The increasing use of hydrogen in oil refineries and the chemical industries is contributing to the growth of the hydrogen energy storage market. Hydrogen is used for processing foods, treating metals, refining petroleum, and producing fertilizers. To lower the sulfur content of fuels, petroleum refineries use hydrogen.
The global hydrogen energy storage market size is expected to grow from $13.08 billion in 2021 to $14.69 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydrogen energy storage market forecast sees it reaching $19.13 billion in 2026 at a CAGR of 6.8%.
