Hydrogen Storage Market

Hydrogen Storage Market Size by Technology (Liquefaction, Compression, Material Based), End User (Residential, Industrial, Commercial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13990
  • Published Date: Jan, 2024
  • Pages: 236
  • Category: Energy & Power
  • Format: PDF
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The global hydrogen storage market was valued at USD 16.38 Billion in 2022, which is anticipated to grow at a CAGR of 6.75% from 2023 to 2032. There have been significant developments in the supply, transmission, and distribution of hydrogen to end users, and the adoption of hydrogen technologies and initiatives is increasingly gaining traction throughout the value chain. By compensating for the growing reliance on renewable energy, energy storage devices are essential to the integration of renewable energy sources into the energy infrastructure and the maintenance of grid security.

Market Introduction:

Electricity is frequently stored via hydrogen energy storage. When there is a lack of electricity, this type of storage can be useful. The transportation industry consume a lot of hydrogen energy. With the use of hydrogen energy storage, fuel can be obtained for all vehicles. When there is an energy shortage, hydrogen energy storage will be useful. The sustained global expansion of hydrogen energy storage can be attributed, in part, to the rapidly increasing need for hydrogen in industrial applications, including fuel cells, oil refineries, and metal processing. Furthermore, the market for hydrogen energy storage is expanding at a profitable rate due to the growing government initiatives in different nations to build energy-saving hydrogen stations. The market is also being further stimulated by ongoing research and development efforts to investigate more industrial and commercial applications for hydrogen energy storage. The governments of all regions and nations are concentrating on the construction of grid power plants as a result of global warming. In stationary power, hydrogen energy is commonly used. This is because there is an increasing need for green and clean energy. There are no harmful or greenhouse gases released during the release of hydrogen energy. As a result, during the anticipated period, this is encouraging the growth of the global hydrogen energy storage market. Furthermore, there are now several government programmes that are supportive of the growth of the hydrogen energy storage industry, which is opening up profitable growth prospects. Governmental organisations and major industry participants are heavily funding R&D initiatives in order to advance the market. The efficient and effective power supply in developing nations or areas with little to no access to energy is another emphasis of these initiatives. The need for hydrogen energy storage is growing along with the significance of energy consumption. The increasing use of fuel cell automobiles is one of the main drivers propelling the worldwide hydrogen energy storage market's expansion. The increase in demand for energy storage is driving up the market for hydrogen energy storage as well. For the major participants in the market, hydrogen energy storage is also seen as a financially advantageous storage option. Over the course of the projected period, the market will expand and develop thanks to innovation and technical advances. However, the strict government laws governing the electrolysis method of producing hydrogen are impeding the expansion of the global market for hydrogen energy storage. The manufacture and use of hydrogen are prohibited in several regions. The lives of those who labour in factories may be harmed by the production process. Furthermore, a sizable quantity of raw End Users are needed for the creation of hydrogen. The process of producing hydrogen may be disrupted by poor supply chain management. The market's expansion is being hampered by the perception that hydrogen manufacturing costs are excessive.

Hydrogen Storage Market Size

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Recent Development
  • In June 2020, NPROXX and Cummins Inc. announced a cooperative partnership for hydrogen storage tanks. Through the joint venture, the clients will be able to acquire compressed natural gas storage solutions for a variety of uses.
  • In October 2019, the Orlando Utilities Commission started a project to build a hydrogen and lithium battery storage system in order to combine the public power utility's growing solar footprint.
  • In January 2020, the Los Angeles Department of Water and Power will support the establishment of the Green Hydrogen Coalition, an organisation devoted to promoting the production of green energy and hastening the transition to a carbon-free energy future.

Market Dynamics:


Growing interest in low-emission fuels- Hydrogen gas is mostly used in oil refineries to de-sulfurize fuels for transportation, such as petrol and diesel. The world's requirement for hydrogen will increase dramatically as more heavy and sour crude oil is utilised. Merchant gas sourcing is increasing as a result of the current hydrogen production capacity's inability to meet the growing demand. Furthermore, it is projected that tighter environmental regulations pertaining to the use of cleaner, low-emission fuels and stringent engine manufacturer requirements would drive the demand for hydrogen petrol during the course of the projection period.


The expensive initial outlay needed to prevent the liquid from vaporising- Fuel cells are limited in the amount of energy they can produce from hydrogen, which they then use to power residential and commercial buildings. Fuel cells are powered by hydrogen. However, because of the high insulation requirements needed to prevent evaporation, the market for liquid hydrogen energy storage requires significant capital costs. These costs are required to keep the liquid from evaporating. Consequently, the high capital cost of keeping the liquid from vaporising is expected to limit market expansion.


An increasing number of fuel cell applications- It is anticipated that technological advancements, the need for hydrogen storage to fulfil expanding market demand, and a growth in R&D activities would provide market participants with more lucrative chances. The future market expansion will also be aided by an increase in the production of low-weight storage tanks for use in transportation.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global hydrogen storage market, with a 39.86% market revenue share in 2022. Due to a lack of electricity, the Asia-Pacific region is made up of several regions that are concentrating on the development of appropriate energy resources. Hydrogen energy storage is therefore thought to be the ideal remedy for these problems. This is helping the market in the Asia-Pacific area to expand.

Asia Pacific Region Hydrogen Storage Market Share in 2022 - 39.86%



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Technology Segment Analysis

The technology segment is divided into liquefaction, compression, and material based. The compression segment dominated the market, with a market share of around 35.87% in 2022. The most popular technology for storing hydrogen energy is compression storage. Huge amounts of energy may be stored in cylinders with the use of this technique. Later, a variety of businesses employ this energy.

End User Segment Analysis

The end user segment is divided into residential, industrial, and commercial. The industrial segment dominated the market, with a market share of around 34.06% in 2022. Hydrogen finds application in diverse industrial processes. A few of the production procedures use hydrogen energy. The process of producing energy also makes use of the stored hydrogen.

Some of the Key Market Players:
  • Steelhead Composites Inc.
  • ITM Power
  • Nedstack Fuel Cell Technology BV
  • Engie
  • Linde PLC
  • Air Liquide
  • Iwatani Corporation
  • Nel ASA
  • Air Products Inc.
  • Cummins Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 16.38 Billion
Market size value in 2032 USD 31.47 Billion
CAGR (2023 to 2032) 6.75%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Technology, End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the hydrogen storage market was valued at USD 16.38 Billion in 2022 & USD 31.47 Billion by 2032.

Global hydrogen storage market is growing at a CAGR of 6.75% during the forecast period 2023-2032.

Asia Pacific region emerged as the largest market for the hydrogen storage.

Growing interest in low-emission fuels is a significant driving factor for the growth of the hydrogen storage market.

The expensive initial outlay needed to prevent the liquid from vaporising is a significant restraining factor for the growth of the hydrogen storage market.

An increasing number of fuel cell applications is a significant opportunity for the growth of the hydrogen storage market.

Key players are Steelhead Composites Inc., ITM Power, Nedstack Fuel Cell Technology BV, Engie, Linde PLC, Air Liquide, Iwatani Corporation, Nel ASA, Air Products Inc., Cummins Inc., among others.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global hydrogen storage market based on below mentioned segments:

Global Hydrogen Storage by Technology:

  • Liquefaction
  • Compression
  • Material Based

Global Hydrogen Storage by End User:

  • Residential
  • Industrial
  • Commercial

Global Hydrogen Storage by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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