U.S. Hydrogen Energy Storage Market Size to Reach USD 7.07 Bn By 2033

According to Nova One Advisor, the U.S. hydrogen energy storage market size was USD 4.18 billion in 2023, calculated at USD 4.41 billion in 2024 and is expected to reach around USD 7.07 billion by 2033, expanding at a CAGR of 5.4% from 2024 to 2033.

This growth is attributed to the rapid industrialization in the country and the growing popularity of alternate energy sources. Due to ongoing research and development as well as the building of large-scale storage projects, the U.S. market is anticipated to grow significantly over the forecast period.

Large amounts of hydrogen are stored in a technology called hydrogen energy storage. Solution-mined salt domes, excavated rock caves, and other spaces are used for storage. The transportation, metallurgy, general industrial, chemical, stationary, and other sectors are the main uses for hydrogen storage. Globally growing renewable energy installations are increasing greenhouse gas emissions, which will drive up demand for hydrogen storage energy systems. Hydrogen storage systems are also employed in the refining of oil and utilities.

Hydrogen finds widespread industrial use in processes such as glassmaking, fertilizer production, metal refining, and more, which in turn drives up demand for hydrogen energy storage systems. Many companies have largely chosen to employ alternative fuels such as hydrogen. A hybrid melting technology in conjunction with electrical furnace boosting is used to reduce dangerous emissions. Thus, the market is growing as a result of the growing use of hydrogen in numerous industrial sectors.

The U.S. is one of the world's pioneers in the use of renewable energy technologies for its industrial, transportation, and power generation industries. To take advantage of the possible assistance that H2USA could receive from the National Laboratories, the U.S. Department of Energy started a project. The National Renewable Energy Laboratory (NREL) and Sandia National Laboratories collaborated on the H2USA project to address any technical issues with the infrastructure that produces hydrogen. Based on current and emerging technologies at national laboratories, the Fuel Cell Technologies Office launched the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) project. Developing and building energy-efficient and reasonably priced hydrogen stations around the nation is one of the main goals the government has set for itself. The market for hydrogen energy storage is anticipated to grow in the United States as a result of all these factors.

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U.S. Hydrogen Energy Storage Market Key Takeaways

• The Industrial segment led the market and accounted for the largest revenue share of 41.06% in 2023.
• The commercial segment held a substantial market share in 2023.
• The Solid segment dominated the market and accounted for the largest market share of 51.83% in 2023. In the market
• The Liquid segment held a significant market share in 2023.
• The material-based segment accounted for the largest market share of 40.85% in 2023.
• The liquefaction segment registered a substantial revenue share in 2023

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Key U.S. Hydrogen Energy Storage Company Insights

The U.S. hydrogen energy storage market is fragmented. Although well-known corporations and academic institutes are working on hydrogen storage technologies, the industry is made up of a diverse range of businesses at different phases of development. The market's dynamic character as it moves from research and development to commercial deployment, as well as the variety of approaches to hydrogen storage, are reflected in the fragmentation.

Key players in the market include Cummins Inc.; Steelhead Composites, INC.; and Air Products Inc.

• Cummins Inc. manufactures, distributes, and provides services for diesel and natural gas generator sets. Other fuel systems, emission controls, and electrical power generation systems are also included in its product line. The engine, power systems, distribution, components, and new power operational segments are the company's five complementary business divisions.
• Steelhead Composites, INC. produces strong and light cylinders for use in fuel and energy storage applications that are sensitive to weight, such as hydrogen energy storage. In addition, the company specializes in aluminum liners, accessories, portable CNG fuel transport and storage, lightweight bladder accumulators, and gas bottles. In addition, it offers testing, metal spin forming, design and engineering, machining, and composite production services.

Plug Power, Inc.; American Clean Power Association; and Bloom Energy Corp. are other participants operating in the U.S. Hydrogen Energy Storage market.

• Bloom Energy Corp. manufactures and markets solid oxide fuel cells to produce electricity on-site. Bloom's green hydrogen fuel cells offer a clean energy generation from hydrogen that doesn't require combustion. With no additional risk of carbon emissions, these fuel cells offer constant reliability and operate on pure, green hydrogen. Furthermore, the company has deployed its solid oxide fuel cells numerous times to produce energy from green hydrogen that does not require combustion or emissions.

Key U.S. Hydrogen Energy Storage Companies:

• Cummins Inc.
• Chart Industries
• Steelhead Composites, INC.
• Air Products Inc.
• Plug Power, Inc.
• Worthington Industries
• American Clean Power Association
• Genh2 discover hydrogen
• FuelCell Energy Inc.
• Bloom Energy Corp.

U.S. Hydrogen Energy Storage Market Recent Developments

• In March 2024, and Shell inked agreements to explore prospects for creative, large-scale, renewable hydrogen energy projects. Bloom's collaboration with Shell will further DE carbonization prospects for developing SOEC technology. With this technology, there may be an opportunity to decarbonize several challenging industrial sectors. To supplement or replace the current fossil fuel-powered "grey" hydrogen supply produced at refineries by the highly carbon dioxide-emitting steam-methane reformation process, Bloom's SOEC technology can produce clean hydrogen at scale. By producing clean, or "green," hydrogen through water electrolysis and the utilization of renewable energy, greenhouse gas emissions are virtually eliminated.
• In February 2024, Plug Power Inc. and Uline, announced that they were expanding their partnership to include the installation of Plug's hydrogen infrastructure and fuel cell solutions at Uline's new campus in Kenosha, Wisconsin. As part of this extended collaboration, four distribution centers on campus will have 17 hydrogen dispensers and an 18,000-gallon hydrogen storage tank installed as part of the on-site hydrogen infrastructure. As part of the collaboration, 250 fuel cell forklifts will be added, and they will run on hydrogen produced locally using Plug's cutting-edge infrastructure.
• In June 2023, Cummins Inc. (NYSE: CMI) announced that it would acquire Air Liquide's 19% stake in Hydrogenics Corporation. In 2019, Cummins bought Hydrogenics, expanding its portfolio with important fuel cell and electrolyzer technology. The acquisition by Cummins demonstrates the company's dedication to these technologies and the growing role they will play in generating value for all parties involved and reducing carbon emissions in the environment. With this action, the rapidly increasing demand for hydrogen technology may be met with continuing investment and growth.

U.S. Hydrogen Energy Storage Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Hydrogen Energy Storage market.

By Technology?

• Compression
• Liquefaction
• Material Based

By Physical State?

• Solid
• Liquid
• Gas

By Application?

• Residential
• Commercial
• Industrial

Reasons to Purchase this Report

? Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

? Provision of market value (USD Billion) data for each segment and sub-segment

? Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

? Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

? Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

? Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

? The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

? Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

? Provides insight into the market through Value Chain

? Market dynamics scenario, along with growth opportunities of the market in the years to come

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