Hydrogen Market Size to Worth Around USD 410.6 Billion by 2031 | With 7% CAGR

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 expected to witness significant growth over the forecast period, driven by rising demand from the transportation sector. Many countries are supporting hydrogen powered vehicles to reduce dependence on fossil fuels. Additionally, favorable government policies around the world to promote hydrogen as an alternative fuel are also boosting the market growth. For instance, the European Union aims to install at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW of capacity by 2030 to support decarbonizing industries. Furthermore, increasing investments in hydrogen infrastructure by both public and private players to strengthen the hydrogen economy will continue driving the market in coming years. However, high production costs remain a challenge for wide adoption of hydrogen technologies.

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Increasing Demand for Clean Energy Source Driving Adoption of Hydrogen as Fuel

The hydrogen market is experiencing significant growth due to the rising demand for clean and sustainable energy sources across various industries such as transportation, power generation, and chemical processing. As nations strive to reduce their carbon emissions and transition to greener energy, hydrogen has emerged as a promising alternative to fossil fuels. Several countries have implemented policies and incentives to boost the production and usage of hydrogen especially in the transportation sector. Major automakers are investing heavily in developing hydrogen fuel cell vehicles which produce only water as a byproduct. Widespread adoption of these zero-emission vehicles will further accelerate the demand for hydrogen over the coming years.

Opportunity for Advanced Electrolyzer Technologies to Drive Down Hydrogen Production Costs

While production is expensive currently, technology innovation offers opportunity to address this challenge significantly. Advanced electrolyzer technologies aimed at improving efficiency and lowering capital costs could play a pivotal role. Emerging solid oxide and proton exchange membrane electrolyzers show promise of reducing the energy requirements for splitting water. Reduced load duration and multi-output electrolysis also enhance overall process efficiencies. Further R&D focused on materials, engineering, and scaling up production have potential to boost performance and lower costs to a level that enables broad market viability. Substantial support for pilot projects and proof of concepts can accelerate progress. Cost competitive green hydrogen would open new adoption avenues and strengthen the business case.

Market Trend Towards Decarbonization Driving Multiple Application Developments and Partnerships

Growing consensus on decarbonization targets to mitigate climate risks is driving efforts globally to develop hydrogen applications across sectors. Partnerships between governments, industries and technology providers are emerging to explore usage of hydrogen for powering transportation, buildings and industries. For example, blending hydrogen into natural gas pipelines as an energy vector is being researched. Major oil and gas companies are exploring opportunities in green hydrogen production to transition business models. Efforts are also underway to use hydrogen for powering data centers, ships and aircraft. While many technologies are still at pilot stage, the underlying trend towards low carbon solutions favors expanding the addressable market for hydrogen. A combination of policy push and innovation pull will likely accelerate hydrogen's transition to mainstream energy source in the coming decade.

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Top Companies Included in This Report:

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

Market Segmentation:

Based on Product Type:

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

Based on 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)

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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