What is Hydrogen Energy Storage System?
Hydrogen energy storage (HES) is a procedure that involves using surplus energy supplied by renewables to power electrolysis during periods of low energy demand. It helps to improve supply reliability while also lowering carbon emissions and the total use of conventional petroleum fuels. It provides material handling equipment (MHE), such as forklifts and airport tugs, with supplementary grid services and fuel. In comparison to pumped storage hydropower (PSH) and compressed air energy storage, it also has a large storage capacity (CAES). As a result, hydrogen is stored as compressed gas, cryogenic liquid, and loosely bound hydride compounds in the HES.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Cummins Inc. (Canada), ITM Power (United Kingdom), Hexagon Composites (Norway), Worthington Industries (United States), Linde (United Kingdom), Nel ASA. (Norway), Plug Power (United States), Chart Industries (United States), Air Liquide (France) and Air Products and Chemicals (United States) |
CAGR | % |
The market study is broken down and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA Research estimates that Manufacturers from United States will contribute to the maximum growth of Global Hydrogen Energy Storage System market throughout the predicted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cummins Inc. (Canada), ITM Power (United Kingdom), Hexagon Composites (Norway), Worthington Industries (United States), Linde (United Kingdom), Nel ASA. (Norway), Plug Power (United States), Chart Industries (United States), Air Liquide (France) and Air Products and Chemicals (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are H2GO Power Ltd. (United Kingdom), HyTech Power, LLC. (United States) and Hydrogenious LOHC Technologies (Germany).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Hydrogen Energy Storage System market by Type, Application and Region.
On the basis of geography, the market of Hydrogen Energy Storage System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Storage Technology, the sub-segment i.e. Compression will boost the Hydrogen Energy Storage System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by State, the sub-segment i.e. Liquid will boost the Hydrogen Energy Storage System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-use, the sub-segment i.e. Industrial will boost the Hydrogen Energy Storage System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In June 2019 -Air Liquide and STNE formed a collaboration to speed the development of hydrogen mobility. This would boost the sale and development of hydrogen-powered vehicles for clean transportation.
Market Trend
- Growing demand for hydrogen in industries such as metal treatment, food processing, and petroleum refining
- The number of policies that directly encourage investment in hydrogen technology is growing
Market Drivers
- Increasing need for energy conservation
- Reducing consumption of conventional petroleum fuels
Opportunities
- Growth in demand for hydrogen energy storage, utilizing excess electric energy
- Growing demand for the hydrogen fuel cell
Restraints
- There are plenty of stringent rules to produce hydrogen energy from electrolysis
Challenges
- Refueling times are too long
Key Target Audience
Hydrogen Energy Storage Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as Cummins Inc. (Canada), ITM Power (United Kingdom), Hexagon Composites (Norway), Worthington Industries (United States), Linde (United Kingdom), Nel ASA. (Norway), Plug Power (United States), Chart Industries (United States), Air Liquide (France) and Air Products and Chemicals (United States) etc.
2. Can we have customized study for Hydrogen Energy Storage System Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Hydrogen Energy Storage System Market by 2027?
Analysts at AMA estimates Hydrogen Energy Storage System Market to reach USD Million by 2027.