Energy – Market Industry Forecast News

U.S. Hydrogen Energy Storage Market Supported by R&D and Pilot Projects

The U.S. hydrogen energy storage market size was estimated at USD 3.17 billion in 2023 and is anticipated to expand at a CAGR of 5.3% from 2024 to 2030. This growth is primarily driven by the country’s accelerating industrialization and the increasing adoption of alternative energy sources. Significant advancements in research and development, along with the construction of large-scale hydrogen storage infrastructure, are expected to propel market growth throughout the forecast period.

Hydrogen energy storage involves storing large volumes of hydrogen using technologies such as solution-mined salt domes, excavated rock caverns, and other geological formations. This stored hydrogen supports various end-use sectors, including transportation, metallurgy, general industry, chemicals, and stationary power applications. With the global expansion of renewable energy, the demand for hydrogen energy systems is also rising, as these solutions help mitigate greenhouse gas emissions. Hydrogen is also vital in oil refining and utility operations.

The industrial sector continues to be a major consumer of hydrogen for applications such as glass production, fertilizer manufacturing, and metal refining. The increasing shift by companies towards sustainable fuel alternatives, such as hydrogen, further contributes to the rising demand. In particular, hybrid melting technologies paired with electric furnace boosting are being adopted to reduce harmful emissions, reinforcing the market’s upward trajectory.

The U.S. remains a leader in renewable energy adoption across industrial, transportation, and power generation sectors. To support hydrogen infrastructure development, the U.S. Department of Energy initiated projects like H2USA, in collaboration with the National Renewable Energy Laboratory (NREL) and Sandia National Laboratories. Furthermore, the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) project, supported by the Fuel Cell Technologies Office, aims to overcome technical challenges and facilitate the development of cost-effective hydrogen fueling stations across the nation. These initiatives are expected to significantly boost the hydrogen energy storage market in the coming years.

Order a free sample PDF of the U.S. Hydrogen Energy Storage Market Intelligence Study, published by Grand View Research.

Key Market Trends & Insights

By Application: The industrial segment led the market with the largest revenue share of 40.56% in 2023.
By Physical State: The solid state segment dominated, accounting for 51.43% of the market in 2023.
By Technology: The material-based segment held the largest share at 40.15% in 2023.

Market Size & Forecast

2023 Market Size: USD 3.17 Billion
2030 Projected Market Size: USD 4.53 Billion
CAGR (2024–2030): 5.3%

Key U.S. Hydrogen Energy Storage Company Insights

The U.S. hydrogen energy storage market is fragmented, featuring a diverse mix of companies at varying stages of innovation and commercialization. Despite ongoing consolidation, major corporations and research institutes continue to push the boundaries of hydrogen storage technology. This dynamic environment reflects the industry’s transition from early-stage R&D to scalable commercial solutions.

Prominent market participants include:

Cummins Inc. – Offers diesel and natural gas generators, along with emission control and power generation systems.
Steelhead Composites, INC. – Specializes in lightweight, high-strength cylinders for hydrogen storage and other energy solutions.
Air Products Inc., Chart Industries, Plug Power, Inc., Worthington Industries, FuelCell Energy Inc., and Bloom Energy Corp. are also key contributors to this evolving market.
Bloom Energy Corp. stands out for its deployment of solid oxide fuel cells that generate electricity using green hydrogen without combustion, delivering reliable and clean power.

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Conclusion

The U.S. hydrogen energy storage market is poised for steady growth through 2030, driven by increasing industrial demand, supportive government initiatives, and continuous technological advancements. As industries continue transitioning towards low-emission and sustainable operations, hydrogen is emerging as a vital enabler of clean energy solutions. The growing collaboration between public agencies and private companies is expected to accelerate infrastructure development, making hydrogen a key component of the country’s renewable energy strategy.

U.S. Battery Energy Storage System Market Thrives with Government Incentives

The U.S. battery energy storage system market was valued at USD 711.9 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 30.5% from 2024 to 2030. The increasing use of battery storage systems in industrial sectors to support critical power supply during emergencies, such as grid failures and trips, is a major driver for market growth. Additionally, the growing need for uninterrupted power in data centers and telecommunications is contributing to the rising demand for these systems, as organizations seek to enhance business continuity and operational efficiency.

In the U.S. market, the value chain includes equipment suppliers, battery energy storage manufacturers, and end-use industries. Battery energy storage systems are manufactured using essential components such as batteries, module packs, connectors, cables, and bus bars. Among these, batteries are the most crucial component, forming the core of the system.

The expanding installation of large-scale renewable energy projects across the U.S. is further propelling the adoption of battery energy storage systems. These systems are critical in mitigating the intermittent nature of power generated from solar and wind energy. Moreover, stringent environmental regulations promoting the use of clean energy sources are accelerating the need for off-grid energy storage solutions.

