Hydrogen energy storage market to hit $17.6 billion by 2032, study finds
In Delaware, a new report by Global Market Insights stated that the global hydrogen energy storage market is expected to reach a valuation of $17.6 billion by 2032.
“With the fuel cell vehicle deployment, governments are increasingly investing in hydrogen-based infrastructure. Globally, vehicle manufacturers and hydrogen producers are heavily spending on the deployment of fuel cell vehicles. This has led to steady development in hydrogen infrastructure networks. Over the coming years, the industry growth will increase with the rising automotive developments,” the report reads.
The report stated that the hydrogen energy storage market from the transportation segment will record a 10% CAGR from 2023 to 2032. “In the transportation industry, hydrogen is widely employed to drastically cut carbon emissions. The growing number of regulations for carbon emissions and reduction of carbon footprint is expected to influence market growth. The development of hydrogen fuel cells will be aided by rising distillate fuel demand.”
The European hydrogen energy storage industry will grow at a CAGR of 8% during 2023 to 2032, according to the study.
Category: Hydrogen
