Hydrogen Energy Storage Market Overview:

According to IMARC Group latest report titled “Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on hydrogen energy storage market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market reached a value of US$ 16.73 Billion in 2021. The global Hydrogen Energy Storage Market to reach US$ 25.25 Billion by 2027, exhibiting at a CAGR of 6.60% during 2022-2027.
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Hydrogen energy storage, or HES, refers to chemical energy storage that involves converting electrical power into hydrogen. The surplus of energy produced by renewables during low energy demand is used to power the electrolysis process to generate hydrogen, which can be used in combustion engines or fuel cells. HES offers high storage capacity than pumped storage hydropower (PSH) and compressed air energy storage (CAES) while enhancing supply reliability, minimizing carbon emissions, and reducing overall consumption of conventional fossil fuels. As a result, HES is widely employed to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compounds.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Market Trends:

The global market is primarily driven by the increasing product utilization in stationary power applications. Furthermore, the growing demand for hydrogen energy storage as a substitute for fossil fuels and an enhanced focus on sustainable development have created a positive outlook for the market. Besides this, the rising investments by key market players in power generation and the widespread deployment of hydrogen as a fuel cell in electric vehicles (EVs) are also expected to favorably impact the market growth.

Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• Air Liquide
• Air Products Inc.
• Caterpillar Inc.
• Chart Industries Inc.
• Cummins Inc.
• H2go Power
• Hexagon Composites ASA
• ITM Power
• Linde plc
• McPhy Energy S.A.
• Plug Power Inc.
• Pragma Industries

Hydrogen Energy Storage Market Segmentation:

Our report has categorized the market based on region, product type, technology, application and end user.

Product Type:

• Liquid
• Solid
• Gas

Technology:

• Compression
• Liquefaction
• Material Based

Application:

• Stationary Power
• Transportation

End User:

• Industrial
• Commercial

Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.

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