Battery systems are widely used in emergency power supply systems, wind power output fluctuation management, and stand-alone photovoltaic (PV) systems. Their favorable cost-performance ratio, ease of charging, and recyclability make them highly attractive for diverse applications, boosting their demand across various sectors.

Ongoing technological advancements in energy storage are also fueling market expansion. Industry players, such as U.S.-based Power Electronics, are introducing innovative products that combine solar inverters and storage solutions. Moreover, there is increasing interest in alternatives to lithium-ion technology, such as zinc-based systems, particularly in fire-sensitive areas where lithium-ion poses safety concerns.

Battery energy storage systems are gaining traction due to features like rapid recharging, minimal electrolyte waste, and suitability for a wide range of applications including backup, portable, and stationary power. These advantages are expected to drive continued adoption across both commercial and residential sectors.

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Key Market Trends & Insights

By product: The lithium-ion battery segment accounted for 54.9% of revenue in 2023.
By application: The grid storage segment held the largest revenue share, exceeding 44.0% in 2023.

Market Size & Forecast

2023 Market Size: USD 711.9 Million
2030 Projected Market Size: USD 4.4 Billion
CAGR (2024–2030): 30.5%

Key Companies & Market Share Insights

The market remains consolidated, with several dominant players pursuing organic and inorganic growth strategies to expand their offerings and increase market share. Battery manufacturers supply products either directly or via third-party agreements to energy storage system producers, who then tailor assemblies to meet specific end-user needs. The increasing demand for efficient grid management, stable load balancing, and uninterrupted power supply is expected to continue driving robust market growth.

Major U.S. Battery Energy Storage System Companies Include:

General Electric
Hitachi Ltd.
GS Yuasa
Beckett Energy Systems
Exide Technologies
Samsung SDI
Enersys
AES Energy Storage
Imergy Power Systems Inc.
Altair Nanotechnologies Inc.

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Conclusion

The U.S. battery energy storage system market is on a strong growth trajectory, driven by the surge in renewable energy installations, rising need for emergency and backup power, and advancements in battery technologies. As regulatory support for clean energy intensifies and industries demand higher energy reliability, battery storage systems will play an increasingly critical role in ensuring grid stability and energy security across the country.

Solar PV Market Driven by Declining Costs of Solar Panels and Installation

The global solar PV market size is expected to reach 604.83 billion by 2030, expanding at a CAGR of 10.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive the market growth over the forecast period.

Supportive regulations involving federal subsidy and incentives expected to be the prime factors impacting the industry growth on a positive note. Europe has been a major market for solar PV owing to the early adoption of the technology in the region owing to high consumer awareness and positive government outlook in the region.

Increasing demand for renewable energy sources owing to rising consumer awareness towards cost benefits associated with the technology is expected to propel growth. Furthermore, depleting fossil fuel resources coupled with the growing demand for durable energy sources is expected to have a positive impact on industry growth.

The technology offers low conversion efficiencies as compared to conventional energy sources including oil and biomass. Furthermore, the solar PV performance gets affected by various factors including the type of raw material used for solar cell manufacturing, availability of sunlight, and solar PV designs which is expected to hamper its growth over the forecast period.

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Solar PV Market Report Highlights

On-grid connectivity dominated the market with a revenue share of 73.5% in 2023 and The off-grid segment is expected to register the fastest CAGR over the forecast period
The segment, ground mounted solar PVs held the largest market share in 2023 and Meanwhile, the rooftop segment is anticipated to witness the fastest growth from 2024 to 2030
Asia Pacific accounted for 63.1% of the total market share in 2023, on account of the favorable government regulations and initiatives taken by the government to install clean energy resources in order to curb the prevailing issue of pollution
The major players in the market are investing in R&D activities in order to come up with efficient and high-performance systems in order to tap the rising consumer attention and to compete with the alternative energy resources

Key Solar PV Company Insights

Some key companies involved in the solar PV market include Jinko Solar, Hanwha Group, and RENESOLA, among others.

