Hydrogen may be cheaper as energy storage for meeting peak load on a mostly-renewable electrical grid. In the short term (20 years) the loss of thermodynamic efficiency isn't much compared to the ability to re-use existing steam turbines from natural gas plants. Water and carbon fiber is much more widely available than the precursors to batteries and so the working medium is more accessible world-wide.

If there's a place for hydrogen in the electrical grid then there will be cheap hydrogen available for other potential uses and the market will likely find some niches. Long-haul transport is a big one; instead of electrifying all freight rails in a country use locomotives with hydrogen fuel cells.