Hydrogen is increasingly being viewed as a clean energy carrier with the potential to play an important role in the transition to a low-carbon economy. It can be used to generate energy in fuel cells or as a direct fuel source for heating and transportation.
The rise in hydrogen demand in recent years is attributed to the government’s increased emphasis on establishing hydrogen-based businesses and investment in hydrogen infrastructure. The hydrogen market is expected to benefit significantly from the increased use of low-emission fuels.
The global hydrogen market is valued at USD 242.7 billion in 2023 and is projected to reach USD 410.6 billion by 2030; it is expected to record a CAGR of 7.8% during the forecast period.
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Players in the Market
- Linde plc (Ireland),
- Air products and Chemicals, Inc. (US),
- Air Liquide (France),
- Worthington Industries (US),
- Cryolor (France),
- Hexagon Purus (Norway),
- NPROXX (Netherlands)
Hydrogen Market Size: Bottom-Up Approach
Hydrogen Market Trends
- Green hydrogen production is predicted to become more cost-effective as technology advances and production scales up.
- Many governments throughout the world have begun to develop laws and incentives to promote the hydrogen economy.
- Hydrogen plays a crucial role in reducing greenhouse gas emissions as part of the worldwide decarbonization effort.
- Green hydrogen generation is gaining popularity, with renewable energy sources such as wind or solar electricity being used to make hydrogen via electrolysis.
- Government Support and Investments: Many governments throughout the world are investing in hydrogen as part of their clean energy initiatives, including financial incentives and funds for R&D.
- Technological developments: Continuous developments in hydrogen production, storage, and transportation are helping to make hydrogen more affordable and efficient.
Key Challenges: –
- Cost: Currently, manufacturing low-carbon hydrogen is more expensive than using traditional fossil fuels.
- Infrastructure for hydrogen generation, storage, transportation, and refueling is still in development.
- Technology Development: Improving efficiency and lowering prices for technologies such as electrolyzers.
- Manufacturers of fuel cell electric vehicles (FCEVs)
- Government organizations
- Owners of hydrogen charging stations
- Developers and operators of hydrogen fuel pumps
- Manufacturers and suppliers of hydrogen generation equipment
- Developers of hydrogen generation infrastructure
- Institutional investors
- Merchant hydrogen producers
- Methanol producers
- Refinery operators
- Research institutes
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Objectives of the Study
- To define, describe, segment, and forecast the hydrogen market size, by sector, by application and region, in terms of value and volume
- To define, describe, segment, and forecast the market size, by application, in terms of value
- To forecast the market size across five key regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America in terms of value
- To provide detailed information about the key drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market
- To strategically analyze the market with respect to individual growth trends, prospects, and contributions of each segment to the market
- To provide information pertaining to the supply chain, trends/disruptions impacting customer business, market map, pricing of hydrogens, and regulatory landscape pertaining to the market
- To strategically analyze the micromarkets with respect to individual growth trends, upcoming expansions, and their contributions to the overall market
- To analyze opportunities for stakeholders in the market and draw a competitive landscape for market players
- To benchmark players within the market using the company evaluation quadrant, which analyzes market players on various parameters within the broad categories of business and product strategies
- To compare key market players with respect to the market share, product specifications, and applications
- To strategically profile key players and comprehensively analyze their market ranking and core competencies.
- To track and analyze competitive developments in the hydrogen market, sales contracts, agreements, investments, expansions, product launches, alliances, mergers, partnerships, joint ventures, collaborations, and acquisitions