Hydrogen Market Poised for Robust Growth Amid Rising Demand for Clean Energy and Government Support

Diligence Insights has released its latest study on the Global Hydrogen Market, highlighting key trends, drivers, and market forecasts.

The global hydrogen market size was valued at $262.12 billion in 2024 and is projected to reach $415.95 billion by 2030, growing at a CAGR of 8.0% during the forecast period. North America is expected to have huge demand for this market during the forecast period (2025 to 2031). The global hydrogen market is set to experience substantial growth in the coming years, driven by the surging demand for clean and sustainable energy solutions. Key factors contributing to this expansion include the accelerated development of green hydrogen derived from renewable sources and the implementation of stringent government regulations and policies promoting hydrogen adoption across industries.

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Report Summary:

Market Size (2024): USD 262.12 billion
Market Size (2030): USD 415.95 billion
CAGR (2023-2028): 8.0%
Study Period: 2022-2030
Largest Market: North America
Regions Covered: North America, Europe, Asia Pacific, South America, and Middle East & Africa
Countries Covered: US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Report Scope: Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends

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The mobility segment emerges as the largest segment in the hydrogen market

Due to the rising need to reduce greenhouse gas emissions and dependence on fossil fuels the hydrogen is expected to have a huge demand. Hydrogen fuel cells offer a clean, efficient, and sustainable alternative to traditional internal combustion engines, producing only water vapor as a byproduct. This makes them an attractive solution for addressing environmental concerns and regulatory pressures for lower emissions. Additionally, hydrogen fuel cell vehicles (FCVs) provide longer driving ranges and faster refueling times compared to battery electric vehicles (BEVs), making them particularly suitable for heavy-duty transportation, public transit, and long-haul trucking. The advancement in hydrogen production and storage technologies, along with increasing investments in hydrogen refueling infrastructure, further supports the growth of hydrogen as a viable and scalable energy source for the mobility sector. As automotive manufacturers and energy companies collaborate to develop and commercialize hydrogen-powered vehicles, the market sees significant growth potential, positioning hydrogen as a key player in the transition to cleaner transportation solutions.

By Geography, North America Region Holds the Dominant Position in the Market Revenue

North America region maintains a commanding lead in market revenue due to a combination of governmental policies, technological advancements, and the region's commitment to reducing carbon emissions. North American countries, particularly the United States and Canada, are investing heavily in clean energy solutions to combat climate change, with hydrogen playing a central role in their strategies. Government incentives, funding programs, and stringent environmental regulations encourage the adoption of hydrogen technologies. Furthermore, North America has a well-established industrial base that can leverage hydrogen for various applications, including refining, chemicals, and steel production. The region's push towards decarbonizing the transportation sector also fuels demand, with initiatives promoting hydrogen fuel cell vehicles and the development of robust refueling infrastructure. Additionally, North America's technological leadership and innovation in hydrogen production, storage, and distribution contribute to the growing market, making hydrogen a key component in the region's sustainable energy transition.

Know more about the market: https://diligenceins.com/chemicals/hydrogen-market

Some of the Players in the hydrogen market are:
• Air Liquide
• Air Products and Chemicals, Inc
• BNH Gas Tanks
• Chevron Corporation
• Cummins Inc
• Hexagon Purus
• INOX India Limited
• Linde plc
• Pragma Industries
• Saudi Arabian Oil Co
• Uniper SE
• Worthington Industries

CONTACT:
Andrew Nowik
info@diligenceins.com

About Diligence Insights:
Diligence Insights is a leading market intelligence and advisory firm committed to delivering insights that uncover the subtle shifts capable of reshaping entire industries. We specialize in identifying the "butterfly effects" that can significantly influence market dynamics. Our comprehensive research reports offer exclusive data, in-depth analysis, key industry trends, and a detailed view of the competitive landscape-empowering businesses to make informed, strategic decisions.

This release was published on openPR.