New York, Sep 21, 2021 (GLOBE NEWSWIRE) – Hydrogen Energy Storage Market Overview: According to a Comprehensive Research Report from Market Research Future (MRFR), “Hydrogen Storage Market Research Report hydrogen energy, technology, end user and region – Forecast to 2028 “, the market size is expected to reach USD 27.18 billion by 2028, registering a CAGR of 8.50% during the forecast period (2021 – 2028)., The market was valued at USD 16.53 billion in 2021.
Competitive analysis
The List of Key Companies Presented in the Hydrogen Energy Storage Market Research Report is –
- Hbank Technologies Inc.
- Stainless steel
- VRV SPA
- Luxfer Holdings SA
- Worthington Industries Inc.
- Mcphy Energy SA
- Linde AG.
- Liquid air
- Praxair Inc
- others.
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Manufacturers are striving to increase production capacities with the new possibilities offered by digitization. Many hydrogen-based energy storage developers explore expansion opportunities, make strategic investments in the conduct of research and development activities and promote their expansion plans. More and more strategic agreements, such as mergers and acquisitions, collaborations, expansions and product launches, are expected to be observed over the next few years.
For example, recently, on August 12, 2021, Aggreko announced the successful testing of the hydrogen combustion generator set demonstrator that it developed with its partner CMB.TECH, paving the way for further expansion.
The company said it would invest in an additional 10 units to support hydrogen readiness, working with key customers and partners to further test and validate hydrogen as an energy carrier for temporary energy. The deal is part of a larger move by Aggreko to transition to low-carbon technologies and hydrogen that is gaining traction in a range of different industries as a clean fuel source.
Increasing Hydrogen Missions to Meet Growing Global Energy Needs Drives Market Growth
The global hydrogen-based energy storage market is enjoying tremendous traction. Growing government initiatives and hydrogen missions against a backdrop of increasing global energy needs are driving market growth. Increased hydrogen production seems to have spat. Therefore, governments are emphasizing a broader approach that also encompasses green hydrogen for energy storage.
It is estimated that the market will see significant gains in the coming years, with the growing emphasis on storing energy from hydrogen as a battery-like technology. The proliferation of renewable energies offers a huge advantage in the global hydrogen economy over fossil fuels. In terms of energy production, the reserves of coal, oil and gas are far from impressive. However, there are no good measures of hydropower with a lot of sun and wind. Therefore, there are many reasons to fight for green hydrogen.
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Ever-increasing demand for alternative fuel solutions is increasing the size of the market
Government initiatives and promotional programs aimed at stimulating the production of renewable energy create vast opportunities for growth in the hydrogen energy storage industry. The growing demand for energy, mainly from industrial sectors, and the penetration of renewable energy sources are driving the growth of the hydrogen-based energy storage market. In addition, advances in electric mobility and hydrogen energy storage systems are influencing market revenues.
Large investments in the production of hydrogen-based energy storage equipment and increasing manufacturing infrastructure and industry automation are the main market trends. In addition, substantial investments in renewable energies are expected to contribute to the growth of the market, leading to the production of primary energy.
High upfront costs are major headwinds
The implementation of hydrogen energy storage requires large investments. In addition, strict rules for the production of hydrogen from electrolysis are hampering the rise of the market, slowing down the overall hydrogen extracts and storage process. Moreover, the demand for an extended storage cycle is a serious constraint which may lower the value of the hydrogen energy storage market during the forecast period.
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Impacts of COVID-19
The COVID-19 outbreak has not greatly affected the hydrogen energy storage industry due to the reassuring and robust demand for energy. In addition, the renewable energy market has continued to grow steadily throughout 2020, supporting market demand. The market for hydrogen-based energy storage is expected to grow steadily, following the lifting of lockdowns in many countries.
Besides, rapid population growth and rapid industrialization and urbanization in the world would enhance the market growth. In particular, metropolitan cities with their increased industrial infrastructure are expected to create a huge demand for energy storage.
Conventional energy production sources, such as the combustion of fossil fuels, coal and natural gas, contribute significantly to carbon emissions. As a result, the need for renewable / clean energy production to reduce pollution levels and carbon footprint would propel market income.
Segmentation
The market analysis is segmented into technologies, end users, and regions. The technology segment is sub-segmented into liquid hydrogen, metal hydrides, carbon absorption, underground salt caverns and others. The end user segment is sub-segmented into power generation, transportation, chemicals, metallurgy and others. The regional segment is sub-segmented into Europe, Americas, Asia-Pacific and rest of the world.
Regional analysis
North America dominates the global hydrogen market with major storage technology upgrades from major manufacturers. In addition, the presence of notable industrial and infrastructure players in the region favors the size of the hydrogen energy storage market, enabling faster implementation of advanced storage technologies.
The increase in renewable energy and the rapid growth of the utility-scale hydrogen storage industry are increasing the hydrogen storage market share, meeting the energy demand in the region. In addition, the boom in the commercial, industrial and utility sectors and government initiatives to promote renewable energy are increasing the market value of hydrogen energy storage in the region.
Market segmentation covered by research:
Hydrogen Energy Storage Market Research Report: Insights by Technology (Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caves), End User (Power Generation, Transportation, Chemicals, metalworking, other) and region – Global forecast to 2028
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