Hydrogen Energy Storage Market - Databook 2025 to 2034

The global hydrogen energy storage market size accounted for USD 17,610 million in 2024 and is predicted to touch around USD 34,970 million by 2034, growing at a CAGR of 7.1% from 2025 to 2034.

Highlights of the Hydrogen Energy Storage Market

• Asia Pacific dominated the global hydrogen energy storage market in 2024.
• North America is anticipated to grow at the fastest rate in the market during the forecast period.
• By technology, the compression segment holds a dominant presence in the hydrogen energy storage market in 2024.
• By technology, the liquefaction segment is expected to grow at the fastest rate in the market during the forecast period.
• By physical state, the solid segment holds a dominant presence in the hydrogen energy storage market in 2024.
• By physical state, the liquid segment is expected to grow at the fastest rate in the market during the forecast period.
• By end-user, the commercial segment holds a dominant presence in the hydrogen energy storage market in 2024.
• By end-user, the industrial segment is expected to grow at the fastest rate in the market during the forecast period.

Industry Valuation and Growth Rate Projection

The storage of hydrogen can be attained via numerous methods, including compressed gas, solid-state storage, and liquid form systems. Its versatile application generates numerous uses, including heating, transportation, power generation, and cooling systems. The requirement for hydrogen energy storage solutions is growing to boost a reduction in carbon emissions and a shift toward sustainable energy.

Hydrogen Energy Storage Market: Stats and Figures

• Global manufacturing stands nearly 75 MtH2/yr as pure hydrogen and in addition of 45 MtH2/yr as part of a mix of gases. This is equal to 3% of the final energy need globally, and like the yearly energy utilization of Germany.
• Nearly 40% of planned low-emissions hydrogen manufacturing projects are in water-stressed regions, where utilizing numerous sources of water and handling them sustainably will be vital.

How AI Has Benefitted the Hydrogen Energy Storage Market

AI can help improve the incorporation of renewable energy, like solar and wind, into the power grid, while developed algorithms can forecast renewable energy advancement and adjust demand in real time. AI also permits demand management and forecasting of consumption patterns, which are vital for balancing energy supply and demand and guaranteeing grid stability.

AI can enhance the operational efficiency of power plants as well as distribution networks. By determining historical and real-time information, opportunities to improve production and decrease expenses can be determined. AI also permits predictive maintenance through machine learning algorithms that can forecast instrument failures before they occur, decreasing downtime and associated expenses.

Industry Leader Announcements

• Dr Graham Cooley, CEO of ITM Power

Dr Graham Cooley, CEO of ITM Power, said: “ITM Power is delighted to be part of this exciting project, working alongside industry leaders to explore the potential to harness wind for offshore green hydrogen production.”

• Andy Walz, president of Americas Fuels & Lubricants for Chevron

“Chevron believes that hydrogen has the potential to assist in lowering the carbon emissions of the transportation sector and other hard-to-decarbonize industries,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “We are excited to work with Iwatani to advance the entire hydrogen transportation value chain from production to consumer purchase in order to help our customers lower their lifecycle transportation carbon intensities.”

Geographical Insights

The hydrogen energy storage market is experiencing significant growth, with Asia Pacific maintaining its position as the dominant region while Europe emerges as the rapidly growing market. The North America region is projected to be the fastest-growing in the market during the forecast period.

APAC

Asia Pacific (APAC) dominated the global market in 2024. Fast economic expansion, urbanization, and growing energy needs necessitate the advancement of efficient energy storage solutions to fund evolving power grids and industries. Advancement in hydrogen storage and usage technologies are consistent with the area's commitment to sustainability and innovation.

Europe

Europe is experiencing rapid growth in the hydrogen energy storage market during the forecast period. Stringent emissions targets, collaborating with a robust commitment to renewable energy, are boosting the acceptance of hydrogen as an energy carrier. Green hydrogen manufacturing policies, government incentives, and sector coupling all assist in speeding up market expansion by encouraging hydrogen integration across industries. Hydrogen manufacturing, storage, and usage technological developments are in line with Europe's boost for innovation and sustainability.

North America

North America is projected to be the fastest-growing in the market during the forecast period. This area possesses a solid industrial foundation, housing various enterprises involved in hydrogen production and developing hydrogen energy storage systems. This has created a conducive setting for stretching this area hydrogen energy storage market. The locale undergoes a remarkable thirst for clean energy, placing hydrogen energy storage systems as crucial remedies to execute this energy requirement.

Recent Developments

• In October 2024, Metis Engineering started its latest Cell Guard with a Hydrogen sensor. This novel sensor, a generation of the original Cell Guard, analyzes hydrogen (H₂) in energy storage systems, providing essential safety improvements for hydrogen-derived applications and battery packs alike.
• In June 2024, the World Bank’s Board of Executive Directors accepted $1.5 billion in financing for a second operation to assist India in speeding up the development of low-carbon energy. The function will seek to encourage the advancement of a vibrant market for green hydrogen, constantly to speed up renewable energy, and contribute finance for low-carbon energy funds.

Competitive Landscape

The competitive landscape of the hydrogen storage market is featured by the existence of various major players involved in the advancement of hydrogen storage technologies and solutions. These firms are greatly funding research & development to develop hydrogen storage technologies and enhance the safety, efficiency, and cost-effectiveness of their solutions. Further, many firms are targeting the advancement of innovative storage technologies, like liquid hydrogen storage and metal hydrides, to meet the increasing need for hydrogen in numerous applications.

• Company Name: ITM Power
• Year of Incorporation: 2001
• Headquarters: Sheffield, United Kingdom

ITM Power is an effective and fast-evolving environment, with numerous players vying for supremacy in the market. As a leading contributor of hydrogen energy solutions, it faces stiff competition from both well-known firms and emerging startups, all looking to invest in the increasing need for clean energy options. With developments in technology and growing government funds for renewable energy sources, the sector is ripe with opportunities for innovation and expansion.

• Company Name: Iwatani Corporation
• Year of Incorporation: 1930
• Headquarters: Osaka, Osaka, Japan

Iwatani Corp is involved in the energy field, targeting the manufacturing and distribution of energy and gas solutions. The firm provides liquefied natural gas, liquefied petroleum gas, fuel cells, tanks for vessels and ships, heat pumps, and household electrical cooking apparatus. It offers a variety of air separation gases, semiconductor manufacturing devices, industrial gases, welding goods, and environmental instruments. The firm supplies different materials like ceramics, industrial chemicals, metals, and electronic materials.

• Company Name: Nel ASA
• Year of Incorporation: 1927
• Headquarters: Oslo, Norway

Nel Hydrogen functions as a manufacturer of hydrogen production and storage solutions. Nel Hydrogen has received an undisclosed amount of investment. The firm has 329 active competitors, including 22 existing and 94 funded. Its top competitors are firms such as Electric Hydrogen, Orsted, and Sunfire.

Annual Revenue: ITM Power vs Iwatani Corporation vs Nel ASA 2022-24 (Millions of US$ $)