Canada Hydrogen Energy Storage Market Size & Outlook
Canada hydrogen energy storage market, 2018-2030 (US$M)
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Canada hydrogen energy storage market highlights
- The Canada hydrogen energy storage market generated a revenue of USD 696.9 million in 2023 and is expected to reach USD 1,099.2 million by 2030.
- The Canada market is expected to grow at a CAGR of 6.7% from 2024 to 2030.
- In terms of segment, industrial was the largest revenue generating application in 2023.
- Residential is the most lucrative application segment registering the fastest growth during the forecast period.
Hydrogen energy storage market data book summary
| Market revenue in 2023 | USD 696.9 million |
| Market revenue in 2030 | USD 1,099.2 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Residential |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Commercial, Industrial |
| Key market players worldwide | Lincoln Electric Holdings Inc, Air Products & Chemicals Inc, Cummins Inc, Engie SA, ITM Power PLC, Iwatani Corp, Linde PLC, NEL ASA, Steelhead Composites |
Other key industry trends
- In terms of revenue, Canada accounted for 4.4% of the global hydrogen energy storage market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. hydrogen energy storage market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,099.2 million by 2030.
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Hydrogen Energy Storage Market Scope
Hydrogen Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada hydrogen energy storage market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to hydrogen energy storage market will help companies and investors design strategic landscapes.
Industrial was the largest segment with a revenue share of 38.66% in 2023. Horizon Databook has segmented the Canada hydrogen energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
Canada participated in the 2015 United Nations Climate Change Conference organized in Paris, France where it pledged to make a plan for cutting down its carbon emissions. The country has been committed to cut down 30% of its carbon emissions by 2030 as compared to that in 2005, which served as the baseline.
In order to achieve the aforementioned, in 2017, the Canadian government launched Generation Energy, an open and inclusive countrywide dialogue including stakeholders, experts, and the public. Views from these dialogues were combined and a plan was made, which was published in June 2018.
In 2020, a group of scientists at the Canadian Nuclear Laboratories assessed a large-scale underground hydrogen storage located in western Canada sedimentary basin and southern Ontario. High rate of adoption of hydrogen requires huge economical investments due to capital intensive nature of the business along with growing industrial and commercial activity.
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Our clientele includes a mix of hydrogen energy storage market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Canada hydrogen energy storage market , including forecasts for subscribers. This country databook contains high-level insights into Canada hydrogen energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada hydrogen energy storage market size, by application, 2018-2030 (US$M)
Canada Hydrogen Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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