Hydrogen Energy Storage Market Size 2020 Growth Prospects, Key Opportunities, Trends and Forecasts 2023
Global Hydrogen Energy Storage Market: Synopsis
The detailed report published by Market Research Future (MRFR) projects that the global hydrogen energy storage market is marked to exhibit noteworthy expansion at a CAGR of 8.50% during the forecast period from 2016 to 2023 and generate significant revenue by the end of the review period. The need for complete energy storage solution has become more important where fields of wind turbines are generating gigawatts of electricity, often with a significant amount of grid power generation not matching with the demand. A detailed analysis report of COVID-19 impact on Hydrogen Energy Storage Market Size is provided with the report.
Increased research activities for the development of alternative energy solutions in order to reduce the consumption of fossil fuels, increased emphasis on utilizing cleaner fuel, high demand for alternative power sources as a result of increased energy consumption due to rapid rise in population, and rising environmental concerns regarding the adverse effects caused due to vehicle emission are majorly propelling the growth of the global hydrogen energy storage market during the assessment period.
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Global Hydrogen Energy Storage Market: Segmental Analysis
The global hydrogen energy storage market has been segmented on the basis of technology and end-users. Based on technology, the global hydrogen energy storage market has been segmented into liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns. The liquid hydrogen segment commands for the major share of the global hydrogen energy storage market. The high demand for clean and effective energy source is fueling the growth of this segment in the global hydrogen energy storage market during the assessment period. Based on end users, the global hydrogen energy storage market has been segmented into power generation, transportation, chemicals, metal working, and others.
Key Players
The key players profiled by Market Research Future (MRFR) that are operating in the global hydrogen energy storage market are Worthington Industries Inc., Praxair Inc, Linde AG., VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Air Liquide, and others.
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Regional Analysis
Geographically, the global hydrogen energy storage market has been segmented into five major regions such as North America, South America, Asia Pacific (APAC), Europe, and the Middle East and Africa.
The Asia Pacific region commands the major share of the global hydrogen energy storage market during the assessment period. The factors such as increased research activities for the development of alternative energy solutions in order to reduce the consumption of fossil fuels, increased emphasis on utilizing cleaner fuel, high demand for alternative power sources as a result of increased energy consumption due to rapid rise in population, and rising environmental concerns regarding the adverse effects caused due to vehicle emission are majorly propelling the growth of the global hydrogen energy storage market in the Asia Pacific region. Rapid technological advancement and increased adoption of alternative energy solutions are fueling the growth of the global hydrogen energy storage market in the North America and Europe regions.
Industry Updates
In February 2019, Chroma, a leading test and measurement instrumentation manufacturer, has announced its collaboration with Hephas Energy, a supplier of fuel cell test equipment, in order to test hydrogen fuel cells to expand Chroma's product scope.
In February 2019, Shell, a global oil company, has announced its agreement to acquire 100 percent of Sonnen, a leading provider of smart energy storage systems and innovative energy services for household purposes.
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