Hydrogen energy storage systems receive an increased positive attention worldwide. The technology is very promising as hydrogen fuel storage can store in far more efficient energy consumption. This is perhaps why departments like the Energy Efficiency and Renewable Energy Office in the US has set specific goals to bolster the technology. The department had set its sights on creating automotive hydrogen storage systems that would provide 300 miles while meeting requirements for safety, commercial viability, and performance. These goals have largely met and today’s electric automobiles are expected to drive further enhancements in hydrogen energy storage market.
Apart from automotive sector, the hydrogen energy storage market caters to the needs of material handling equipment, portable power applications, and onboard light-duty vehicles. The rising investment in hydrogen storage and its promise as a renewable source of energy is expected to drive significant growth for the hydrogen energy storage market in the near future.
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Global Hydrogen Energy Storage Market: Notable Developments
Researchers at National Accelator Laboratory and from Stanford University have proven in a recent research that cheap catalysts can generate hydrogen gas for hours. The new method based on the electrolyzer technology promises to split water for a large scale commercial application in harsh environments. In fact, the technology has been tested under these very conditions. Earlier, the high costs of catalysts like iridium, and platinum were major barriers to boost efficiency of chemical reactions. However, new research published in Nature Nanotechnology promises a cheap solution to generation of hydrogen for a commercial scale.
Vattenfall, LKAB, and SSAB have announced an investment of $15.2 million on the construction of a hydrogen storage facility. The facility will be used as a pilot plant for fossil-free steel. The funding is part of Swedish Energy Agency’s push to produce steel and iron in a sustainable manner. By using hydrogen storage, Sweden is expected to cut down its carbon emission by 10%. The facility is expected to start operations in 2022 and will likely run till 2024. This is one of the many initiatives to push hydrogen storage to become the backbone to meet energy needs of other sectors. In the future, hydrogen production can come from renewable sources like wind, and solar energy. Hence, shifting other sectors to avail more hydrogen storage is a necessity for meeting renewable energy goals.
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Global Hydrogen Energy Storage Market: Drivers and Restraints
The global hydrogen energy storage market is expected to witness considerable growth, thanks to rising consumer interest in next-gen electric vehicles. The rise of Tesla and subsequent announcement by major automakers to launch new vehicles is a major boon for the hydrogen energy storage market. The low density of hydrogen continues to be a challenge. However, current range and improving infrastructure supporting growth of electric vehicles are expected to drive significant growth for the hydrogen energy storage market.
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Global Hydrogen Energy Storage Market: Geographical Analysis
The global hydrogen energy storage market is expected to witness considerable growth in the near future in North America, Europe, and Asia Pacific. Rising investments in electric vehicles, growing investments in research of hydrogen storage, and growing consumer interest in renewable end-products is expected to drive considerable growth for the market. While US continues to lead innovation in the hydrogen energy storage market, countries like China are leading in manufacturing of large fleets of electric vehicles. The considerable prospects on the horizon, and growing interest of automakers due to lower production requirements and rising demand for electric cars are expected to drive significant growth.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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