Allied Market Research

Hydrogen Energy Storage Market is Expected to Reach $25.4 Billion by 2027-Allied Market Research


Report Code : A10578

quote The global hydrogen energy storage market is moving toward expansion phase. This is mainly attributed to a significant surge in demand for sustainable energy sources and growth in demand for electric vehicles. Furthermore, various tax incentive schemes from regulatory bodies and robust investment are expected to positively impact the market growth. quote

Eswara Prasad
Manager, Energy and Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a new report published by Allied Market Research, titled, “Hydrogen Energy Storage Market by Product Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027”. 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. 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.

Based on application, the stationary power segment garnered highest market growth, owing to increase in demand for renewable power sources. Growth in prominence of renewable and sustainable power sources across the globe will positively impact the hydrogen energy storage market growth.

Asia-Pacific accounted for highest revenue share, owing to the impact of productivity improvements. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency.

Major players have adopted acquisition, agreements, and partnership to sustain the intense market competition. Some of the key players profiled in the hydrogen energy storage industry report include Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.

COVID-19 scenario analysis

  • The hydrogen energy storage market has significant impact of COVID-19 pandemic, owing to travel restrictions and global lockdown norms. 
  • This global lockdown led to cancelled shipments of various energy storage components and hindered project visits. According to a survey of Energy Storage Association, 62% of respondents faced delay in deployment of projects.
  • From beginning of May, 2020, over 70 countries including India, US, EU, and Switzerland had taken drastic measures to restrict export and import activities.
  • However, shifting trend toward decarbonization and sustainable energy resources will further increase the market demand in post-COVID timeframe. 
  • Furthermore, with the growing demand for electric vehicles, large number of industry players are investing in new startups in emerging economies, which will further create new market opportunities during the forecast period.

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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975



For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote Hydrogen Energy Storage Market by Product Type (Liquid, Solid, and Gas), Application (Stationary Power and Transportation), and End User (Industrial and Commercial): Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.


Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Hydrogen Energy Storage Market"
Purchase Enquiry