Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth. Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth. As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period. However, high capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications. Liquid hydrogen storage involves high insulation cost to prevent vaporization. Additionally, the storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market.
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Hydrogen Energy Storage Market to Hit $25.4 Billion by 2027, at a CAGR of 6.5% – mainlander.nz
