Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction), By Physical State (Solid, Liquid, Gas), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the hydrogen energy storage market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for hydrogen energy storage market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of hydrogen energy storage market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Hydrogen Energy Storage Market Categorization:

The hydrogen energy storage market was categorized into four segments, namely technology (Compression, Liquefaction, Material Based), physical state (Solid, Liquid, Gas), application (Residential, Commercial, Industrial), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The hydrogen energy storage market was segmented into technology, physical state, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The hydrogen energy storage market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-one countries, namely, the U.S.; Canada; Mexico; Germany; Russia; UK; Spain; Italy; France; China; Japan; South Korea; India; Australia; Brazil; Colombia; Paraguay; Saudi Arabia; UAE; South Africa; Egypt.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Hydrogen energy storage market companies & financials:

The hydrogen energy storage market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• TAIYO NIPPON SANSO CORPORATION was established in 1910 and named in 2004 through the merger of Nippon Sanso and Taiyo Toyo Sanso. It is headquartered in Tokyo, Japan. The company operates through four business segments, namely, industrial gases, electronics-related products, medical, and energy. It specializes in supplying a diverse range of industrial gases including carbon dioxide, hydrogen, helium, LPG, acetylene, and others. The principal supply modes for industrial gases include on-site gases, bulk gases, and packaged gases. Industrial gases account for 70% revenue share of the company, with electronics-related products occupying 17%; medical, energy, and thermos individually accounting for 4% each; and the plant & engineering segment contributing 1% to the revenue generation.

• Iwatani Corporation was established in 1930 and is headquartered in Osaka, Japan. The company primarily serves the energy sector that encompasses industrial gases such as hydrogen, portable gas stoves, LPG, and other segments. It has extended its business operations in several other segments including agri-bio & foods, materials, machinery, welding, and electronic equipment. The company’s industrial gases and machinery segment focuses on specialty gases, air-separation gases, welding materials, gas-supply facilities, pumps and compressors, manufacturing equipment, factory automation systems, industrial machinery and facilities, and environmental equipment, among others.

• Cummins Inc. was founded in 1919 and is headquartered in Indiana, U.S. The company is engaged in the manufacturing, distribution, and services of diesel and natural gas generator sets. Its product portfolio also includes numerous other fuel systems, emission solutions, and electrical power generation systems. The company operates through five complementary operating segments, namely engine, power systems, distribution, components, and new power. Its research & development expenditure (net contract reimbursement) was USD 903 million in 2020. In September 2019, the company closed its acquisition of Hydrogenics Corporation. It serves clients in over 190 countries

• Chart Industries was established in 1992 and is headquartered in Georgia, U.S. The company mainly focuses on manufacturing cryogenic equipment that is used across the liquid gas supply chain. It operates through three major segments, namely energy, industrial gases, and life sciences. The energy segment includes equipment that is used for liquefaction, regasification, heat exchange, and other applications. The industrial gases segment manufactures cryogenic equipment and systems for the gas industry. The life sciences segment includes cryogenic freezers that are used for biological storage of human tissues, food processing, animal breeding & husbandry, and metallurgy. The firm is stepping into new market domains providing equipment for several applications such as hydrogen fueling, biogas liquefaction, wastewater treatment, and aerospace systems. The company operates offices in the U.S., Colombia, the Czech Republic, France, Germany, Italy, the UK, Australia, China, India, and Malaysia.

• Nel ASA is a hydrogen company delivering optimal solutions to store, produce, and distribute hydrogen from renewable energies. The company serves energy industries with leading hydrogen technology. It was established in 1927 and is headquartered in Norway. The company’s hydrogen solution covers the entire value chain from the production of hydrogen to fueling stations, thereby enabling industries to transition to green hydrogen and also providing fuels to fuel cell vehicles without any emissions.

• Steelhead Composites, INC. was founded in 2012 and is headquartered in Colorado, U.S. It manufactures high-strength and lightweight cylinders to be used for weight-sensitive energy and fuel storage applications including hydrogen energy storage. The company also specializes in lightweight bladder accumulators, gas bottles, mobile CNG fuel transport and storage, aluminum liners, and accessories. It also provides services such as composite manufacturing, testing, metal spin forming, design and engineering, and machining.

• Air Products Inc. was founded in 1940 and is headquartered in Pennsylvania, U.S. The company is primarily involved in selling chemicals and gases for industrial use around the globe. It caters to the needs and requirements of various end-use applications including energy, technology, industrial, food, and healthcare. The company is involved in the production of atmospheric and process gases and equipment used for the production and processing of the gases. It operates in 50 countries and serves customers worldwide. The product portfolio of the company includes argon, oxygen, carbon dioxide, nitrogen, hydrogen, process & specialty gasses, chemical intermediates, and performance materials. In addition, the company manufactures gas liquefaction equipment, gas cabinets, and coatings & adhesives.

• Linde plc was established in 2017 and is headquartered in Guildford, UK. The company was formed through the merger of Linde AG and Praxair, Inc. It is an industrial gas company, whose primary products comprise atmospheric gases including oxygen, nitrogen, argon, and rare gases, and process gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company is engaged in the design, engineering, and development of equipment for the production of industrial gases for internal use. It also offers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. The company caters to a wide range of end-use industries including petroleum refining, healthcare, food & beverage, manufacturing, aerospace, and chemicals & water treatment.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Hydrogen Energy Storage Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Hydrogen Energy Storage Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.