Rapid Growth Expected in Global Hydrogen Energy Storage Market
Key Ideas
  • North America shows high demand due to hydrogen use in oil refineries and chemical industries.
  • Stringent regulations and fuel cell applications drive market growth.
  • High capital costs pose a challenge for market expansion.
  • Hydrogen as a vehicle fuel presents significant growth potential for the market.
The global hydrogen energy storage market is anticipated to experience significant growth from 2021 to 2031, driven by the process of utilizing surplus energy from renewables through electrolysis. North America is poised to witness increased demand for hydrogen energy storage, especially in oil refineries and chemical industries. Stringent regulations and the rise in fuel cell applications are expected to further boost market growth. Despite the presence of high capital costs as a potential hindrance, the market is projected to expand rapidly due to the growing demand for hydrogen in various industries. Moreover, the potential of hydrogen as a vehicle fuel is expected to offer lucrative opportunities for market players. Key players in the market include Air Products and Chemicals, Inc., Chart Industries, Inc., and Linde PLC among others. The report provides detailed analysis, including a forecast of market growth, product segments, and competitive dynamics. Market segmentation is based on form, storage technology, and end-user categories, with a focus on utilities, commercial, and industrial sectors.
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