The global hydrogen energy–storage market is projected to reach $18.2 billion by 2024 from an estimated $13.7 billion in 2019, according to the new market research report Hydrogen Energy Storage Market by State, End-User and Region — Global Forecast to 2024.

In short, North America is expected to dominate the global hydrogen energy–storage market, and increased demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry.

The gas segment is expected to lead the hydrogen energy–storage market, as there are multiple economical methods available to store hydrogen as a gas via compression. The 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 storage, and they are expected to lead the market throughout the forecast period. The hydrogen energy–storage market has been categorized based on end-user into industrial, commercial and utilities. Utilities are expected to be the fastest-growing user. 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.

Andrea Zander is website content editor at Institutional Real Estate, Inc.