Hydrogen Energy Storage Market Earnings Rise with Launch of Sustainable Energy Projects
The process wherein the energy surplus created by renewables is used to power electrolysis. The generation of hydrogen via electrolysis is widely used in stationary fuel cells for several applications. Power generation, power fuel cell vehicles, reduction in carbon intensity, storage as compressed gas, and also as a cryogenic liquid.
Hydrogen is considered as the next generation fuel. Initiatives taken by the government of economically sound companies pertain to the growing demand for hydrogen as fuel. Beijing Jingneng Power Co Ltd, a Chinese power producer, announced its project on sustainable energy. A 5GW wind-solar-hydrogen complex is to be set in Inner Mongolia to harness clean energy. While, North America lacks no behind. The government in the US are investing in renewable energy advancements.
The US Energy Information Agency predicted that the region will lead as an energy producer in coming year. Hydrogen fuel is expected to back the credit. Hydrogen produced using electrolysis is highly economical. Moreover, data from the International Energy Agency reveals that hydrogen produced from wind is cheaper than natural gas and will can plunge energy price by 2030.
Market Research Future (MRFR), a fast growing firm that deals in hydrogen energy storage market research report, studied the market employing modern research methodologies. MRFR analysis states, as hydrogen is likely to be the economical choice of fuel in the near future, the promptness of hydrogen energy storage to dispatch the rise in energy requirements can shore up its business. As per MRFR findings, the hydrogen energy storage global market can generate considerable annual turnover.
Hydrogen energy storage is not only a promising laboratory experiment but has proven its efficacy in the real world. Hydrogenics, a member of Enbridge Gas Distribution and FCHEA and a reputed producer of hydrogen fuel cells, in North America opened his multi-megawatt power-to-gas facility in 2018. Today, its hydrogen energy storage, the 2.5 MW Markham Energy Storage Facility in Ontario, contributes significantly to the company’s prosperity. Under contract to the Independent Electricity System Operator of Ontario, the facility provided grid regulation services.
In Europe, projects such as Energiepark Mainz in Germany marks the contribution of hydrogen energy storage to the energy and power sector of the country. The FCHEA member Linde, entered into a partnership with the Rhein Main University of Applied Sciences, Siemens, and the Mainzer Stadtwerke. The Energiepark invests excess wind energy for the production of hydrogen fuel. Later, hydrogen fuel is utilized generate energy at times when the rise in energy consumption cannot be settled by wind power.
Europe and Asia Pacific are reputed for their automobile industry. The penetration of hydrogen fuel storage in the industry can bolster its market. The rise in applications of hydrogen storage. Asia Pacific is experiencing declination in air quality at an alarming rate. In addition to the need for decrease in vehicular emission, it is essential to discover an economical method as a solution. Hydrogen energy storage can power electric vehicle, thereby can be noted as convenient solution to the surfacing problem. Projects associated with hydrogen energy storage in Asia Pacific can bolster the expansion of the market, worldwide.
An initiative planned by Mitsubishi Hitachi Power Systems, an energy supplier company with one headquarter in Japan, and Magnum Developer, an India property dealer, developed 1000 MW power facilities in Millard Country, Utah. North America housed an 110 kW wind to hydrogen project as an outcome of the strategic collaboration of Xcel Energy, a US based utility provider and the National Renewable Energy Laboratory, US. During the surge in demand for electricity, hydrogen stored at the hydrogen fueling station can handle the situation.
It is evident that the growing need for electricity across for industrial, residential, and commercial purposes to fortify the global foothold of the hydrogen energy storage market.
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Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Bargaining Power Of Buyers
5.5.3 Bargaining Power Of Suppliers
5.5.4 Threat Of Substitutes
5.5.5 Intensity Of Rivalry
5.6 Value Chain/Supply Chain Analysis
Continued..
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