Boston, May 14, 2025 (GLOBE NEWSWIRE) — According to the latest study from BCC Research, the “Global Hydrogen Energy Storage Market” is projected to reach $23.7 billion by the end of 2029 with a CAGR of 72.1% from 2024 to 2029.
In this report, the global hydrogen energy storage (HES) technology market is analyzed by storage technology and end use, focusing on the U.S., Canada, China, Japan, Germany, France and the U.K. The report covers four regions: North America, Europe, Asia-Pacific and the Rest of the World. It examines leading companies, financial data, product types and important developments, along with a patent analysis, the regulatory environment, and the competitive landscape. The study focuses on green hydrogen, which generated from renewables or low-emission sources and used in mobility applications or fuel cells.
This report is relevant due to the declining costs of renewable energy generation and supportive government incentives driving the transition to green energy. With increasing domestic and global energy demand, the fastest growth in solar PV is expected in APAC countries China and India, followed by Southeast Asia, Latin America, the Middle East, and North Africa. As renewable energy generation rises, so does the need for hydrogen energy storage (HES) to store surplus energy, making HES a crucial component in the evolving energy landscape.
The factors driving the market’s growth include:
Electrolyzers for Grid: Electrolyzers help stabilize the grid by converting excess electricity into hydrogen, which can be stored and used later.
Renewable Energy Variability: If renewable energy generation is interrupted, HES systems ensure a consistent energy supply by storing excess energy for later use.
Clean Transportation: Hydrogen is used as a clean fuel for vehicles, reducing emissions and pollution.
Hydrogen Infrastructure: Developing hydrogen production, storage, and distribution infrastructure supports its growing demand and accessibility.
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Report Synopsis
| Report Metric | Details |
| Base year considered | 2023 |
| Forecast period considered | 2024-2029 |
| Base year market size | $1.0 billion |
| Market size forecast | $23.7 billion |
| Growth rate | CAGR of 72.1% for the forecast period of 2024-2029 |
| Segments covered | Storage technology, end-user sector, and region |
| Regions covered | North America, Europe, Asia-Pacific and the Rest of World (South America and the Middle East and Africa) |
| Countries covered | U.S., Canada, Mexico, U.K., Germany, France, Netherlands, China, South Korea, Japan, India |
| Market drivers |
|
Interesting facts
- HES is produced using the green hydrogen technology method. It is also called clean or renewable hydrogen, and is essential for decarbonizing the economy. Clean hydrogen will represent around 12% of global energy consumption by 2050.
- According to International Energy Agency, the global electrolyzer capacity to produce green hydrogen and its derivatives is likely to reach 550 GW by 2030, based on announced projects, from an installed capacity of 1.4 GW in 2023.
- The U.S., China and Europe remain the major regional HES markets, accounting for over 80% of the global HES market.
Emerging startups
- H2Go Power: Focuses on hydrogen generation and storage solutions specifically designed for fuel cells. Its technology boasts an energy capacity five times greater than current battery technologies, making it particularly suitable for automotive applications.
- Hydrogenious LOHC Technologies: Specializes in liquid organic hydrogen carriers (LOHC), which allow for safe and efficient hydrogen storage under ambient conditions without needing high pressures or low temperature. This compatibility with existing fuel infrastructure increases its usability.
- Hydrexia: Develops solid-state hydrogen storage solutions using novel hydride materials. This approach offers safer and more cost-effective storage than traditional compressed gas systems.
The report addresses the following questions:
- What is the market’s projected size and growth rate?
- The global hydrogen energy storage (HES) market was valued at $1.0 billion in 2023 and is projected to reach $23.7 billion by the end of 2029, with a CAGR of 72.1% from 2024 to 2029.
- What are the key factors driving the growth of the market?
- Increasing the use of electrolyzers for grid stabilization.
- Decrease in renewable energy generation.
- Growing uptake of hydrogen for clean transportation.
- Growing emphasis on developing hydrogen infrastructure.
- What market segments are covered in the report?
- The HES market is segmented based on storage technology, end-use, and region.
- Which storage technology will dominate the market during the forecast period?
- The liquefaction segment will dominate the market during this period.
- Which region has the largest market share?
- Asia-Pacific holds the largest share of the global market.
Market leaders:
- AIR LIQUIDE
- ENERGY VAULT INC.
- ENGIE
- FUELCELL ENERGY INC.
- GKN HYDROGEN
- HDF ENERGY
- HPS HOME POWER SOLUTIONS AG
- HYDROGEN IN MOTION INC.
- HYGREEN ENERGY
- IWATANI CORP.
- LAVO
- LINDE PLC
- MAHYTEC
- PLUG POWER INC.
- POWER TO HYDROGEN
- STORELECTRIC LTD.
Related reports include:
Green Hydrogen: Global Markets: This report on the global green hydrogen market segments the industry by technology, power source, end-use industry, and regional analysis. It provides competitive intelligence and analyzes market dynamics, emerging technologies, and global developments. The focus is on hydrogen production from water electrolysis using renewable energy sources like wind and solar, specifically covering alkaline and PEM electrolysis technologies. Hydrogen production using natural gas is outside the scope of the report.
Hydrogen Fuel Cell: Global Markets: This report on the global hydrogen fuel cell market segments the industry by product type, technology, application, and region. It covers hydrogen fuel cells used in stationary, portable, and mobile applications, including combined heat and power (CHP), stationary power supply units, auxiliary power units, and vehicle propulsion systems. Fuel cell electrolyzers are outside the scope of the report. Market sizing is provided in value and volume, along with competitive intelligence on market share and revenues of leading companies. The report also explores global market dynamics, emerging technologies, and other developments in the hydrogen fuel cell industry.
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