Hydrogen energy storage market size worth $19.84 billion by 2028
Christian Fernsby ▼ | March 3, 2022
The global hydrogen energy storage market size is expected to reach USD 19.84 billion by 2028, according to a new report by Grand View Research.Article continues below
The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. The supportive developments and policy support from the countries around the world will boost the market growth in the coming years. The growing scope of application of fuel cell technologies, such as transportation, portable power, and stationary power, are likely to augment the product demand over the forecast period.
Key Insights & Findings from the report:
The compression storage technology segment accounted for a dominant share of more than 40% in 2020.
The solid segment held the maximum revenue share in 2020. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market.
The market is competitive with key participants involved in R&D and constant innovations. The COVID-19 pandemic has had an adverse impact on the overall market growth.
This was owing to the factors, such as reducing operational cost by end-users and disruption in spare parts availability due to logistics issues & delays in manufacturing.
However, supporting factors in the form of policies, plans, and regulations from various governments have boosted the market growth. ■ What to read next
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