With the emergence and long-term Impact of COVID-19, the Global Hydrogen Energy Storage Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Hydrogen Energy Storage Market is poised to raise up to USD XX Billion by 2030. Hydrogen energy storage refers to the process of storing excess energy in the form of hydrogen for later use. It is a method of storing renewable energy generated from sources such as solar and wind power, as well as surplus electricity from the grid. The key factors driving the market growth is the rising demand for hydrogen in the industrial sector, growing demand for hydrogen in stationary and mobile power applications, rising development of hydrogen infrastructure across various countries, rising application as an alternative to fossil fuel, rise in demand for a sustainable power source is anticipated to create the lucrative demand for the market over the forecast period. Moreover, rising hydrogen production plays a crucial role in supporting the growth of the Hydrogen Energy Storage market. As hydrogen production increases, there is greater availability of this clean and versatile energy carrier. With increased production, there is a larger supply of hydrogen that can be used for energy storage purposes. According to Statista, in 2018, worldwide hydrogen production was 60 million metric tons, and it is anticipated to reach 300 million metric tons by 2030. As a result, rising hydrogen production is anticipated to support market growth. Additionally, cohesive government initiatives to support the development of a hydrogen economy and rising demand for hydrogen as vehicle fuel is anticipated to create lucrative opportunities for the market. However, the technical challenges related to the production of energy from hydrogen stifle market growth throughout the forecast period of 2023-2030.
Geographically, the global Hydrogen Energy Storage Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rising usage of hydrogen in oil refineries and chemicals industry, ongoing oil sand processing, gas to liquids, and coal gasification projects, and growing demand for sustainable power sources in the region. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising investments in the hydrogen economy, growing focus on the transition to renewable energy, increase in the use of hydrogen fuel cell vehicles, and supportive government initiatives in the region.
The global Hydrogen Energy Storage Market is highly competitive owing to the presence of several key manufacturers such as Cummins Inc., Nel Hydrogen, Hexagon Composites ASA, Plug Power Inc, ITM Power plc, Worthington Industries, Inc., and others.
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Global Hydrogen Energy Storage Market Size study & Forecast, by Product Type (Liquid, Solid, Gas), by Application (Stationary Power, Transportation), by End User (Industrial, Commercial) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Hydrogen Energy Storage Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the End User segment, industrial emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing demand for hydrogen in stationary and mobile power applications.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Product Type:
- Stationary Power
By End User:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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