Hydrogen Energy Storage Market To Hit Value .66 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on October 17th, 2022 The global hydrogen energy storage market size is expected to reach USD 21.66 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2022 to 2030. The supportive developments and policy support from countries around the world will boost the growth of the market in the near future. Over the forecast period, growing applications of fuel cell technologies such as transportation, portable electricity, and stationary power are expected to bolster the expanding need for hydrogen energy storage. Through renewable-powered electrolysis, an excess amount of wasted renewable energy is used to produce green hydrogen. Forward integration is used by market actors in numerous countries when selling hydrogen produced on-site from renewable sources to major industrial users. The increased deployment of hydrogen energy storage in the utility, commercial, and residential sectors is driving the industry. The sector is predicted to grow due to high industrial demand for hydrogen in metal treatment, petroleum refining, and food processing. Potential opportunity for the market lies in increasing the commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours. Industry participants are entering into partnerships with the research organizations in order to construct full-scale hydrogen energy storage projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct a 110 kW capacity project that would utilize surplus wind energy to produce hydrogen through electrolysis and store it for later use. COVID-19 affected the growth of the market for hydrogen energy storage owing to factors such as reducing operational costs by end users, coupled with disruption in spare parts availability due to delays in manufacturing and logistics issues. The market growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to the ongoing research & development and construction of full-scale storage projects in the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of an initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/hydrogen-energy-storage-market/request/rs1 The market growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to the ongoing research & development and construction of full-scale storage projects in the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of an initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs. Development and construction of cost-effective and energy-saving hydrogen stations across the country are among the key objectives planned by the government. Such factors are expected to boost the growth of the market in the U.S. Increased hydrogen applications across a variety of industries are predicted to fuel market expansion. Hydrogen, for example, can be used for industrial applications in oil refineries, power generation in stationary fuel cells, as a fuel in fuel cell vehicles, and stored as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical compound. Hydrogen Energy Storage Market Report Highlights
According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel-produced hydrogen, it should be generated at less than USD 2.5 per kg. The cost is determined by a number of factors, including the location of production, market segment, renewable energy power tariffs, future electrolyzer investments, and others. Because of the low cost of hydrogen manufacturing, more energy storage systems will be deployed. The industry participants are substantially forward integrated. Demand for stored hydrogen in a variety of end-use applications, including fuel cell automobiles, grid services, and telecommunications, is forcing market players to integrate their facilities with the end-use industries. Enhanced level of forwarding integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry. In June 2020, Cummins Inc. signed an agreement to form a joint venture with NPROXX for hydrogen storage tanks. The joint venture will continue under the name NPROXX. The joint venture aims to provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications. Some prominent players in the global hydrogen energy storage market include:
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