- Growing application as an alternative to fossil fuel and rise in demand for sustainable power source drive the growth of the global hydrogen energy storage market
PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Energy Storage Market by Product Type (Liquid, Solid, and Gas), Application (Stationary Power and Transportation), and End User (Industrial and Commercial): Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global hydrogen energy storage industry was projected at $15.4 billion in 2019, and is anticipated to hit $25.4 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Growing application as an alternative to fossil fuel and rise in demand for sustainable power source drive the growth of the global hydrogen energy storage market. On the other hand, high capital cost is expected to curb the growth to some extent. However, robust investment and government support are expected to create lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
- Annulment of shipments, project postponements, and travel bans across the world slowed down the hydrogen energy storage market growth during the first phase of the lockdown.
- However, amendment of energy investment tax structures and robust financial provision from the local and state governments are expected to ameliorate the growth of the market.
The gas segment to retain its dominance by 2027-
Based on product type, the gas segment accounted for nearly three-fourths of the global hydrogen energy storage market share in 2019, and is expected to dominate by the end of 2027. Huge demand from the transportation sector and low storage cost of compressed hydrogen propels the segment growth. The solid segment, on the other hand, would register the fastest CAGR of 9.20% throughout the forecast period. This is attributed to the increasing demand from the automotive and transport sectors.
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The transportation segment to lead the trail-
Based on application, the transportation segment contributed to more than two-thirds of the global hydrogen energy storage market revenue in 2019, and is projected to rule the roost by 2027. Increase in demand for sustainable fuel power with reduced emission fuels the segment growth. The stationary segment would grow at the fastest CAGR of 7.30% during the forecast period. This is due to growing emphasis on de-carbonization and sustainable power solutions.
Asia-Pacific to dominate in terms of revenue, North America to portray a significant CAGR-
Based on region, Asia-Pacific held the major share in 2019, generating nearly half of the global hydrogen energy storage market, owing to the impact of productivity improvements in the province. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency. Simultaneously, the market across LAMEA would generate the fastest CAGR of 8.60% from 2020 to 2027, due to rise in number of trade fairs and exhibitions that are promoting new technologies in the region.
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Key players in the industry-
- Air Products and Chemicals
- FuelCell Energy
- Hydrogenics,Hexagon Composites
- ITM Power
- Linde
- Nel Hydrogen
- Air Liquide (France)
- Plug Power
- Worthington Industries
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