The hydrogen energy storage market was valued at USD 14,100 million in 2022, and it is set to reach USD 304,108 million by 2030, growing at a CAGR of 46.80% between 2022 and 2030, according to a research report by P&S Intelligence.
Hydrogen energy storage solutions are projected to experience extensive acceptance in the future, owing to reasons, including growing concentration on substitute energy sources, rising expenditure in fuel cell and hydrogen technologies, solid government support, and a hike in the electricity demand.
In the past few years, the U.K., India, the U.S., and several other countries have been increasingly concentrating on research and development activities that would support technological advancement in hydrogen and fuel cell technologies.
This has guaranteed the enlargement of acceptable hydrogen storage for aboard light-duty vehicles, portable power applications, and material-handling equipment that would aid in meeting the goals set by governments.
APAC held the second-largest revenue share in the market in 2022 and is projected to experience more demand for such solutions in the coming years. This can be credited to the snowballing utilization of methanol which is made up of hydrogen; the increasing requirement for ammonia in industrial facilities in India, China, and other South-Asian nations, strict government rules in South Korea, Japan, and China for making better fuels, and the rising consumption of diesel and gasoline in developing countries will contribute in the regional growth.
Read Full Report: Hydrogen Energy Storage Market Revenue Estimation and Growth Forecast Report
In 2022, North America had a considerable market share, and the U.S. was the largest buyer in the continent. The requirement for these solutions is increasing, because of the surging need for hydrogen-powered vehicles motivated by the readiness of hydrogen-filling infrastructure and strict government guidelines in the U.S. on the usage of less-emission-producing cars.
Hence, growing concentration on substitute energy sources, rising expenditure in fuel cell and hydrogen technologies, and several rules by the government to support hydrogen energy storage, such factors will contribute to the market growth.