Hydrogen Energy Storage Market Surge Towards Solid Growth by 2028

The global hydrogen energy storage market is projected to reach USD 196.8 billion by 2028 from an estimated USD 11.4 billion in 2023, at a CAGR of 76.8% during the forecast period. The growing emphasis on environmental sustainability, rising adoption of fuel cell vehicles, intermittent renewable energy integration accelerates the growth of the hydrogen energy storage market.

Key Market Players

Linde plc (Ireland), ENGIE (France), Plug Power Inc. (US), Fuelcell Energy, Inc. (US), Iwatani Corporation (Japan), Hydro X (Israel), LAVO System (Australia), HYDROGEN IN MOTION (Canada), Mahytec (France), GKN Hydrogen (Italy), HPS Home Power Solutions AG (Germany), HDF ENERGY (France), Energy Vault, Inc. (Switzerland), BALU FORGE INDUSTRIES LIMITED (India), storelectric LTD (UK), H2GO Power (UK), Powertech Labs Inc. (Canada), Beijing SinoHy Energy Co., Ltd. (China), Hydrogenious LOHC Technologies (Germany), Ergenics Corp. (US), Power to hydrogen (US)

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This report segments the hydrogen energy storage market based on application into three categories: electric utilities, industrial, and  commercial. Electric Utilities is expected to hold the largest market share in the hydrogen energy storage market during the forecast period. The demand for hydrogen energy storage is increasing in electric utilities applications due to integration of renewable energy and grid stability and reliability. Hydrogen energy storage can provide backup power during grid outages and can be used to balance supply and demand on the grid by storing excess electricity during times of low demand are the factors that are expected to drive the growth of the electric utilities segment during the forecast period.

Based on the Storage form, the hydrogen energy storage market is segmented into solid, liquid and gas. The gas segment is expected to dominate the market during the forecast period as gas form is more efficient and can easily be transported. Hydrogen energy storage as gas results in fewer energy losses during the storage process and there is already established infrastructure for transporting and distributing gaseous hydrogen energy.

Based on the technology, the hydrogen energy storage market is segmented into compression, liquefaction and material-based. The compression segment is expected to be the fastest growing market during the forecast period owing to the low energy losses compared to other methods and high energy density per unit volume. Compression technology is cost effective as compared to other storage technologies, which is expected to drive the growth of the medium voltage segment in the forecasted period.

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This report segments the hydrogen energy storage market based on application into stationary power and transportation. During the forecast period, the stationary power segment holds the largest market share due to its higher efficiency, safety, and ability to provide a steady energy supply for grid integration and industrial processes. The Stationary systems are well-suited for critical facilities, sustainability goals, and avoiding transportation challenges.

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Switchgear Market Huge Growth Opportunity between 2023-2028

According to a research report "Switchgear Market by Insulation (Gas-insulated, Air-insulated), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2028" published by MarketsandMarkets, the market size for switchgear is projected to reach approximately USD 119.9 billion by the year 2028, as compared to the estimated value of USD 93.1 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% over the forecast period.

The switchgear market is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity and increased investments in industrial production are likely to drive the demand for switchgear.

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High voltage segment, by voltage, to occupy majority of switchgear market share.

During the forecast period, the high voltage segment, categorized by voltage, is expected to secure a dominant market share. High-voltage switchgears, operating above 36 kV, are crucial in transmission, heavy industries, mining, railways, and commercial infrastructures. The main component, a high-voltage circuit breaker, is integral. Gas-insulated switchgears are prevalent in these applications. Typically placed outdoors due to space requirements, they consist of circuit breakers, isolators, transformers, and bus bars. Faulty tripping is rare, and these switchgears often remain ON for extended periods. They play a vital role in renewable power transmission and medium-voltage substations. As electrification and renewable integration rise, the demand for high-voltage switchgear, especially automated and smart ones for smart grids, is expected to surge in the forecasted period.

Commercial & residential segment, by end user, to be third-largest and third-fastest market.

Urbanization, particularly in regions like Asia Pacific, South America, and Africa, is driving a surge in commercial and residential constructions. As urban centers grow due to economic opportunities, the need for housing and commercial buildings escalates. Switchgear plays a vital role in supplying, safeguarding, and regulating power for various equipment in these constructions. Additionally, contemporary switchgears are engineered to handle earth leakage current faults, enhancing their safety features. Consequently, the demand for switchgear in commercial and residential applications is anticipated to rise significantly in the coming years.

North America to emerge as the third-largest switchgear market.

During the forecast period, North America is anticipated to hold the third-largest market share in the global switchgear market. Encompassing the US, Canada, and Mexico, the region boasts extensive trade ties and significant foreign investments, with the US and Canada jointly contributing around 93.8% to North America's switchgear market. With a combined population of nearly 530 million and an economy representing over one-quarter of the world's GDP, the region faces substantial power demands, leading to increased investments in fortifying and modernizing its transmission and distribution utilities. Notably, energy consumption per capita in North America saw a 4% rise, according to the BP Statistical Review of World Energy 2022.

The region is undergoing a transformative phase in its utilities sector, marked by a shift towards digital operational strategies focusing on decentralization, digitization, and decarbonization of power systems. Aging power infrastructures, constituting nearly 72% of the US power infrastructure beyond 25 years of service, pose a blackout risk, prompting active government initiatives to upgrade and replace these structures for enhanced grid reliability.

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Key Players

Key players in the global switchgear market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).

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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Residential Energy Storage Market Outlook 2023 – Huge Growth, Trends, Revenue And In-Depth Analysis 2028

According to a new market research report, the residential energy storage market is anticipated to reach a value of USD 898 million in 2023 and is expected to expand to USD 2,081 million by 2028, exhibiting a CAGR of 18.3%. The market growth is propelled by the decreasing costs of lithium-ion batteries and significant government investments, which contribute to the market's positive trajectory.

By technology, the residential energy storage market is divided into two segments: lithium-ion and lead-acid. The segment expected to witness the highest growth rate during the forecast period is lithium-ion. This growth can be attributed to factors such as the cost effectiveness of lithium-ion technology and the increasing number of manufacturing sites established by various companies, including Tesla (US) and BYD Company Ltd (China).

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By operation type, the residential energy storage market is segmented into standalone systems and solar and storage systems. Among these, the solar and storage systems segment holds the largest market share and is projected to grow at the highest rate during the forecast period. This growth can be attributed to the increased installations of solar PV systems, which drive the demand for combined solar and storage solutions.

By ownership type, the residential energy storage market is segmented into customer-owned, utility-owned, and third-party-owned. Among these segments, the utility-owned segment is expected to witness the second-highest growth rate in the forecast period. This growth can be attributed to the expiration of feed-in-tariff contracts, which incentivize utilities to invest in and own residential energy storage systems.

The report is divided into sections for the 3-6 kw, 6-10 kw, and 10-20 kW power ratings in the residential energy storage market. Due to the demand for emergency backup power during natural disasters and prolonged power outages, 3-6 kW is anticipated to grow at the second highest rate during the forecast period.

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According to connectivity, the report divides the residential energy storage market into on-grid and off-grid categories. Due to lower upfront costs and frequent power outages, the on-grid segment, which accounted for the largest market share, was anticipated to experience the fastest growth.

During the forecast period, Asia-Pacific is anticipated to have the residential energy storage market with the fastest growth. China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific, which includes the Philippines, Indonesia, and Thailand, are the countries into which the region has been divided. The dominance of the Asia Pacific region is due to the rapidly declining cost of batteries and growing demands for improved grid infrastructure and dependability.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
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USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com