Hydrogen Energy Storage Market

Air Liquide (France) and ITM Power (UK) are the Leading Players in the Hydrogen energy storage Market

The global hydrogen energy storage market is expected to grow from an estimated USD 13.7 billion in 2019 to USD 18.2 billion by 2024, at a CAGR of 5.8% during the forecast period. The growth of this market is driven by an increase in demand for hydrogen in the chemical industry and demand for hydrogen in stationary and portable power.

The global hydrogen energy storage market is dominated by a few major players that have an extensive regional presence. The leading players in the hydrogen energy storage market are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).

The major strategies adopted by the players include contracts & agreements, new product developments, partnerships & collaborations, mergers & acquisitions, and joint ventures. Contracts & agreements were the most commonly adopted strategy from July 2015 to August 2019.

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Air Liquide (France) is in the production and supply of gases for industrial, healthcare, and environment. It offers innovative solutions based on enhanced technologies and produces gases, such as hydrogen, oxygen, and nitrogen. It operates through 3 business segments, namely, gas & services, engineering & construction, and global markets & technologies. The engineering & construction segment designs and constructs air separation units, hydrogen, and synthetic gas production plants. The company holds the capabilities of providing hydrogen high-pressure storage in the gaseous form, very low-temperature storage in the liquid form, and hydride-based storage in the solid form. The company manufactures hydrogen storage tanks and cylinders in its subsidiary Cryolor (France). It specializes in providing the state-of-the-art technique for storing maximum hydrogen in a restricted volume by cooling it to a very low temperature. For instance, in 2016, the company designed and manufactured the tanks on the Ariane Launcher, which contains 28-ton liquid hydrogen that further fuels the central engine. Air Liquide specializes in offering hydrogen-related products and services. It has a presence globally in countries such as the US, Canada, South America, Europe, and Eurasia, the Middle East, Australia, China, India, Japan, South Korea, and Singapore.

ITM Power (UK) is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018. Power-to-gas energy storage captures excess renewable power using rapid response electrolysis and produces renewable hydrogen stored in the gas grid. It allows storage of a significant amount of energy and provision of CO2 neutral fuels in the form of resulting renewable energy gas mix of hydrogen and methane. In 2018, the company also received a grant to undertake a multi-megawatt power-to-gas feasibility study that focused on assessing the potential of power-to-gas systems for energy storage and hydrogen fuel in Massachusetts, US. ITM Power collaborated with Holyoke Gas and Electric (HG&E), a local gas and electricity utility for carrying out this feasibility study.

Related Reports:

Hydrogen energy storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024

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Report Code
EP 7389
RI Published ON
10/10/2019
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