Jinko Solar is a Chinese solar PV module manufacturing company headquartered in Shanghai. The company is among the leading global solar energy solution providers, specializing in designing, developing, and manufacturing high-efficiency solar photovoltaic (PV) products and energy storage systems (ESS). The company’s product offering includes a wide range of solar modules, including monocrystalline, polycrystalline, and bifacial modules, with varying power outputs and efficiency rates. Jinko Solar’s product portfolio also includes solar cells, solar inverters, and mounting systems, catering to the diverse needs of residential, commercial, and utility-scale solar energy projects. The Tiger Neo series is the company’s latest solar PV module offering, offering enhanced efficiency and 30 years of liner power warranty.
Hanwha Group is a South Korean business conglomerate headquartered in Seoul. The company offers products and services in various industries, such as aerospace, mechatronics, clean energy, materials, retail, finance, and lifestyle services. Through its subsidiary Hanwha Energy Corporation, the company has developed major solar energy projects worldwide, such as Oberon 1A (the U.S.), Laguna (Mexico), Kitsuki (Japan), and Cam Lam (Vietnam). In addition, the Qcells division of the company has established itself as a prominent player in the development of solar PV cells, modules, and energy storage solutions (ESS).

List of Key Players of Solar PV Market

RENESOLA
KYOCERA Corporation
Hanwha Group
REC Solar, Inc.
Jinko Solar
JA SOLAR Technology Co.,Ltd.
First Solar
Wuxi Suntech Power Co., Ltd.
Canadian Solar
Trinasolar
SHARP CORPORATION
SunPower Corporation
Yingli Solar

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Power Rental Systems Market Driven by Increasing Power Outages and Grid Failures

The global power rental systems market size is estimated to reach USD 42.74 billion by 2030, registering to grow at a CAGR of 8.8% from 2025 to 2030 according to a new report by Grand View Research, Inc. Increasing demand for UPS, along with rapid industrial development across the world, is the main factor boosting the market growth. Growing instances of variable electricity supply generated by small and medium-scale power grids and partial access to the larger transmission network have catalyzed the demand for power rental systems across the manufacturing and utility industries.

Moreover, there is an increasing requirement for an accessible rental unit that can stun the problems linked with power outages and voltage sags. Furthermore, growing awareness related to the profits of subcontracting power equipment is positively impacting market growth. Power rental systems allow their customers to acquire equipment according to their necessities in a cost-effective way.

Besides, the execution of supportive government initiatives to develop airport networks and metros, along with the construction of shopping malls and hotels, is increasing the demand for power rental systems across countries. Factors such as increasing deployment of renewable sources of energy as an alternative power generation source to decrease the carbon emissions and the adoption of natural gas-based electricity generations are expected to boost the market growth.

Growing grid uncertainty, coupled with power spikes at the time of peak demand, is anticipated to be a main driver for the market. Besides, amplified focus towards a decrease in the peak power consumption in order to cut power cost is likely to enhance the growth of the market.

The power rental units are used across various industries as there is a higher demand for continuous power application. Major end-user markets for such rental systems were oil and gas, government and utilities, and construction, which altogether accounted for 64.5% share of the global revenue in 2019. Higher dependence on electricity for day to day operation of such industries is a key booster for considerable usage of power rental systems.

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Power Rental Systems Market Report Highlights

Continuous power applications dominated the market and accounted for the largest revenue share of 45.7% in 2024. This growth is attributed to the increasing need for reliable electricity in the oil and gas, construction, and mining industries.
The government and utilities segment led the market and accounted for the largest revenue share of 25.9% in 2024 attributed to the increasing demand for reliable, uninterrupted power supply.
The Asia Pacific power rental systems market dominated the global market and accounted for 38.5% in 2024 attributed to rapid industrialization and urbanization across the region.

Key Power Rental Systems Company Insights

Some of the key players in the market include Aggreko, Herc Rentals Inc., APR Energy, and others. These companies are adopting various strategies to enhance their competitive edge. These include launching innovative products that cater to evolving customer needs, forming strategic partnerships to expand service offerings, and entering agreements that enhance market reach. Furthermore, companies focus on sustainability by integrating renewable energy solutions into their rental services. These strategies aim to improve operational efficiency, meet regulatory requirements, and address the growing demand for reliable and environmentally friendly power solutions across diverse industries.

Herc Rentals Inc. specializes in renting heavy equipment, tools, generators, and pumps, enabling clients to manage their power needs efficiently without the burden of ownership. The company delivers reliable temporary power solutions, including emergency and standby power systems, to support critical operations across numerous sectors while ensuring safety and compliance with industry standards.

APR Energy designs and deploys modular power plants that provide flexible and scalable electricity generation to meet specific customer requirements. The company emphasizes rapid deployment capabilities, effectively allowing clients to address urgent power needs. APR Energy aims to deliver sustainable and efficient power rental solutions supporting global economic growth and infrastructure development by integrating advanced technologies and renewable energy sources into its offerings.

