The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. Increasing demand of hydrogen in industrial sector and rising demand of stationary and mobile power applications are the key factors driving market growth.
The global hydrogen energy storage market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Siemens Energy (Germany) held the majority of the global hydrogen energy storage market share in 2020. Siemens Energy is increasing its market presence and is in process of making a strong foothold across the global hydrogen energy storage market. Linde plc (Ireland), followed in second place in the hydrogen energy storage market. The company has been consistently showcasing an increase in its annual revenue over the last few years, due continuous expansion in its product portfolio. ENGIE (France) is considered to have the third largest share in the global hydrogen energy storage market. The company continuous to invest considerable in the R&D activities. The company has a strong presence across the globe.
Siemens Energy (Germany) is a global leader in the energy business. It follows four trends of the energy world: growth, decarbonization, decentralization, and digitalization. The company operates its business through two business segments, namely, Gas and Power and Siemens Gamesa Renewable Energy (SGRE). In February 2021, Siemens Energy signed an agreement of partnership with Air Liquide to provide an expertise in PEM (Proton Exchange Membrane) electrolysis technology and develop a large scale electrolyzer for hydrogen production.
Another important player in the hydrogen energy storage market is Linde plc (Ireland). Linde plc is a major provider of industrial gases along with designing, engineering, and manufacturing of the equipment used in the production of industrial gases. The company operates through four business segments providing building solutions, namely, Americas, EMEA, APAC, Engineering and other. In October 2021, Linde plc started a new hydrogen production facility in Texas, bringing the total hydrogen capacity of US Gulf Coast approximately to 1.5 billion cubic feet per day.
Hydrogen Energy Storage Market by State (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial), Region - Global Forecast to 2027
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