North America Hydrogen Energy Storage Market Size & Outlook
North America hydrogen energy storage market, 2018-2030 (US$M)
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North America hydrogen energy storage market highlights
- The North America hydrogen energy storage market generated a revenue of USD 4,124.2 million in 2023.
- The market is expected to grow at a CAGR of 5.4% 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.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 4,124.2 million |
| Market revenue in 2030 | USD 5,969.6 million |
| Growth rate | 5.4% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Residential |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, North America region accounted for 25.8% of the global hydrogen energy storage market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 5,969.6 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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North America 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 40.18% in 2023. Horizon Databook has segmented the North America hydrogen energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
The North American market hydrogen energy storage market is driven by significant support from the federal government of constituting countries. The U.S. and Canada provide substantial funds in this regard. These funds aid advancements in research & development for hydrogen technologies and the development of cost-effective parts for fuel cell systems.
For instance, in the U.S., the Department of Energy (DOE) has provided funding for fuel cell development through Fuel Cell Technologies Office (FCTO) and Solid Oxide Fuel Cell (SOFC) programs. The expansion of hydrogen energy storage industry in North America has been underway for several years.
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Target buyers of North America hydrogen energy storage market databook
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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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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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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 continent-level data and insights on the North America hydrogen energy storage market , including forecasts for subscribers. This continent databook contains high-level insights into North America hydrogen energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America hydrogen energy storage market size, by country, 2018-2030 (US$M)
North America Hydrogen Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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