List of Key Players in Power Rental Systems Market

Aggreko
Herc Rentals Inc.
APR Energy
Caterpillar
United Rentals, Inc.
Cummins Inc.
Ashtead Group plc
Atlas Copco AB
Al Faris
Shenton Group
Hertz System, Inc.
Kohler Co.
Bredenoord
HIMOINSA

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Driving Innovation in the Industrial Gases Sector: Trends and Outlook 2023-2030

Industrial Gases Industry | Forecast 2030

The economic value generated by the industrial gas market was estimated at approximately USD 99.9 billion in 2022. This economic output is an amalgamation of industrial gas products including nitrogen, hydrogen, carbon dioxide, oxygen, argon, and acetylene.

Global industrial gases market’s growth is driven by increasing consumption of industrial gases in a wide range of end-use industries such as steel, cement, water treatment, automotive, food & beverages, plastics and rubbers, medical, and others. Increasing industrialization in the growing economies of the world is expected to the driving force behind the growing consumption of industrial gases.

Access the Global Industrial Gases Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Several initiatives have taken place for the development of the market in 2021 and 2022, which is anticipated to further escalate the growth in the forthcoming years. For instance, in October 2022, American oil & gas giant Air Liquide has announced to build three industrial gas production plants to serve large semiconductor manufacturers across the globe. For this, Air Liquide entered into a joint venture with Far Eastern Group and is estimated to invest over USD 530 million in this development strategy, according to Francois Abrial, member of Air Liquide executive committee of Asia Pacific. This is a triggering factor for the growth of industrial gases market.

Nitrogen Gas Market Growth & Trends

The global nitrogen gas market size is expected to reach USD 69.7 billion by 2030, expanding at a CAGR of 7.1% from 2023 to 2030, according to a new study by Grand View Research, Inc. Nitrogen gas has high demand in the manufacturing sector for applications such as laser cutting, metal fabrication, and food packaging. It provides an inert atmosphere that prevents oxidation and maintains the quality of the manufactured products.

The manufacturing industry relies heavily on the market for a diverse range of applications. One of its primary uses is laser cutting, a popular method for precision cutting of metals and other materials. It is commonly used as an assist in laser cutting processes. It helps to cool the cut and remove debris, resulting in cleaner and more precise cuts. Additionally, nitrogen gas provides an inert atmosphere that prevents oxidation during the cutting process, reducing the risk of discoloration or corrosion on the cut surfaces.

Order your copy of Free Sample of “Industrial Gases Industry Data Book – Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon and Acetylene Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Acetylene Gas Market Growth & Trends

The global acetylene gas market is expected to reach USD 5.4 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2023 to 2030. The growth of the welding market, which is driving the demand for acetylene gas as a fuel gas for welding.

The welding market has been experiencing significant growth in recent years, which has contributed to the increased demand for products as a fuel gas for welding. Welding is a process that involves joining two or more pieces of metal by heating the surfaces to their melting points, causing them to fuse together. Acetylene gas, when mixed with oxygen, produces a flame that can reach temperatures high enough to melt most metals, making it an ideal fuel gas for welding.

The growth of the welding market can be attributed to several factors, including the increasing demand for metal fabrication in various industries such as construction, automotive, and aerospace. Welding is also used in the repair and maintenance of metal structures and equipment, which is becoming increasingly important as companies seek to extend the lifespan of their assets.

Go through the table of content of Industrial Gases Industry Data Book to get a better understanding of the Coverage & Scope of the study

Argon Gas Market Growth & Trends

The global argon gas market is expected to reach USD 17.21 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Argon is often substituted by helium in various sectors; however, rising helium prices are projected to boost product demand in several applications. Expanding automobile sector is also anticipated to increase product demand as steel is one of the main components of this sector.

The solar energy market requires huge volumes of argon for manufacturing processes. Burgeoning energy markets are also expected to drive the product demand, owing to applications in the solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms. This factor is further projected to drive the market over the forecast period.

Growing lighting demand owing to the increasing number of malls, and shopping complexes are expected to drive product demand over the forecast period. Argon is a versatile gas and is used for various welding applications such as welding special alloys and the production of light bulbs and lasers. It can also provide oxygen and a nitrogen-free environment for various heating processes which is expected to drive the market over the forecast period.

Competitive Insights

The global industrial gas market is highly competitive due to presence of a large number of well small scale and large-scale manufacturers and suppliers of industrial gases. The small-scale companies majorly focus on stable pricing, regular supply, and product quality to serve the best to its clients. Whereas the large-scale companies regularly invest time and money on research and development activities for innovation and new product development related to industrial gases. Large-scale companies also focus on building a strong supply chain for the seamless distribution of industrial gases to their customers.

Global as well as regional players are striving to strengthen their sales channels to maintain a stable supply of industrial gas products to its consumers. The growing usage of industrial gases from a wide range of industries is also creating a competitive environment for industrial gas producers. Large players cater to the maximum share of the industrial gas market, while small players are also focusing on innovation and better product and service quality to capture a greater market share.

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