Hydrogen Market to Hit $412.6 billion by 2031, at a 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 expected to witness significant growth over the forecast period owing to increasing demand from the petrochemical industry. The growing demand for petroleum products across the world has spurred hydrogen consumption in oil refineries for downstream petrochemical processes such as hydrocracking and desulfurization. Furthermore, strict environmental policies aimed at reducing emissions are also expected to drive the use of hydrogen as fuel in transportation. Several industries such as automotive, chemical and electronics are shifting towards use of hydrogen as it is a clean energy source with zero emissions. Government initiatives promoting use of clean fuels for transportation and power generation will further aid the market growth during the forecast period. However, high production costs associated with hydrogen are a major challenge restraining the market.

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Hydrogen market drivers - increasing adoption of fuel cells to power vehicles and generate electricity

One of the key drivers for the growth of the global hydrogen market is the increasing adoption of fuel cells to power electric vehicles and generate electricity. Fuel cells are electrochemical devices that use hydrogen as fuel to produce electricity with only water and heat as byproducts. With growing environmental concerns about polluting combustion engines, many major automakers are investing heavily in developing fuel cell electric vehicles (FCEVs) that run on hydrogen. Companies like Toyota, Hyundai, and Honda have already launched several FCEV models and are focusing on expanding their fleets. The adoption of FCEVs is expected to grow significantly over the next decade as hydrogen refueling infrastructure develops. Hydrogen is also gaining popularity as a clean fuel for generating electricity, especially in areas with intermittent renewable energy. Many utilities are exploring hydrogen-based energy storage solutions and fuel cells are being deployed in residential and commercial power applications. The need for efficient energy storage will further accelerate the use of hydrogen for electricity generation.

Hydrogen market opportunity - developing renewable hydrogen hubs and cross-sectoral applications

A major opportunity lies in developing large-scale renewable hydrogen hubs that can synthesize hydrogen from multiple clean resources and serve various sectors. Countries and regions are exploring clusters that co-locate renewable energy projects, electrolyzers, storage facilities and end-use applications like transportation, power generation and industrial processes within close proximity. Such hubs offer efficiency advantages by streamlining production and distribution. They also promote coupling hydrogen supply and demand across heat, fuel and feedstock needs of different industries. This helps improve the business case for investments by boosting utilization rates. Many governments view the coordinated development of hydrogen valleys as a promising strategy for both decarbonization and regional economic growth. Cross-sectoral hubs present a major commercialization opportunity that hydrogen producers and technology firms are actively pursuing.

Hydrogen market trend - transition towards renewable hydrogen as costs decrease and policies promote decarbonization

A notable trend is the anticipated transition of the global hydrogen market towards prioritizing renewable sources over the next decade, driven by falling costs of green production technologies and supportive public policies. While grey and blue hydrogen still account for the majority of current supply, electrolysis capacity for green hydrogen is growing strongly. Renewable hydrogen's prospects are boosted by widening clean energy mandates around the world as more countries commit to achieving net-zero emissions by 2050. Many jurisdictions have unveiled hydrogen roadmaps and strategies focusing on the transition to carbon-free production through electrolysis using solar and wind power. This shift will be complemented by simultaneous investments in building storage and distribution networks. The combination of technological progress, economies of scale and decarbonization policies

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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:

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 are 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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The report offers insights on the following topics:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Competitor Landscape of the Hydrogen Market by Players

Chapter 4: Market Size of the Hydrogen Market 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: Analysis of Value Chain and Sales Channels, including notable product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

Ultimately, the Hydrogen Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Hydrogen industry.

Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.

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.

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