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What is the Projected Forecast CAGR for the Industrial Hydrogen Market in 2034

06-20-2024 11:44 AM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Industrial Hydrogen Market

Industrial Hydrogen Market

The global industrial hydrogen market is estimated to reach US$ 19.8 billion in 2024 and is expected to grow steadily at a CAGR of 4.9% through 2034, reaching a valuation of US$ 31.95 billion by 2034. A primary driver of this growth is the increasing demand from crucial sectors such as energy, refining, and electronics, where hydrogen is essential.

The global focus on cleaner energy sources is significantly boosting demand, aligning with a broader industry trend towards sustainability. Hydrogen's versatility makes it a crucial component in meeting the energy needs of these sectors while maintaining environmental priorities.

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Key Segments of Industrial Hydrogen Market Research Report

Technological advancements in hydrogen production are further propelling the market's positive trajectory. Innovations in production methods, such as electrolysis and steam methane reforming, are enhancing efficiency, reducing costs, and improving overall sustainability.

These advancements not only increase hydrogen's competitiveness as an energy carrier but also expand its applications across various industrial processes. The evolution of production technologies underscores the industry's commitment to continuous improvement and adaptation to meet the market's evolving needs.

As industries worldwide prioritize environmentally friendly practices, hydrogen becomes a vital component in the shift toward sustainable solutions. Its clean and efficient properties make it essential in the pursuit of eco-friendly alternatives, contributing to the market's sustained growth.

Additionally, the market's growth is bolstered by supportive government policies promoting clean energy adoption. In conclusion, the industrial hydrogen market is poised for robust growth, driven by increasing demand, technological innovations, and a global focus on sustainable energy solutions.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞:

Key Takeaways from Market Study

The global industrial hydrogen market is projected to expand at a CAGR of 4.9% through 2034.
The East Asia market is expected to grow at a CAGR of 3.8% through 2034.
The industrial hydrogen industry in the United States holds a dominant share of 77.4% in 2024.
The industrial hydrogen industry in China is expected to rise at a CAGR of 3.6% through 2034.
Based on the production method, electrolysis holds a 53.4% market share in 2024.
The electronics segment dominates the end-user segment with a 16.5% share in 2024.

"An increase in global emphasis on transitioning to cleaner energy sources acts as a major driver for the industrial hydrogen market. As industries and economies seek more sustainable alternatives, hydrogen, known for its versatility and eco-friendly attributes, experiences rising demand across diverse sectors, driving the market's growth," says a Fact.MR analyst.

Key Companies Profiled in This Report:

Taiyo Nippon Sanso
Messer Group
Air Products
Yingde Gases
Air Water
Linde Group
Air Liquide
Reliance Industries Ltd.
Mitsubishi Gas Chemical Company Inc.
Evonik Industries AG

Competitive Analysis

The market is intensely competitive, characterized by key players striving for innovation and market share. Established companies focus on technological advancements, strategic collaborations, and diversified product offerings. New entrants often target niche markets or specialize in specific applications.

Rising demand for sustainable coating solutions, particularly in automotive and construction, intensifies competition. Factors such as cost-effectiveness, product performance, and environmental considerations play pivotal roles in shaping the competitive landscape of the powder coating equipment market.

Some of the recent developments are:

In April 2023, Linde plc signed an agreement with Evonik to supply green hydrogen.
In October 2022, Hexagon Purus and Lhyfe collaborated together for the green and renewable hydrogen production required for transportation and industrial applications.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the industrial hydrogen market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on By Production Method (Electrolysis, Conventional & Others), By End-Use (Chemicals, Electronics, Food & Beverages, Glass, Metal Production, Pharmaceuticals & Biotechnology, Welding & Fabrication, Others), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa)


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