Hydrogen Market Size To Worth $258 billion in 2031, CAGR OF 7% | Linde AG, Air Products & Chemicals

Market Overview:

The global hydrogen market is estimated to be valued at US$ 141.59 Bn in 2022 and is expected to exhibit a CAGR of 7% over the forecast period (2023-2030).

Market Dynamics:

The hydrogen market is driven by growing governmental support for clean energy technologies. Many governments around the world are supporting the adoption of hydrogen as it is seen as one of the key solutions to decarbonize different hard-to-abate sectors. This is expected to significantly drive the demand for low-carbon hydrogen produced via electrolysis using renewable electricity. Additionally, the increasing investments by major companies in hydrogen infrastructure such as production facilities, transportation and refueling stations is also expected to fuel the market growth over the forecast period.

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Cost competitiveness with traditional fuels is restraining the hydrogen market transition currently

hydrogen provides a clean solution, the costs associated with infrastructure and technologies along the entire hydrogen value chain from production to distribution and end-useapplications are higher compared to conventional options presently. Electrolysis is still an expensive process for large-scale production of hydrogen from renewable power. Fuel cell vehicles also have higher upfront costs than conventional gasoline/diesel cars which is limiting their mass adoption. Similarly, the capital costs of setting up hydrogen refueling stations are prohibitive currently. For hydrogen to really take off, significant cost reductions are required across the supply chain to achieve price parity with fossil fuel-based alternatives. Various incentives and policy push are trying to bridge this cost gap but it still remains a major barrier for large-scale commercialization of the hydrogen economy in the short-term.

Growth in renewable energy provides opportunity for green hydrogen production

The substantial growth in renewable energy sources like solar and wind presents a massive opportunity to utilize this renewable power for producing hydrogen through electrolysis in a carbon-free manner. As costs of solar and wind power generation plummet worldwide, it has become economically viable now to produce green hydrogen at utility-scale by combining renewable power with electrolyzers. Many governments and companies see this confluence of affordable renewable energy and electrolysis as an opportunity to establish a green hydrogen economy, which can help decarbonize hard-to-abate sectors. Major projects integrating renewable energy with large-scale electrolyzers are being announced globally. This synergy between renewable energy growth and electrolytic hydrogen production provides a pathway to significantly increase carbon-free hydrogen supply in the future.

Adoption of hydrogen fuel cell technologies is emerging as a key trend

A defining trend gaining prominence in the hydrogen industry is the growing role of fuel cells and focus on developing hydrogen fuel cell technologies. Fuel cells that use hydrogen as fuel to generate electricity are seen as more practical solution for many applications compared to batteries, which have limitations on capacity and charging time. Many governments and companies are supporting research and development of fuel cell systems for different mobility and stationary power applications. Countries are also incentivizing hydrogen fuel cell vehicles and setting up supporting infrastructure. Major automakers are launching affordable fuel cell car models. Overall, transition towards adoption of advanced fuel cell technologies both for transport as well as stationary power is an important trend that will drive next phase of growth in hydrogen sector globally over the medium to long term.

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Top Companies Featured in This Report:

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

Market Segmentation:

By Product Type:

★ By Production Source: Natural gas, Coal, Other Hydrocarbons, Electrolysis & other sources
★ By Mode Of Delivery: Merchant, Captive

By Applications:

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

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

The report offers insights on the following aspects:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Analysis of Hydrogen Market Competition Landscape by Players

Chapter 4: Assessment of Hydrogen Market Size by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, recent developments, and investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Hydrogen sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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