Hydrogen Storage Market Size, Regional Outlook, Application Development Potential, Price Trend, COVID19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1245
Hydrogen Storage Market size is expected to observe high growth through 2027 with Increasing demand for efficient energy storage in varied end-use verticals. Hydrogen storage technology is employed in key applications, such as portable and stationary power and transportation.
Hydrogen is expected to play a vital role in future energy systems as a flexible energy carrier for transportation and industrial applications, helping lower greenhouse gas (GHG) and particle emissions. The compound possesses the highest energy per mass among all fuels although its low ambient temperature density leads to low energy per unit volume. As a result, it requires advanced storage methods equipped for higher energy density. Hydrogen storage is also heralded as a chief enabling technology for the advancement of hydrogen and fuel cell technologies.
Based on technology, the global hydrogen storage market has been segmented into liquid hydrogen, carbon absorption, metal hydrides, compressed gaseous hydrogen, and microspheres. Liquid hydrogen is expected to see substantial growth in the coming years owing to increasing demand for clean energy, particularly in the automotive and transportation sectors.
For instance, in May 2021, Siemens Mobility, the railway unit of the renowned German multinational conglomerate, signed an agreement with the Helmholtz Institute Erlangen-Nuremberg for Renewable Energy (HI ERN) for a joint research to investigate the application of Liquid Organic Hydrogen Carrier (LOHC) technology in rail transportation.
Hydrogen is increasingly being used in rail transport to reduce the sector’s carbon footprint and meet climate goals. To that end, Siemens Mobility has developed the Mireo Plus H., a hydrogen-powered train, wherein hydrogen is stored in gaseous form. Notably, in this technology, hydrogen needs to be kept under high pressure to reach the required high density.
The European Commission (EC) introduced the European Green Deal in 2019, which outlines key policy initiatives to achieve the objective of net-zero GHG emissions by the year 2050. The Green Deal regards hydrogen as a crucial part in the region’s goal of realizing carbon neutrality by 2050. Growing significance of the compound in the region is expected to fuel market adoption in the coming years.
In line with the region’s efforts to build a circular economy, industry players have also been focusing on developing “green” hydrogen storage systems. In June 2021, Irish power company ESB Group inked a Memorandum of Understanding with dCarbonX, a geoenergy company, to jointly assess and develop Ireland’s offshore green hydrogen subsurface storage. Ireland has witnessed several similar milestones in its emerging hydrogen economic landscape, which is crucial for its transition into a low-carbon economy.
In May 2021, UK-based energy storage company Gravitricity presented its plans to add heat and hydrogen storage to its underground gravity energy system. The company has submitted a global patent for a method to convert purpose-built shafts into pressurized energy stores that can safely accumulate massive quantities of gas. With the new method, the energy storage specialist aims to establish safe and economical ways to store hydrogen where it is required. As a result, increasing efforts by companies and government agencies to establish green hydrogen storage as a viable method in the region is expected to boost Europe hydrogen storage market outlook in the future.
In the Asia Pacific region, leading markets like Japan and China are also witnessing an emerging trend of electrification in the automotive sector in order to reduce emissions. Japan has pledged to become carbon neutral by 2050 and is considering hydrogen as a promising power source for steel and other carbon-heavy industries.
Consequently, hydrogen storage is garnering a sizable attention as an eco-friendly power storage technology in recent years. Favorable initiatives taken by both government authorities and companies in the region are greatly outlining the Asia Pacific hydrogen storage market growth. For instance, in May 2021, South Korea’s state gas company teamed up with oil refiner GS Caltex to build a liquid hydrogen plant by December 2024. The plant has a planned annual production capacity of 10,000 tons, which will be generated using the waste cold energy produced from liquefied natural gas (LNG) regasification.
Leading companies in the hydrogen storage market include Panasonic, Toshiba, Air Liquide, McPhy Energy, Linde AG, Luxfer Holdings PLC, Praxair Inc., HBank Technology Inc., INOXCVA, VRV S.p.A., Worthington Industries, Inc., Hexagon Composites ASA, and General Motors.
Impact of COVID-19 on hydrogen storage market trends
The spread of the COVID-19 pandemic across the globe caused a sudden and significant decline in human activity. However, simple climate models still estimate that global temperatures would only be 0.01°C lower, due to the drop in emissions caused by the COVID-19-fueled lockdowns, than if countries had followed their emission pledges that were already in place before the peak of the pandemic. Now, with human activity resuming across the globe, studies project that emissions would rise at a rapid pace, which has intensified the global focus on reducing emissions to counter climate change.
To cite an instance, in May 2021, scientists from the University of Nottingham kick-started a £1 million project to develop a dual-use energy storage system that would be able to deliver hydrogen to a fuel cell and produce direct cooling for refrigeration. The technology would allow hydrogen power to become a pivotal factor of the UK’s sustainable energy future. The system would also help decarbonize the region’s food cold chain that accounts for 18% of the country’s overall energy consumption.
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