Hydrogen Energy Storage Market to Grow $18.2 billion by 2024 - iCrowdNewswire - 0 views
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Almira Coyne on 05 Feb 21The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry. Gas segment is expected to lead the hydrogen energy storage market by state The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of gas segment is because of the easy available plans to produce and store hydrogen in the gaseous form. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107179995 Compression segment is expected to capture the significant share of the hydrogen energy storage market by storage technology Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally. Utilities are the leading end-users of hydrogen energy storagesand are expected to lead the market throughout the forecast period Hydrogen energy storage market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases, using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.