Research Nester’s recent market research analysis on “Hydrogen Energy Storage Market: Global Demand Analysis Opportunity Outlook 2037” delivers a detailed competitors analysis and a detailed overview of the global hydrogen Energy storage market in terms of market segmentation by state, technology, end-user, application, and by region.
Growing Application of Hydrogen to Promote Global Market Share of Hydrogen Energy Storage
The global hydrogen energy storage market is estimated to grow majorly on account of the rapid industrialization and the augmenting use of hydrogen in several end-use industries including oil refining, ammonia production, methanol production, and steel production. Moreover, the rising demand for hydrogen in the automotive industry for its application is expected to expect with the growing number of fuel cell electric vehicles.
Hydrogen storage is becoming the key to the technological advancement of hydrogen and fuel cell technologies and this is anticipated to further propel hydrogen energy storage in the upcoming years. Furthermore, the growing use of stored hydrogen for stationary and backup power applications is projected to boost market growth.
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Some of the major growth factors and challenges that are associated with the growth of the global hydrogen Energy storage market are:
Growth Drivers:
- Rising Viability and Adoption of Hydrogen as a Fuel for Transport
- Emerging Hydrogen-Dependent Economy
Challenges:
The rising cost associated with hydrogen energy storage, and the strict rules for producing hydrogen from electrolysis worldwide are some of the major factors anticipated to hamper the global market size of hydrogen energy storage. Moreover, the augment of various alternative energy storage systems globally is further restricting the market expansion.
By state, the global hydrogen energy storage market is segmented into liquid, gas, and solid. The gas segment is expected to garner the highest revenue by 2035 by growing at a significant CAGR over the forecast period. As hydrogen is widely used in the gaseous state in many end-used industries, the augmenting expansion of all these industries is expected to propel the segment growth.
Moreover, the liquid segment is projected to pool major revenue by 2035 owing to the surge in the demand for rocket fuel.
By application, the global hydrogen energy storage market is segmented into transportation, stationary power, and portable power. The transportation segment is anticipated to witness notable growth by the end of 2035. The segment growth is backed by the growing research and development activities to develop hydrogen-powered vehicles and erect as many hydrogen filling stations as possible.
By region, the Europe hydrogen energy storage market is to generate the highest revenue by 2035. This growth is anticipated by the augment of investment in clean energy and the growing research development of fuel cell technology to develop a greener economy.
By region, the North American hydrogen energy storage market is to generate the highest revenue by 2035. The market growth in the region is backed by the increasing production, storage, and distribution of hydrogen in the region with its growing demand from several industries.
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Further, the market in the Asia Pacific is to hold a majority of the share by 2035. The regional market is anticipated to grow on the basis of the rising utilization of hydrogen for refining petroleum, manufacturing fertilizer, processing foods, and fuel stations. As per data, China had the most hydrogen fuel stations compared to the world with 250 operational hydrogen refueling stations up till April 2022.
This report also provides the existing competitive scenario of some of the key players of the global hydrogen energy storage market which includes company profiling of Nel ASA, Air Liquide SA, Praxair Inc., VRV S.P.A, Linde AG, Hank Technologies Inc., Murphy Energy S.A., Luxfer Holdings PLC, Hexagon Composites ASA, Worthington Industries, Inc.,
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