UK Hydrogen Energy Storage Market Size & Outlook
UK hydrogen energy storage market, 2018-2030 (US$M)
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UK hydrogen energy storage market highlights
- The UK hydrogen energy storage market generated a revenue of USD 684.3 million in 2023 and is expected to reach USD 873.6 million by 2030.
- The UK market is expected to grow at a CAGR of 3.6% 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 684.3 million |
| Market revenue in 2030 | USD 873.6 million |
| Growth rate | 3.6% (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, UK accounted for 4.3% 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 Europe, Germany hydrogen energy storage market is projected to lead the regional market in terms of revenue in 2030.
- France is the fastest growing regional market in Europe and is projected to reach USD 757.6 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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UK 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 40.13% in 2023. Horizon Databook has segmented the UK hydrogen energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
Construction of large-scale hydrogen energy storage projects is boosting the market across UK. Companies are planning to use the surplus wind farm energy in the North Sea to produce renewable hydrogen energy through electrolysis and further sell it to large commercial customers.
In addition to the construction of new hydrogen fueling stations, HTP is anticipated to include renovation and upgrading of the existing hydrogen fueling stations in its first stage. Four existing hydrogen fueling stations in Rainham, Teddington, Sheffield, and Cobham are to be upgraded to enhance their reliability and user experience. O
ne of the hydrogen fueling stations was under the first stage that has been upgraded in Swindon, which was re-opened in September 2018. All the renovated stations are likely to provide hydrogen at a pressure of 350 bar and 700 bar.
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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 UK hydrogen energy storage market , including forecasts for subscribers. This country databook contains high-level insights into UK hydrogen energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK hydrogen energy storage market size, by application, 2018-2030 (US$M)
UK Hydrogen Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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