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Hydrogen Energy Storage Market Size
- Report ID: GMI5692
- Published Date: May 2023
- Report Format: PDF
Hydrogen Energy Storage Market Size
Hydrogen Energy Storage Market was valued at USD 17.1 billion in 2023 and is projected to record over 8.4% CAGR from 2024 to 2032.
The introduction of hydrogen-based incentives and subsidies will drive the requirement for hydrogen energy storage infrastructure across major economies in the coming years. Various governments worldwide are setting targets to use hydrogen across applications like transportation and stationary storage. For instance, in January 2023, India set targets for green hydrogen consumption for some industries in a bid to generate the demand for clean fuel to reach a net zero target by 2070. Strict emissions norms and attempts to lower GHG emissions from the industrial sector will accelerate the requirement for hydrogen energy storage infrastructure.;
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hydrogen Energy Storage Market Size in 2023: | USD 17.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.4% |
| 2032 Value Projection: | USD 35 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 291 |
| Segments covered: | State, Method, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high capital cost associated with hydrogen energy storage is expected to hamper the hydrogen energy storage market growth. Large plants require ample area and availability of resources, which improves investments toward hydrogen energy storage. High-density hydrogen storage is also a challenge for portable and stationary applications and remains a significant burden for the transportation sector. Hydrogen storage options typically require large-volume systems to store hydrogen in gaseous form.
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Hydrogen Energy Storage Market Scope
