Global hydrogen energy storage market is anticipated to grow at a CAGR of 13.5% during the forecast period (2024-2031).The market growth is attributed to the increasing adoption of industrialization in developing countries and the increasing acceptance of alternative forms of energy. The development of hydrogen and fuel cell technologies for use in fixed power, portable power, and mobility is greatly aided by the development of hydrogen storage. According to the American Green Power Association, in December 2023, very large amounts of hydrogen can be stored in constructed underground salt caverns of up to 500,000 cubic meters at 2,900 psi, which would mean about 100 GWh of stored electricity.
Browse the full report description of “Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction, and Material), by Storage Form (Solid, Liquid, and Gas), by Application (Stationary Power and Transportation), and by End-Users (Residential, Commercial and Industrial) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/hydrogen-energy-storage-market
Salt caverns below ground are used to store very large amounts of gaseous hydrogen in bulk. Before being injected into the cavern, the gas needs to be compressed and cleaned. Cavities loaded with hydrogen can serve as a pipeline network's backup. For instance, in February 2024, Uniper Energy Storage developed salt caverns for the underground storage of hydrogen with a planned working capacity of 250 to 600 GWh by 2030. Uniper Energy Storage intended to develop salt caverns for the large-volume storage of hydrogen in northwest Germany. The initially envisaged storage capacity will be 250 to 600 GWh, which should be available to the market before the end of 2030.
Market players focus on Carbon Capture, Utilization, And Storage (CCUS) and the hydrogen value chain, which includes production, liquefaction, transport, storage, and distribution to usage. For instance, in November 2023, Air Liquide and ENEOS partnered to accelerate the development of low-carbon hydrogen and energy transition in Japan. This partnership intends to capitalize on ENEOS' strong energy infrastructure and market presence in Japan as wellas expertise across the entire hydrogen value chain - from production, liquefaction, transport, storage, and distribution to usages - as well as mastery of CCUS.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Technology
o By Storage Form
o By Application
o By End Users
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Air Liquide S.A., Doosan Corp., Linde plc, Plug Power Inc., Siemens AG among others.
Key questions addressed by the report.
Global Hydrogen Energy Storage Market Report Segment
By Technology
By Storage Form
By Application
By End Users
Global Hydrogen Energy Storage Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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