Hydrogen Energy Storage Market

ENGIE (Germany), Plug Power Inc. (US) and Linde plc (Ireland) are leading players in Hydrogen Energy Storage Market

The global hydrogen energy storage market is projected to reach USD 196.8 billion by 2028 from an estimated USD 11.4 billion in 2023, at a CAGR of 76.8% during the forecast period. The rising safety concerns, increasing focus on renewable energy, and the growing demand for electricity is driving the growth of the hydrogen energy storage market.

Due to their strong supply network, a few global and regional players hold a strong foothold in the hydrogen energy storage market. ENGIE (Germany), Plug Power Inc. (US), Linde plc (Ireland),  Iwatani Corporation (Japan), and Fuel Cell Energy Inc. (US) are the market leaders in the hydrogen energy storage market. These companies have adopted strategies such as product launches, partnerships,  acquisitions, and expansions to increase their market share.

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Linde plc is a global industrial gas and engineering company. The principal business activities of the company include the production of industrial gases, along with designing, engineering, and manufacturing equipment used in producing industrial gases. It produces rare gases, such as atmospheric gases, such as oxygen, nitrogen, and argon, and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. It operates its business through five reportable segments, namely, Americas, EMEA, APAC, Engineering, and Other.

Linde plc specializes in producing and storing hydrogen, which is used as a fuel, chemical material, or natural gas substitute. The company operates in more than 100 countries. It has 350 hydrogen plants (including cryogenic air separation plants) in North America and manufacturing units throughout Europe, the Middle East & Africa, and Asia Pacific. It has supplied its hydrogen technologies to over 180 fueling stations worldwide.

Engie is a leading player in low-carbon energy and services. ENGIE is at the forefront of the transition to clean and sustainable energy solutions, with hydrogen energy storage being a key component of its strategy. ENGIE invests in the production of green hydrogen, primarily through the electrolysis of water using renewable energy sources and stores the produced hydrogen energy in the salt caverns. The company operates through seven operating segments namely Energy Solutions, Thermal, Networks, Renewables, Nuclear, Supply and others. The company provides salt cavern storage solutions under Energy Solutions.

The company aims to establish 1 TWh of underground hydrogen storage capacity in salt caverns by the year 2030. The company operates in 31 countries and has a presence across Europe, Asia Pacific and Middle East and Africa

Plug Power Inc. is a prominent American company that specializes in providing hydrogen fuel cell solutions Plug Power is involved in the production of green hydrogen, primarily using renewable energy sources to electrolyze water and generate hydrogen. The company also provides storage solutions for hydrogen energy generated using renewable energy which have applications in industrial, electric utilities and other sectors. The company operates through a single segment.

Plug Power Inc. has a very wide network which helps the company to position in the market. The company invests significantly in research and development to provide innovative solutions to its customers. The company has a geographical footprint in Asia, Europe, North America, and the rest of the world.

Related Reports:

Hydrogen Energy Storage Market by Form (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial) Region - Global Forecast to 2028

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Hydrogen Energy Storage Market Size,  Share & Growth Report
Report Code
EP 7389
RI Published ON
9/29/2023
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