U.K., April 14 -- The global hydrogen energy storage industry has been impacted by COVID-19 but forecast to grow to $25.4 billion by 2027, registering a CAGR of 6.5%, according to Allied Market Research.
Growing application as an alternative to fossil fuel and rise in demand for sustainable power source are driving growth - in tandem with robust investment and government support - but high capital cost is expected to curb growth.
Shipment cancellations, project delays and personnel travel restrictions have impacted the sector. According to a survey of the Energy Storage Association, 62% of respondents faced delays in deployment of projects.
However tax schemes and financial support from local and state government will improve the outl...