Market Size, Trends and Global
Forecast 2023-2032
Hydrogen Energy Storage Global Market Report 2023
Hydrogen Energy Storage Market Definition
Hydrogen energy storage is defined as energy storage that stores electric power in the form of hydrogen. Hydrogen energy storage is a procedure in which renewable energy surpluses are used to power electrolysis during periods of low energy demand. Power
electrolysis is a method of separating hydrogen from a chemical solution by passing an electrical current across it.
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Hydrogen Energy Storage Market Characteristics:
The global hydrogen energy storage market size grew from $14.7 billion in 2022 to $15.9 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The hydrogen energy storage market size is expected to grow to $20.53 billion in 2027 at a CAGR of 6.6%.
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14.7 15.9
20.53
2022 2023 2027
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Global Hydrogen Energy Storage Market Size Forecast To 2032
Key Market Drivers And Trends
Drivers Trends
The increasing use of hydrogen in oil refineries and the chemical industries is contributing to the growth of the hydrogen energy storage market.
Companies in the hydrogen energy storage market are developing new technologies for hydrogen energy storage to meet customer demand and add comfort.
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Hydrogen Energy Storage Global Market Segments:
The report covers the hydrogen energy storage market’s segmentsBy
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By Storage Technology
Commercial,
By End User Compression, Liquefaction, Material Based
Industrial, Utilities
State Liquid, Gas,
Solid
Major companies in the market include
Key Market Players
Air Liquide
Plug Power
Worthington Industries
Hydrogenics
Linde plc
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