Delvens published a new research publication on "Hydrogen Market Insights, to 2030" with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Hydrogen Market was mainly driven by the increasing R&D spending across the world.
The global Hydrogen market size was estimated at USD 208 billion in 2023 and is projected to reach USD 327.5 billion in 2030 at a CAGR of 6.7% during the forecast period 2024-2030.
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he hydrogen generation market is poised for significant growth driven by global shifts towards cleaner energy and supportive government regulations. With the ongoing global energy crisis prompting exploration into alternative energy sources, hydrogen stands out as a key contender due to its sustainability and potential environmental benefits. Technologies like steam methane reforming (SMR) and coal gasification are leading the charge, offering mature and economical methods for hydrogen production. SMR, in particular, benefits from high conversion efficiency and operational reliability, making it a preferred choice in the market.
Key Findings:
· On the basis of Sector, the hydrogen market is segmented into three main sectors: generation type, storage, and transportation. Within the generation type segment, hydrogen is categorized into gray, blue, and green hydrogen. Gray hydrogen is anticipated to maintain its position as the largest segment throughout the forecast period. This is largely driven by the availability of low-cost natural gas, which serves as the primary feedstock for Gray hydrogen production. Natural gas, abundant in various regions, becomes economically attractive for hydrogen synthesis when its prices are low.
· On the basis of Application, this report segments the hydrogen market based on application into four key segments: energy, mobility, chemical & refinery, and others, which encompass applications in the industrial sector, aerospace, and defense, among others. Mobility is projected to experience the highest growth rate throughout the forecast period, driven by increasing investments in fuel cells. Governments and organizations worldwide are actively supporting hydrogen fuel cell development through incentives, funding, and initiatives aimed at advancing clean energy technologies and mitigating climate change. These efforts are expected to propel the hydrogen market forward, fostering innovation and adoption across diverse applications.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is poised to lead the hydrogen market during the forecast period, driven by rising applications of fuel cells, stringent environmental regulations, and a growing preference for cleaner fuels. Government policies are actively promoting the adoption of clean energy solutions like hydrogen across diverse energy sectors.
The prominent players in the Hydrogen market are:
· Air Liquide
· Air Products and Chemicals Inc.
· Linde plc
· Chevron Corporation
· Saudi Arabian Oil Co.,
· Uniper SE
· Worthington Industries
· INOX India Limited
· Cryolor
· Pragma Industries
· BNH Gas Tanks
· Hexagon Purus
· NPROXX
· Oxygen Service Company, Inc.
· BayoTech
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The global hydrogen market is experiencing significant growth driven by the ongoing energy transition towards cleaner fuels and aggressive climate control initiatives worldwide. Governments and agencies are actively promoting clean energy solutions, with substantial investments and incentives aimed at boosting hydrogen production and achieving climate-neutral targets.
North America to Dominate the Market
· North America leads the global hydrogen market with increasing adoption of fuel cells and stringent environmental regulations driving demand. The region benefits from progressive policies and substantial government support, exemplified by initiatives like the USD 750 million funding from the Biden-Harris Administration for hydrogen R&D.
· Asia-Pacific emerges as the fastest-growing market, propelled by industrialization, urbanization, and strong commitments from countries like China, Japan, and South Korea to develop robust hydrogen infrastructures and sustainable production capabilities, fostering both domestic growth and international partnerships.
Recent Developments of Hydrogen Market
· In July 2023, Air Products & Chemicals, Inc. was selected as the hydrogen and technology provider for Alberta's inaugural hydrogen fuel cell passenger vehicle fleet at Edmonton International Airport. Air Products will install a mobile hydrogen refueler at the airport to supply hydrogen for the Toyota Mirai fleet of hydrogen fuel cell vehicles.
· In July 2023, Air Liquide and KBR announced a collaboration to offer fully integrated low-carbon ammonia solutions utilizing Autothermal Reforming (ATR) technology. Air Liquide, renowned for its expertise in ATR technology, employs it for large-scale production of low-carbon hydrogen (H2), which is subsequently combined with nitrogen (N2) to produce low-carbon ammonia (NH3).
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