.
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The need for complete energy storage solution has become more important where fields of wind turbines are generating gigawatts of electricity, often with a significant amount of grid power generation not matching with the demand. So, to efficiently store this extra power, hydrogen energy storage process is used to store the electricity produced through hydrogen. The hydrogen energy storage mainly focuses on hydrogen utilization in various applications such as fuel cells and catalytic combustion of hydrogen.
Hydrogen Energy Storage Market Segmental Overview
Global hydrogen energy storage market has been segmented based on technology, end-user, and region.
Based on technology, the market has been classified as liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns. Liquid hydrogen segment dominates the market due to demand for clean and effective energy source.
Based on end-user, the market has been segmented as power generation, transportation, chemicals, metal working, and others. Power generation segment is expected to dominate the market during the forecast period as increasing renewable energy generation present an opportunity for hydrogen energy storage market. Hydrogen produced by renewable electrolysis offers a promising solution for electric power as well as transportation sector.
The key players of the global Hydrogen Energy Storage Market are VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and Air Liquide, among others.
Regional Industry Analysis
Region wise, Asia-Pacific held the largest market share of the global hydrogen energy storage Market in 2018. Rising demand for hydrogen storage in the Asia-Pacific region is mainly driven by strong demand for ammonia and methanol from countries such as China, India, and Australia. Also, stringent regulations in China on oil refineries for producing cleaner fuels is expected to further boost the hydrogen energy storage market. Moreover, the government in South Korea and Japan have announced subsidies for manufacturing hydrogen powered fuel cell vehicles and has also extended financial support in developing hydrogen infrastructure further driving the hydrogen energy storage market.
Scope of the Report
This report provides an in-depth analysis of the global hydrogen energy storage market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Hydrogen Energy Storage Market by its technology, end-user, and region.
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