Hydrogen Market Forecast: Projections for Supply, Demand, and Investment Opportunities By 2023-2030 | Linde AG, Air Products & Chemicals

The Hydrogen Market is estimated for $200 billion for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hydrogen is an important energy carrier used in various applications such as oil refining, ammonia production, methanol production, transportation, and power generation. It can be produced from both renewable and non-renewable resources.

Market Dynamics:

Rising demand for clean energy along with stringent emission norms globally are the major drivers propelling the growth of the hydrogen market. Hydrogen has the potential to facilitate the transition towards renewable resources by storing and transporting energy from solar, wind and other renewable resources. It can help decarbonize hard-to-abate sectors such as long haul transportation, steel and chemical industries. Several countries and major companies are making significant investments in developing hydrogen infrastructure and technologies to produce hydrogen through electrolysis powered by renewable energy. Growing application of hydrogen in refineries is also contributing to the growing demand.

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Top Companies Covered In This Report:

★ Linde AG
★ Air Products & Chemicals Inc.
★ Praxair Inc.
★ Air Liquide SA
★ Airgas In

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Production Source:

★ Natural gas
★ Coal
★ Other Hydrocarbons
★ Electrolysis & other sources

By Applications:

★ Refineries
★ Ammonia
★ Methanol and other Chemicals
★ Metals & Fabrication
★ Electronics
★ Food & Beverages
★ Glass & Ceramics
★ Others

By Mode Of Delivery:

★ Merchant
★ Captive

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Hydrogen as an alternative fuel: Major drivers pushing the hydrogen market growth

1: 'Increasing demand for clean energy alternatives'

The demand for clean and sustainable energy sources is growing rapidly across the world due to rising environmental concerns. Hydrogen has emerged as one of the most promising clean energy carriers with zero direct emissions. It can help reduce dependency on fossil fuels for transportation, power generation, and other applications. Many countries are investing heavily in developing hydrogen infrastructure to meet their renewable energy and emission reduction targets. This growing focus on developing a hydrogen economy is a major factor driving growth in the hydrogen market.

2: 'Expanding applications of hydrogen in transportation sector'

Transportation accounts for a significant portion of global carbon emissions. Many automakers and countries are exploring hydrogen fuel cell technology as one of the most viable options for decarbonizing road transportation. Advanced fuel cell electric vehicles (FCEVs) that run on hydrogen are gaining popularity due to their longer range and faster refueling compared to electric vehicles. An increasing number of hydrogen refueling stations are being set up globally to support the adoption of FCEVs. This expanding application of hydrogen for fueling zero-emission vehicles and other modes of transportation is propelling the hydrogen market expansion.

Challenges in hydrogen storage and distribution: A key restrain for the hydrogen market: 'Issues regarding hydrogen storage and distribution infrastructure'

Hydrogen, whether in gaseous, liquid, or solid form, is expensive to store and transport mainly due to its low density and volatile nature. Developing efficient and economical technologies for hydrogen storage and distribution is challenging. Establishing a widespread hydrogen supply chain requires massive investment in production facilities, pipelines, tankers etc. The high costs associated with setting up hydrogen infrastructure continue to be a major bottleneck in the growth of the hydrogen economy. Limited hydrogen refueling infrastructure deters customers from transitioning to FCEVs. This infrastructure challenge acts as a key restrain constraining faster development of the hydrogen market.

Opportunity for renewable hydrogen production unlocking market potential: 'Growing momentum for renewable hydrogen production'

Renewable hydrogen, also known as green hydrogen, produced using renewable energy sources like solar and wind power has tremendous potential. It is a zero-carbon solution that can store and transport large amounts of surplus renewable energy. Many governments are launching initiatives to boost renewable hydrogen production through water electrolysis driven by clean power. This helps decarbonize vital sectors and balance grids while creating new revenue opportunities. Advancements in electrolyzer technologies are making renewable hydrogen increasingly economical. Increased focus on renewable sources presents a massive opportunity for the hydrogen market to reach its full potential.

Emerging hydrogen market trends pointing towards future growth: 'Rising investments in scaling up hydrogen demonstration and pilot projects'

Several countries and major corporations have announced multi-billion dollar investments and projects to kickstart the hydrogen economy and commercialize the production and application of hydrogen on an industrial scale. Large-scale technology demonstration projects are being launched worldwide to test and validate hydrogen solutions across different domains. Pilot plants for green hydrogen production through electrolysis are being commissioned. Rising investments in bringing more hydrogen projects to reality will help advance technologies, bring down costs, address challenges, and establish demand and supply channels. This emerging trend suggests robust long term growth prospects for the global hydrogen market.

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Key Questions Answered in This Report on Hydrogen Market

• How much revenue will the global Hydrogen Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Hydrogen Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Hydrogen Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Hydrogen Market Insights

3.1 Market fragmentation
3.2 Market landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Hydrogen Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.