Compressed Hydrogen Energy Storage Market Size By Application (Industrial, Transportation, Stationary), COVID-19 Impact Analysis & Forecast Report, 2024 - 2032

Compressed Hydrogen Energy Storage Market Size

Compressed Hydrogen Energy Storage Market size surpassed USD 14.3 billion in 2023 and is anticipated to grow at 8% CAGR from 2024 to 2032 driven by increasing demand for clean energy worldwide.
 

Rising concerns about environmental pollution due to peak volumes of carbon emissions have accelerated the adoption of clean energy sources globally. In April 2023, the U.S. government announced an investment of more than USD 82 million to strengthen America’s clean energy infrastructure. Growing investments in clean energy sources have increased the demand for flexible storage systems to integrate clean energy sources reliably and efficiently, presenting major opportunities for industry growth.
 

The capital-intensive nature of the industry may pose challenges to compressed hydrogen energy storage market growth. The storage and transportation of hydrogen are expensive as compared to other energy easily available energy sources, shifting consumer interest towards low-cost fossil fuels. The large-scale installation of hydrogen storage systems also incurs steep initial investments Additionally, many countries lack a robust refueling infrastructure for the mass adoption of hydrogen fuel cell technology for the automotive sector, which may limit demand for compressed hydrogen storage solutions.
 

COVID-19 Impact

The COVID-19 pandemic may have influenced compressed hydrogen energy storage industry expansion, on account of a halt in global supply chains. In addition, the ongoing energy crisis in Europe has affected the demand for hydrogen, presenting challenges to market progress. However, growing investments by the governments in developing and developed nations toward clean energy transition are likely to present lucrative growth prospects in the post-COVID-19 era. In April 2023, the UK government allocated around USD 37 million for capturing and storing renewable energy. Such initiatives will increase demand for clean energy options such as compressed hydrogen as well as its storage solutions.
 

Compressed Hydrogen Energy Storage Industry Trends

The increasing focus on the establishment of smart grids worldwide is a key factor influencing business development. In September 2022, the U.S. DOE introduced a new USD 10.5 billion program to boost the development of smart grids as well as other upgrades to improve the resilience of the nation’s electrical grid. Moreover, rapid advancements in hydrogen fuel cell infrastructure will create a favorable environment for compressed hydrogen energy storage market by 2032.
 

Compressed Hydrogen Energy Storage Market Analysis

The industrial compressed hydrogen energy storage industry size exceeded USD 8 billion in 2022. Growing adoption of hydrogen energy storage systems across the fertilizers and chemicals sector will fuel segment expansion. Moreover, increasing advancements in hydrogen storage technologies in the industrial sector will also have a favorable impact on the market outlook.
 

Asia Pacific compressed hydrogen energy storage market is estimated to amass USD 14 billion by 2032. Increasing espousal of smart grid infrastructure and hybrid systems across developing countries such as China, India, and others is contributing to regional industry development. For instance, initiatives such as the National Green Hydrogen Mission of India will increase demand for efficient storage solutions for compressed hydrogen energy.
 

Compressed Hydrogen Energy Storage Market Share

Major players operating in the competitive landscape for compressed hydrogen energy storage are:

• Air Products and Chemicals, Inc.
• McPhy Energy S.A.
• ENGIE
• FuelCell Energy, Inc.
• GKN Hydrogen
• HYDROGEN IN MOTION
• ITM Power PLC
• Cockerill Jingli Hydrogen
• Nel ASA
• Linde plc
   

Compressed Hydrogen Energy Storage Industry News:

• In January 2023, Gravitricity, a leader in energy storage, inked a deal with VSL Systems UK, a company that specializes in ground engineering for the exploration of underground green hydrogen storage.
   
• In December 2022, Air Products and Chemicals, Inc., an American international corporation, and the AES Corporation, a leader in smart energy solutions announced a joint investment of around USD 4 billion for the establishment of the largest green hydrogen production facility in the U.S., which is expected to commence commercial operations in 2027.
   

This market research report on compressed hydrogen energy storage includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2023 to 2032 for the following segments:

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Market, By Application

• Industrial
• Transportation
• Stationary
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
• Rest of World