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Compressed Hydrogen Energy Storage Market Trends

Report ID: GMI5761
Published Date: May 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of compressed hydrogen energy storage exceeded USD 14.3 billion and will expand at 8% CAGR during 2024 to 2032, owing to surging demand for clean energy.

Compressed hydrogen energy storage industry size from industrial applications surpassed USD 8 billion in 2022, driven by rising adoption of hydrogen energy storage systems across the fertilizers and chemicals sector.

Asia Pacific compressed hydrogen energy storage industry is estimated to amass USD 14 billion by 2032, due to rising adoption of hybrid and smart grid infrastructure across developing economies.

Some of the major participants in compressed hydrogen energy storage business are FuelCell Energy, Inc., Linde plc, ITM Power PLC, Air Liquide, Nel ASA, ENGIE, and Air Products and Chemicals, Inc., among others.