Press release
Hydrogen Market to be Worth $288.3 Billion by 2031
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According to this new research, the hydrogen market is projected to grow to $288.3 billion by 2031, with a CAGR of 6.2% from 2024. The market's expansion is fueled by increasing demand for hydrogen in the chemicals industry, government-backed initiatives toward clean energy, and the rising use of hydrogen for power generation. However, high capital costs for hydrogen storage and transport infrastructure remain a challenge. The growing application of hydrogen in Fuel Cell Electric Vehicles (FCEVs) presents notable growth opportunities, while safety concerns over hydrogen's volatility pose significant challenges. Additionally, the use of Carbon Capture, Utilization, and Storage (CCUS) and renewable energy sources in hydrogen production are emerging as key market trends.
Market Segmentation:
The hydrogen market is categorized by offering, application, and geography.
Offering: Hydrogen generation, storage, and transportation. In 2024, hydrogen generation is expected to dominate with ~69% of the market, supported by government initiatives in green hydrogen production and industrial decarbonization.
Application: Chemical production, automotive & transportation, industrial manufacturing, oil & gas, aerospace & defense, and power generation. Chemical production is projected to hold ~71% of the market share in 2024, driven by demand for clean energy in refineries and industrial chemical processes.
The automotive & transportation segment is forecasted to achieve the highest CAGR, driven by increased adoption of FCEVs, hydrogen's role in reducing fossil fuel dependency, and sustainable energy production from renewables like wind and solar.
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Regional Insights:
The hydrogen market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to lead the market with ~37% share by 2024, due to its growing capacity for carbon-free hydrogen production, CCUS technology usage, and innovations in renewable energy sources. Additionally, APAC is expected to exhibit the highest CAGR of ~7.5% over the forecast period.
Key Players
Prominent players in the hydrogen market include:
L'air Liquide S.A. (France)
Air Products and Chemicals, Inc. (U.S.)
Plug Power Inc. (U.S.)
Linde plc (Ireland)
Cummins Inc. (U.S.)
Shell Plc (U.K.)
Hexagon Purus ASA (Norway)
Siemens Energy Ag (Germany)
Hanwha Corporation (South Korea)
NPROXX B.V. (Netherlands)
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This report also provides detailed analyses of additional competitors, regional and country-level market insights, and industry trends.
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We are a trusted research partner for leading businesses worldwide, empowering Fortune 500 organizations and emerging enterprises with actionable market intelligence tailored to drive revenue transformation and strategic growth. Our insights reveal forward-looking revenue opportunities, providing our clients with a competitive edge through a diverse suite of research solutions-syndicated reports, custom research, and direct analyst engagement.
Each year, we conduct over 300 syndicated studies and manage 60+ consulting engagements across eight key industry sectors and 20+ geographic markets. With a focus on solving the complex challenges facing global business leaders, our research enables informed decision-making that propels sustainable growth and operational excellence. We are dedicated to delivering high-impact solutions that transform business performance and fuel innovation in the competitive global marketplace
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