Saudi Arabia Hydrogen Energy Storage Market Size & Outlook
Saudi Arabia hydrogen energy storage market, 2018-2030 (US$M)
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Saudi Arabia hydrogen energy storage market highlights
- The Saudi Arabia hydrogen energy storage market generated a revenue of USD 136.2 million in 2023 and is expected to reach USD 159.6 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 2.3% 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 136.2 million |
| Market revenue in 2030 | USD 159.6 million |
| Growth rate | 2.3% (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, Saudi Arabia accounted for 0.9% 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 Middle East & Africa, UAE hydrogen energy storage market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 159.6 million by 2030.
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Hydrogen Energy Storage Market Scope
Hydrogen Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Saudi Arabia 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 40.09% in 2023. Horizon Databook has segmented the Saudi Arabia hydrogen energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
Gas production in the country is anticipated to propel the implementation of hydrogen energy storage technologies, which is expected to boost the market growth over the forecast period. Industry participants are following several strategic initiatives such as mergers, acquisitions, partnerships, and collaborations to enhance their foothold in the market. In addition, Air Products & Chemicals in July 2020 announced plans to build a green hydrogen plant in Saudi Arabia which would be powered by 4 GW of wind and solar power.
The USD 5-billion plant will be jointly owned by Air Products & Chemicals, Saudi Arabia's ACWA Power and Neom, a new mega-city planned near Saudi Arabia’s borders with Egypt and Jordan and is expected to be operation by 2025.
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Target buyers of Saudi Arabia 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 country-level data and insights on the Saudi Arabia hydrogen energy storage market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia hydrogen energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia hydrogen energy storage market size, by application, 2018-2030 (US$M)
Saudi Arabia Hydrogen Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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