Global Hydrogen Energy Storage Market: Overview
Hydrogen energy storage systems receive an increased positive attention worldwide. The technology is very promising as hydrogen fuel storage can store in far more efficient energy consumption. This is perhaps why departments like the Energy Efficiency and Renewable Energy Office in the US has set specific goals to bolster the technology. The department had set its sights on creating automotive hydrogen storage systems that would provide 300 miles while meeting requirements for safety, commercial viability, and performance. These goals have largely met and today’s electric automobiles are expected to drive further enhancements in hydrogen energy storage market.
Apart from automotive sector, the hydrogen energy storage market caters to the needs of material handling equipment, portable power applications, and onboard light-duty vehicles. The rising investment in hydrogen storage and its promise as a renewable source of energy is expected to drive significant growth for the hydrogen energy storage market in the near future.
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Global Hydrogen Energy Storage Market: Notable Developments
Researchers at National Accelator Laboratory and from Stanford University have proven in a recent research that cheap catalysts can generate hydrogen gas for hours. The new method based on the electrolyzer technology promises to split water for a large scale commercial application in harsh environments. In fact, the technology has been tested under these very conditions. Earlier, the high costs of catalysts like iridium, and platinum were major barriers to boost efficiency of chemical reactions. However, new research published in Nature Nanotechnology promises a cheap solution to generation of hydrogen for a commercial scale.
Vattenfall, LKAB, and SSAB have announced an investment of $15.2 million on the construction of a hydrogen storage facility. The facility will be used as a pilot plant for fossil-free steel. The funding is part of Swedish Energy Agency’s push to produce steel and iron in a sustainable manner. By using hydrogen storage, Sweden is expected to cut down its carbon emission by 10%. The facility is expected to start operations in 2022 and will likely run till 2024. This is one of the many initiatives to push hydrogen storage to become the backbone to meet energy needs of other sectors. In the future, hydrogen production can come from renewable sources like wind, and solar energy. Hence, shifting other sectors to avail more hydrogen storage is a necessity for meeting renewable energy goals.
Global Hydrogen Energy Storage Market: Drivers and Restraints
The global hydrogen energy storage market is expected to witness considerable growth, thanks to rising consumer interest in next-gen electric vehicles. The rise of Tesla and subsequent announcement by major automakers to launch new vehicles is a major boon for the hydrogen energy storage market. The low density of hydrogen continues to be a challenge. However, current range and improving infrastructure supporting growth of electric vehicles are expected to drive significant growth for the hydrogen energy storage market.
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Global Hydrogen Energy Storage Market: Geographical Analysis
The global hydrogen energy storage market is expected to witness considerable growth in the near future in North America, Europe, and Asia Pacific. Rising investments in electric vehicles, growing investments in research of hydrogen storage, and growing consumer interest in renewable end-products is expected to drive considerable growth for the market. While US continues to lead innovation in the hydrogen energy storage market, countries like China are leading in manufacturing of large fleets of electric vehicles. The considerable prospects on the horizon, and growing interest of automakers due to lower production requirements and rising demand for electric cars are expected to drive significant growth.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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