The factors driving the growth for hydrogen energy storage market is Increasing hydrogen demand in the industrial sector and rising demand for hydrogen in stationary and mobile power applications.

Northbrook, IL 60062 -- (SBWire) -- 08/18/2023 --According to a new market research, 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. Increasing demand of hydrogen in industrial sector and rising demand of stationary and mobile power applications are the key factors driving market growth.

Key Market Players:

The global hydrogen energy storage market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

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This research report categorizes the hydrogen energy storage market by state, technologies, application, end-user, region.
On the basis of by state:

Gas
Liquid
Solid

On the basis of by technologies:

Compression
Liquification
Material based

On the basis of by application:

Stationary power
Transportation

On the basis of by end use:

Industrial
Commercial
Electric utilities

On the basis of region:

North America
South America
Europe
Asia Pacific
Middle East & Africa

The Industrial segment is expected to be the most significant hydrogen energy storage market, by end use.

The hydrogen energy storage market, by end use, is segmented into industrial, commercial and electric utilities. The industrial segment accounted for the largest share of 45.1% of the hydrogen energy storage market in 2021. The rising applications of hydrogen in chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.

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Europe is expected to dominate the global hydrogen energy storage market.

The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.

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