Energia
Hydrogen Energy Storage Market to Reach $25.4 Bn, Globally, by 2027 at 6.5% CAGR: Allied Market Research
Growing application as an alternative to fossil fuel and rise in demand for sustainable power source drive the growth of the global hydrogen energy storage market. On the other hand, high capital cost is expected to curb the growth to some extent. However, robust investment and government support are expected to create lucrative opportunities for the key players in the industry
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Based on product type, the gas segment accounted for nearly three-fourths of the global hydrogen energy storage market share in 2019, and is expected to dominate by the end of 2027. Huge demand from the transportation sector and low storage cost of compressed hydrogen propels the segment growth. The solid segment, on the other hand, would register the fastest CAGR of 9.20% throughout the forecast period. This is attributed to the increasing demand from the automotive and transport sectors.
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Based on application, the transportation segment contributed to more than two-thirds of the global hydrogen energy storage market revenue in 2019, and is projected to rule the roost by 2027. Increase in demand for sustainable fuel power with reduced emission fuels the segment growth. The stationary segment would grow at the fastest CAGR of 7.30% during the forecast period. This is due to growing emphasis on de-carbonization and sustainable power solutions.
Based on region, Asia-Pacific held the major share in 2019, generating nearly half of the global hydrogen energy storage market, owing to the impact of productivity improvements in the province. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency. Simultaneously, the market across LAMEA would generate the fastest CAGR of 8.60% from 2020 to 2027, due to rise in number of trade fairs and exhibitions that are promoting new technologies in the region.
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