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Global Hydrogen Energy Storage Market Report 2019-2024 | Market Expected to Reach $18.2 Billion by 2024, Rising at a CAGR of 5.8%

/EIN News/ -- Dublin, Oct. 18, 2019 (GLOBE NEWSWIRE) -- The "Hydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period.

There is an increase in demand for hydrogen in the chemical industry and demand for hydrogen in stationary and portable power. Hydrogen energy storage technology has opportunities such as the growing commercialization of power-to-gas technologies and the demand for hydrogen as fuel in vehicles.

The global hydrogen energy storage market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen energy storage are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).

Gas state of hydrogen energy storage dominates the global market

The gas segment of hydrogen energy storage market is expected to be the largest market, by state, during the forecast period. Multiple methods are available to store hydrogen as a compressed gas such as pressure tanks, underground storage, and line packing. Storing hydrogen gas via compression is an easiest and cost-effective method as compared to liquefaction of hydrogen, which is the reason for its high demand in the hydrogen energy storage market globally.

Compression segment hydrogen energy storage dominates the global market

The compression, by storage technology, is estimated to be the fastest-growing during the forecast period. This growth is attributed as compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it and hence its demand is increasing in the hydrogen energy storage market globally.

North America to lead the global hydrogen energy storage market in terms of growth rate

The hydrogen energy storage market in North America is projected to grow at the fastest rate during the forecast period. The major reason for the growth in this region is attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Furthermore, the growing demand for hydrogen-powered fuel cells is also likely to drive the market in this region.

Besides North America, Europe was one of the largest markets for hydrogen energy storage. The demand for hydrogen energy storage in Europe is mainly driven by an increase in fuel cell-based electric vehicles and hydrogen storage infrastructure.

Research Coverage

The report defines, describes, and forecasts the global hydrogen energy storage market, by state, storage technology, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the hydrogen energy storage market.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Hydrogen Energy Storage Market
4.2 Market, By Region
4.3 North America Market, By State & Country
4.4 Market, By Storage Technology
4.5 Market, By End-User

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Demand for Hydrogen in Chemical Industry
5.2.1.2 Demand for Hydrogen in Stationary and Portable Power Applications
5.2.2 Restraints
5.2.2.1 High Capital Cost of Hydrogen Energy Storage
5.2.3 Opportunities
5.2.3.1 Growing Commercialization of Power-To-Gas Technologies
5.2.3.2 Demand for Hydrogen as a Vehicle Fuel
5.2.4 Challenges
5.2.4.1 Increasing Investments in Battery Storage Technologies

6 Hydrogen Energy Storage Market, By State
6.1 Introduction
6.2 Gas
6.2.1 Multiple Cost-Effective Methods to Store Hydrogen as A Gas Via Compression are Likely to Drive Its Demand in the Market
6.3 Liquid
6.3.1 Higher Energy Density and Wide Industrial Applications of Liquid Hydrogen are Likely to Foster Its Demand in Market
6.4 Solid
6.4.1 Large Quantities of Hydrogen Can Be Stored in Smaller Volumes, Which is Likely to Drive Its Demand

7 Hydrogen Energy Storage Market, By Storage Technology
7.1 Introduction
7.2 Compression
7.2.1 Easy and Cost-Efficient Hydrogen Storage Via Compression is Likely to Generate Its Demand in the Hydrogen Energy Storage Market
7.3 Liquefaction
7.3.1 Higher Volumetric Storage With Fewer Evaporation Losses is Likely to Foster the Demand for Liquefaction Hydrogen Storage Technology
7.4 Material Based
7.4.1 Higher Hydrogen Storage Capacity and Greater Reliability of Material Based Hydrogen Storage Technology are Likely to Drive Its Demand
7.4.1.1 Metal Hydrides
7.4.1.2 Chemical Hydrides

