Global Hydrogen Energy Storage market outlook 2024, Forecast To 2033

The hydrogen energy storage market has displayed strong growth, increasing from $15.72 billion in 2023 to $16.64 billion in 2024, with a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period is attributed to an increase in renewable energy integration, the rise in grid balancing, the decentralization of the energy sector, the increase in industrial applications, and the rise in transportation fuel. Strong growth is expected to continue, reaching $20.98 billion in 2028, with a CAGR of 6.0%. The forecasted growth is linked to factors such as the increasing hydrogen economy, rising demand for renewable hydrogen, growing energy security, and the rise of grid decarbonization. Major trends in the forecast period include the adoption of hydrogen electrolyzers, the expansion of hydrogen infrastructure, the development of hydrogen storage technologies, and the utilization of hydrogen as a grid balancer.