About 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 | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Hydrogen Energy Storage System market throughout the forecasted 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
AMA Research has segmented the market of Global Hydrogen Energy Storage System market by 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.
Influencing Trend:
Growing demand for hydrogen in industries such as metal treatment, food processing, and petroleum refining and The number of policies that directly encourage investment in hydrogen technology is growing
Market Growth Drivers:
Increasing need for energy conservation and Reducing consumption of conventional petroleum fuels
Challenges:
Refueling times are too long
Restraints:
There are plenty of stringent rules to produce hydrogen energy from electrolysis
Opportunities:
Growth in demand for hydrogen energy storage, utilizing excess electric energy and Growing demand for the hydrogen fuel cell
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.
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 a 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 the purpose to understand the companies positioning regarding the 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 a 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, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.