8 Hydrogen Energy Storage Market, By End-User
8.1 Introduction
8.2 Utilities
8.2.1 Growing Demand for Power Generation Through Renewable Energy Sources is Likely to Drive Its Demand in Hydrogen Energy Storage Market
8.3 Industrial
8.3.1 Increasing Applications of Hydrogen Energy Storage in the Chemical Industry & Oil Refineries are Likely to Foster Its Demand in Industrial Sector
8.4 Commercial
8.4.1 Fuel Cell-Based Transport and Use of Hydrogen for Commercial Space Heating is Expected to Drive the Commercial Segment
8.4.1.1 Transportation
8.4.1.2 Space Heating

9 Hydrogen Energy Storage Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Increasing Usage of Hydrogen in Oil Refineries and Chemical Industry is Expected to Boost the Demand for the Us Market
9.2.2 Canada
9.2.2.1 Growing Demand for Hydrogen-Powered Fuel Cells in Canada is Likely to Drive the Canadian Market
9.2.3 Mexico
9.2.3.1 Production of Hydrogen for Consumption in Oil Refining & Ammonia Production is Expected to Drive the Demand for the Mexican Market
9.3 Europe
9.3.1 France
9.3.1.1 Hydrogen Can Be Stored in Large Amounts for Extended Period - This is Driving the Market
9.3.2 Germany
9.3.2.1 Increase in Fuel Cell-Based Electric Vehicles and Hydrogen Storage Infrastructure are Driving the Hydrogen Energy Storage Market
9.3.3 Russia
9.3.3.1 Growing Refinery Capacities and the Need for Meeting Cleaner Fuel Regulations are Driving the Market
9.3.4 UK
9.3.4.1 Hydrogen Can Be Used A Substitute for Natural Gas is Driving the Market
9.3.5 Rest of Europe
9.4 Asia Pacific
9.4.1 Australia
9.4.1.1 Export Opportunities for Hydrogen are Driving the Market
9.4.2 China
9.4.2.1 Hydrogen as A Substitute for Natural Gas is Driving the Market
9.4.3 India
9.4.3.1 Increasing Investments in Hydrogen Application are Driving the Market
9.4.4 Japan
9.4.4.1 Increase in Use of Hydrogen Fuel Cell Vehicles is Driving the Market
9.4.5 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.1 South Africa
9.5.1.1 Growing Usage of Renewable Energy Sources for Power Generation is Expected to Increase the Demand for the South African Hydrogen Energy Storage Market
9.5.2 Saudi Arabia
9.5.2.1 Rising Demand for Low-Sulfur Fuel for Transportation is Expected to Boost the Saudi Arabian Hydrogen Energy Storage Market
9.6 South America
9.6.1 By Storage Technology
9.6.2 By End-User
9.6.3 By Country
9.6.4 Brazil
9.6.4.1 Rising Demand for Hydrogen for Producing Ammonia is Expected to Boost the Brazilian Market
9.6.5 Argentina
9.6.5.1 Rise in Oil Refining Activities is Expected to Boost the Market in Argentina
9.6.6 Rest of South America

10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Competitive Scenario
10.3.1 New Product Developments
10.3.2 Contracts & Agreements
10.3.3 Mergers & Acquisitions
10.3.4 Investments & Expansions
10.3.5 Partnerships
10.4 Competitive Leadership Mapping
10.4.1 Visionary Leaders
10.4.2 Innovators
10.4.3 Dynamic
10.4.4 Emerging

11 Company Profiles
11.1 Air Liquide
11.2 Chart Industries
11.3 Hexagon Composites
11.4 ITN Power
11.5 Nel Hydrogen
11.6 Plug Power
11.7 Worthington Industries
11.8 Hydrogenics
11.9 Linde
11.10 Hydrogenious Lohc Technologies
11.11 Inoxcva
11.12 Air Products & Chemicals
11.13 Mcphy Energy
11.14 Fuelcell Energy
11.15 Pragma Industries
11.16 Grz Technologies
11.17 H2go Power
11.18 Areva H2gen
11.19 Hydrogen in Motion
11.20 Hydrocell

For more information about this report visit https://www.researchandmarkets.com/r/1l9bz8

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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