GVR Report cover Hydrogen Energy Storage Market Size, Share & Trends Report

Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction, Material Based), By Physical State (Solid, Liquid, Gas), By Application, By Region And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-711-7
  • Number of Pages: 90
  • Format: Electronic (PDF)

Report Overview

The global hydrogen energy storage market size was valued at USD 14.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. The market growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to the ongoing research & development and construction of full-scale storage projects in the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of an initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs.

U.S. hydrogen energy storage market size, by technology, 2020 - 2030 (USD Billion)

Development and construction of cost-effective and energy-saving hydrogen stations across the country are among the key objectives planned by the government. Such factors are expected to boost the growth of the market in the U.S. Increased hydrogen applications across a variety of industries are predicted to fuel market expansion. Hydrogen, for example, can be used for industrial applications in oil refineries, power generation in stationary fuel cells, as a fuel in fuel cell vehicles, and stored as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical compound.

According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel-produced hydrogen, it should be generated at less than USD 2.5 per kg. The cost is determined by a number of factors, including the location of production, market segment, renewable energy power tariffs, future electrolyzer investments, and others. Because of the low cost of hydrogen manufacturing, more energy storage systems will be deployed. The industry participants are substantially forward integrated. Demand for stored hydrogen in a variety of end-use applications, including fuel cell automobiles, grid services, and telecommunications, is forcing market players to integrate their facilities with the end-use industries.

Technology Insights

The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2021. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in the manufacturing and chemical industries.

Bulk industrial gas suppliers such as Linde, Air Liquide, and Air Products & Chemicals Inc. prefer liquefaction technology to deliver hydrogen in bulk to industrial end users such as the oil and gas and chemical industries. Liquefaction technology is used by industrial end users who demand bulk hydrogen in their processes. Over the projection period, the material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.

Application Insights

The industrial application segment held the largest revenue share of over 40.0% in 2021. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which is likely to catalyze the utilization of fuel cells in residential applications for micro combined heat and power. For instance, Japan’s ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in the residential sector.

The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications. The total number of hydrogen refueling stations around the world has more than doubled in the last five years from 181 in 2014 to more than 540 as of 2020. The continuous growth in deployment is led by the European and Asian regions.

Physical State Insights

The solid segment held the largest revenue share of over 45.0% in 2021. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in the solid form include techniques involving the absorption or adsorption mechanisms of hydrogen by a material.

Global hydrogen energy storage market share, by physical state, 2021 (%)

Currently, the storage of hydrogen in the liquid form is being reserved for certain special applications, i.e., in high-tech areas such as space travel and for bulk storage applications at industrial levels. For example, the tanks on the Ariane launcher, which are designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen, which provides fuel to the central engine.

Regional Insights

The Asia Pacific region held the largest revenue share of over 35.0% in 2021. The Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, the U.K., and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. The enormous demand for hydrogen generation from a variety of end-users, including industrial and commercial institutions, is to blame.

Large-scale hydrogen energy storage projects are being built across Europe, which is increasing the market demand. For example, Orsted, a Danish corporation, plans to use excess wind farm electricity in the North Sea to manufacture renewable hydrogen energy via electrolysis and sell it to large commercial users. Due to rigorous pollution control rules, the use of cleaner fuels, and an increase in fuel cell applications, the market in North America is predicted to rise at a high rate. Because of the rising hydrogen demand in chemical companies and oil refineries across the country, the U.S. has the greatest market share in the area.

Key Companies & Market Share Insights

Enhanced level of forwarding integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry. In June 2020, Cummins Inc. signed an agreement to form a joint venture with NPROXX for hydrogen storage tanks. The joint venture will continue under the name NPROXX. The joint venture aims to provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.

Some prominent players in the global hydrogen energy storage market include:

  • Air Liquide

  • Air Products Inc.

  • Cummins Inc.

  • Engie

  • ITM Power

  • Iwatani Corporation

  • Linde plc

  • Nedstack Fuel Cell Technology BV

  • Nel ASA

  • Steelhead Composites Inc. 

Hydrogen Energy Storage Market Report Scope

Report Attribute


Market size value in 2022

USD 15.31 billion

Revenue forecast in 2030

USD 21.66 billion

Growth rate

CAGR of 4.4% from 2022 to 2030

Base year for estimation


Historical data

2019 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, physical state, application, region

Regional scope

North America, Europe, Asia Pacific, Central, and South America, Middle East and Africa

Country scope

U.S.; Canada; Mexico;  Germany;  Russia; U.K.; Spain; Italy; France; China;  Japan; South Korea; India; Australia; Brazil; Colombia; Paraguay; Saudi Arabia; UAE; South Africa; Egypt

Key companies profiled

Taiyo Nippon Sanso Corporation; Iwatani Corporation; Cummins Inc.;  Nel ASA; Steelhead Composites Inc.; Air Products Inc.; Linde plc; Air Liquide;  ITM Power; Nedstack Fuel Cell Technology BV; Engie; GKN Sinter Metals Engineering GmbH; PlugPower Inc.; Hygear

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030 For the purpose of this study, Grand View Research has segmented the global hydrogen energy storage market report on the basis of technology, physical state, application, and region:

  • Technology Outlook (Revenue, USD Million, 2019 - 2030)

    • Compression

    • Liquefaction

    • Material Based

  • Physical State Outlook (Revenue, USD Million, 2019 - 2030)

    • Solid

    • Liquid

    • Gas

  • Application Outlook (Revenue, USD Million, 2019 - 2030)

    • Residential

    • Commercial

    • Industrial

  • Regional Outlook (Revenue, USD Million, 2019 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Russia

      • U.K.

      • Spain

      • Italy

      • France

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • India

      • Australia

    • Central & South America

      • Brazil

      • Colombia

      • Paraguay

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Egypt

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