Latest Strategic Acquisition in Hydrogen Energy Storage Market

Hydrogen Energy Storage Market New Revenue Pockets:

The global hydrogen energy storage market
is projected to reach USD 119.2 Billion by 2027 from an estimated
market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the
forecast period. Rising demand of stationary and mobile power
application is a driving factor for the market growth. Moreover,
increasing demand of hydrogen in industrial sector.

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Hydrogen energy storage is a storage technique
wherein electrical energy is converted into hydrogen through the
electrolysis process, which can be further reprocessed as fuel in
combustion engines or a fuel cell. Hydrogen can be stored in 3 ways—in
high-pressure tanks as compressed gas, in dewars as liquid at – 253
degree C, and in chemical form by either reacting or absorbing with
chemicals or metal compounds. Thus, the hydrogen stored in various forms
can later be recovered when the supplies are low. Moreover, hydrogen
can be stored for a longer duration of time, unlike the energy stored in
batteries, which diminishes with the passage of time. The hydrogen
energy storage market comprises revenues of companies that either store
hydrogen or offer equipment to store. The operating expenditure and
servicing revenue are not included in the scope of the study. For the
estimation of hydrogen energy storage market size, the y-o-y annual
capacity addition of liquid, gas, and solid-state hydrogen across the
regions were estimated, and revenues of companies that manufacture and
supply the hydrogen energy storage technology across various global
regions are assessed in the study.

Gas segment is the fastest growing segment by state
in the forecast period from 2022-2027. Companies like Siemens Energy
(Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France),
and Air Products Inc. (Pennsylvania), Nel ASA (Norway), ITM Power
(United Kingdom) are manufacturing hydrogen energy storage in gas state
for mass production.

Industrial segment is the fastest growing segment by
end-user segment in the forecast period. European Countries like
Germany are more focused on fuel cell based electric vehicles and
hydrogen storage infrastructure are driving the hydrogen energy storage
market in this segment.

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Many countries around the globe are imposing carbon taxes to reduce the carbon-dependency. Enabling heat pump technologies compete with gas for heat supply in the European energy market will require more balanced taxation levels between electricity and gas. According to the European Heat Pump Association (EHPA), electricity taxes and levies in Europe are currently unjustifiably higher than those applied to gas and other fossil fuels,
resulting in higher heat pump operating costs. Sweden has experienced a
fall of 2.1% in household energy use since the introduction of the
carbon tax, as well as the phase-out of fuel oil, which was replaced up
to 75% by district heating and 25% by heat pumps. Consumer prices for
electricity in the UK are five times higher than for gas, which hinders
the adoption of electric heat pumps