Hydrogen Energy Storage Market 
                     
Introduction
The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is 
projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Hydrogen energy storage is the process to store the excess amount of energy through 
electrolysis. In this process, the hydrogen is separated from chemical solution. The 
hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen 
energy is stored by absorption through a solid state material. Hydrogen energy storage is 
widely used in fuel cell technologies for stationary power and transport applications.
Proliferating demand for sustainable energy resource is expected to drive the hydrogen 
energy storage market growth. Hydrogen energy storage as a replacement of 
conventional fossil fuel energy is expected to foster the market growth. 
Report Overview
As governments across the globe are focusing more on decarbonization, the 
market is expected to witness steady growth during the forecast period. 
However, high capital cost of liquid hydrogen and solid hydrogen energy storage 
is a big challenge for small and medium scale applications. Liquid hydrogen 
storage involves high insulation cost to prevent vaporization.
Additionally, the storage cost of solid hydrogen is high compared to other types 
of fuel. Nonetheless, large number of new incentive schemes, coupled with 
robust investment from industry players will provide further opportunities in the 
market. 
Based on product type, gas type emerged as the market leader. This is attributed 
to low cost of energy storage for compressed gas compared to that of solid and 
liquid type. As the quantity of hydrogen storage increases, for gas type, per unit 
storage cost decreases, whereas, for solid type, it remains same.
Report Overview
Key findings of the study
• The solid hydrogen storage segment is projected to grow at the highest CAGR of 
approximately 9.2%, in terms of revenue, during the forecast period.
• By application, the transportation segment held more than 50% market share 
with a CAGR of 6.1%, in terms of revenue, during the forecast period.
• The Asia-pacific region dominated the hydrogen energy storage market with 
around 47% revenue share in 2019.
Report Overview
Key Market Players:
• Air Liquide (France)
• Air Products and Chemicals
• FuelCell Energy
• Hexagon Composites
• Hydrogenics
• ITM Power
• Linde
• Nel Hydrogen
• Plug Power
•  Worthington Industries.
Report Overview
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