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Asia Pacific Hydrogen Energy Storage Market Size

Report ID: GMI7262
Published Date: Nov 2023
Report Format: PDF

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Asia Pacific Hydrogen Energy Storage Market Size

Asia Pacific Hydrogen Energy Storage Market was valued at USD 8.1 billion in 2022 and is estimated to grow at a CAGR of over 8.2% between 2023 and 2032. An increasing number of companies and nations are engaged in intense competition for the leadership in clean hydrogen technologies. In 2021, India announced the National Hydrogen Mission, which is geared towards transitioning the nation into global hub for the production and storage of hydrogen. Additionally, the strategy targets the production of 5 MMT green hydrogen by 2030.

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Hydrogen storage technologies have witnessed a renewed wave of interest on account of numerous uses of hydrogen across multiple sectors including transportation, manufacturing, power generation, and aviation. A large amount of capital is being deployed across the developed economies to provide clean fuel for the transportation sector. For instance, in 2022, Infrastructure, Investment, and Jobs Act (IIJA) announced USD 9.5 billion funding for hydrogen including USD 8 billion for the development of hydrogen-based infrastructure.

Asia Pacific Hydrogen Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2022
Asia Pacific Hydrogen Energy Storage Market Size in 2022:	USD 8.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8.2%
2032 Value Projection:	USD 17.6 Billion
Historical Data for:	2019 to 2022
No. of Pages:	120
Tables, Charts & Figures:	115
Segments covered:	State, Method, Application
Growth Drivers:	Shifting policy framework across the hydrogen industry Growing investments toward hydrogen-based infrastructure Increasing clean energy demand
Pitfalls & Challenges:	High capital cost

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The deployment of capital-intensive hydrogen energy storage installations has been a significant challenge to achieving large-scale implementation over the years. The substantial upfront investment, combined with a significant allocation of funds for development, acts as a deterrent to the widespread adoption of large-scale facilities worldwide. The high initial capital outlay, along with considerable expenditures on operational components, has historically hindered the growth of the industry.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The Asia Pacific market for hydrogen energy storage was reached USD 8.1 billion in 2022 and is estimated to expand at 8.2% CAGR from 2023 to 2032, owing to the rising number of companies and nations engaged in intense competition for the leadership in clean hydrogen technologies.

Asia Pacific liquid hydrogen energy storage industry generated more than 950 million in 2022 and is projected to gain significant prominence through 2032, due to higher usage in the power generation and industrial sectors.

China held over 32.2% share of the Asia Pacific hydrogen energy storage market in 2022 and is predicted to expand at notable CAGR through 2032, attributed to the increasing investments in the development and adoption of hydrogen fuel cell vehicles.

Some of the leading hydrogen energy storage companies in the Asia Pacific are Air Liquide, Air Products and Chemicals, Inc., Nel ASA, McPhy Energy S.A., Linde plc, ENGIE, ITM Power PLC, FuelCell Energy, Inc., Gravitricity Ltd, and Cockerill Jingli Hydrogen.