Press release
Industrial Hydrogen Market Soars as Clean Energy Demand Powers Growth
Industrial Hydrogen Market
The global industrial hydrogen market is experiencing a steady rise in demand due to its wide applications across electronics, pharmaceuticals, metal fabrication, and the fertilizer sector. In 2016, the market was valued at US$ 13.6 Bn and is expected to reach US$ 19.8 Bn by 2024, expanding at a CAGR of 4.9%. Increasing demand from end-use industries and technological advancements in hydrogen production methods are the major drivers fueling this growth.
Among the key segments, the Electrolysis production method is projected to exhibit the fastest CAGR, owing to its clean and sustainable nature. Regionally, the United States holds the largest market share, contributing over 50% of global revenues in 2016. This dominance is attributed to strong demand from the electronics industry and the presence of established hydrogen producers.
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Key Highlights from the Report
• The industrial hydrogen market is projected to reach US$ 19.8 Bn by 2024.
• Electrolysis production is growing fastest with a CAGR of 5.2%.
• The U.S. accounts for over 50% of global industrial hydrogen demand.
• Electronics sector leads application segments, forecasted to reach US$ 4.69 Bn by 2024.
• Green hydrogen investments are reshaping the competitive landscape.
• Partnerships and collaborations are emerging as key growth strategies.
Market Segmentation
The industrial hydrogen market is segmented based on production method and application. The two primary production segments include Electrolysis and Conventional & Others. The Electrolysis segment is gaining traction for its eco-friendliness and is expected to expand at a CAGR of 5.2% through 2024. Meanwhile, the Conventional & Others segment remains dominant, holding a 92.5% market share and generating US$ 18.3 Bn in revenue by the end of the forecast period.
From an application standpoint, the Electronics segment is poised to be the frontrunner, expected to grow at a CAGR of 5.8% and reach a valuation of US$ 4.69 Bn by 2024. Other major applications include Metal Production, Glass Manufacturing, and Welding & Metal Fabrication, which together account for 46.2% of the market volume. These sectors are critical in sustaining consistent demand for industrial hydrogen.
Regional Insights
In North America, the U.S. dominates the market due to a robust demand from diverse industrial sectors. Technological innovations and a mature hydrogen infrastructure give the country a competitive edge, driving a high CAGR over the forecast period.
Across Europe, Germany is leading the way with higher growth compared to the U.K., backed by a strong economic outlook and expansion of electronics manufacturing. Asia-Pacific, particularly Japan and South Korea, is witnessing notable growth due to the presence of leading electronics and glass manufacturers driving industrial hydrogen consumption.
Market Drivers
A primary growth driver is the increasing demand from electronics, pharmaceuticals, and metal fabrication sectors. Rapid growth in the LED and semiconductor industry is accelerating hydrogen adoption. Onsite hydrogen generation systems and advanced technologies that lower production costs are also catalyzing market expansion.
Market Restraints
Despite its promising trajectory, the market faces challenges such as the high cost of hydrogen production via electrolysis compared to conventional methods. Additionally, the COVID-19 pandemic caused temporary slowdowns in production and manufacturing activities, leading to reduced demand.
Market Opportunities
Rising investments in green hydrogen and expanding applications in the fuel and energy sectors offer lucrative growth opportunities. Market players are forming strategic partnerships and focusing on cost-efficient production technologies to meet the growing global demand and remain competitive.
Frequently Asked Questions (FAQs)
How big is the global industrial hydrogen market today?
What is the projected growth rate of the industrial hydrogen market?
Who are the key players in the global industrial hydrogen market?
What is the market forecast for industrial hydrogen through 2024?
Which region is estimated to dominate the industrial hydrogen market during the forecast period?
Company Insights
1. Air Liquide
2. Air Products and Chemicals Inc.
3. The Linde Group
4. Praxair Inc.
5. Messer Group GmbH
Recent Developments:
• Air Liquide announced increased investments in green hydrogen production facilities to meet rising sustainability demands.
• The Linde Group partnered with multiple electronics manufacturers to supply high-purity industrial hydrogen for semiconductor fabrication.
Conclusion
The global industrial hydrogen market is poised for consistent growth through 2024, supported by technological innovations and diversified applications. With a strong presence across key industries and increased focus on eco-friendly production methods, the market is evolving to meet modern industrial and environmental demands. The continued expansion of electronics and green hydrogen sectors is expected to open new avenues for both established players and emerging entrants in the years to come.
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