Hydrogen Market: $242.7 billion in 2023, expected to reach $410.6 billion by 2030, with 7.8% CAGR

Hydrogen Market Report 2023 – Market Size, Trends, And Forecast 2023-2030

The global hydrogen market is projected to reach USD 410.6 billion by 2030 from an estimated USD 242.7 billion in 2023, at a CAGR of 7.8% during the forecast period. The development of hydrogen infrastructure across various countries such as China, India, US, Germany etc. is fueling to the growth of hydrogen market.

Key Market Players

  • Linde plc (Ireland)
  • Air products and Chemicals, Inc. (US)
  • Air Liquide (France)
  • Worthington Industries (US)
  • Cryolor (France)
  • Hexagon Purus (Norway)
  • NPROXX (Netherlands)

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This report segments the hydrogen market based on sector into generation type, storage and transportation. Gray hydrogen is expected to hold the largest share of the hydrogen market during the forecast period. The growth in the gray hydrogen market can be attributed to its low cost and the wide area of its application. However, demand for green hydrogen is on the rise due to the rising focus on the reduce green house gas emissions.

Hydrogen Market Dynamics

Driver: Increased greenhouse gas emissions regulations

Restraint: Energy loss during hydrogen production

Opportunities:  Increasing focus on promoting hydrogen economy development

Challenges: Hydrogen integration into existing natural gas networks

Based on transportation, the hydrogen market is bifurcated into long distance and short distance. Short distance is expected to be the fastest growing market during the forecast period. Long-distance hydrogen transportation is crucial to enabling its widespread adoption and use in many places that may lack local hydrogen manufacturing capabilities. Also, there are investments in new technologies for the long distance transportation. Recently, composite storage containers with capacity of 560-900 kg of hydrogen per trailer have been created. In other nations, such tube trailers are being utilized to distribute compressed natural gas.

This report segments the hydrogen market based on application into four categories: energy, mobility, chemical & refinery and others. Chemical & refinery is expected to hold the largest market during forecaste period. Hydrogen is employed as a significant processing component in many hydrotreating processes in chemiacal & petroleum refineries, such as hydrodesulfurization, hydrodimerization, aromatization, and hydrocracking. Hydrogen is used in chemical & refineries to reduce the sulphur level of diesel fuel. In mobility, increasing initiatives by government in hydrogen cell based vehicles and hydrogen fueling stations.

Key Finding of this Study

  • The generation type segment, by sector, is expected to have the largest market during the forecast period.
  • The mobility segment, by application, is expected to be the fastest growing during the forecast period
  • North America is expected to be the largest region in the hydrogen market

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North America is expected to be the largest hydrogen market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. One important clean energy carrier that can aid in achieving carbon neutrality and promoting sustainable development is hydrogen, especially green hydrogen produced from renewable sources.