Hydrogen Energy Storage Market Growth Is ‘Fueled’ With Increasing Demand From Oil Refineries And Chemical Industries

The Business Research Company’s Hydrogen Energy Storage Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, March 2, 2022 /EINPresswire.com/ -- The increasing use of hydrogen in oil refineries and the chemical industries is contributing to the global hydrogen energy storage market. Hydrogen is used for processing foods, treating metals, refining petroleum, and producing fertilizers. To lower the sulfur content of fuels petroleum refineries, use hydrogen. For instance, according to the U.S Energy Information Administration, in October 2020, in the United States, there were roughly 161 operational fuel cells at 108 sites, generating a total of about 250 megawatts (MW) of energy using hydrogen produced from natural gas. Therefore, the growing demand for hydrogen from oil refineries and the chemical industry is expected to drive and shape the hydrogen energy storage market outlook going forward.

The global hydrogen energy storage market size is expected to grow from $13.08 billion in 2021 to $14.69 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global hydrogen energy storage market share is expected to reach $19.13 billion in 2026 at a CAGR of 6.8%.

Read more on the Global Hydrogen Energy Storage Market Report:
https://www.thebusinessresearchcompany.com/report/hydrogen-energy-storage-global-market-report

Companies in the hydrogen energy storage market are developing new technologies for hydrogen energy storage to meet customer demand and add comfort. The new technologies are designed to reduce weight, manufacturing cost and, component requirements for hydrogen energy storage. Such technological advancements improve the efficiency of hydrogen fuel cells. For instance, in July 2021, Hyzon Motors Inc., a US-based hydrogen mobility company, developed new onboard hydrogen storage system technology which reduces commercial vehicle weight and production costs. The lightweight composite components are combined with the system's metal frame in the latest patent-pending onboard hydrogen storage system innovation.

In April 2021, Alstom, a France-based manufacturing operation company acquired Helion Hydrogen Power for an undisclosed amount. Through this acquisition, Alstom, which is a pioneer in the field of hydrogen for the railway sector, expands its range of competitive, innovative solutions and continues to implement its Alstom in Motion strategic strategy. Helion Hydrogen Power is a France based company that designs and manufactures fuel cells and fully integrated hydrogen systems for transport and energy applications.

Major players covered in the global hydrogen energy storage industry are Air Liquide, Plug Power, Worthington Industries, Hydrogenics, Linde plc, Chart Industries Inc., Hexagon Composites, Nel, Hydrogenious Lohc Technologies, INOXCVA, Air Products and Chemicals Inc, H Bank Technologies Inc., McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries and Grz Technologies.

TBRC’s global hydrogen energy storage market report is segmented by storage technology into compression, liquefaction, material based, by state into liquid, gas, solid, by end-user into commercial, industrial, utilities.

Hydrogen Energy Storage Global Market Report 2022 – By Storage Technology (Compression, Liquefaction, Material Based), By State (Liquid, Gas, Solid), By End User (Commercial, Industrial, Utilities) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a hydrogen energy storage market overview, forecast hydrogen energy storage market size and growth for the whole market, hydrogen energy storage market segments, geographies, hydrogen energy storage market trends, hydrogen energy storage market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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