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Hydrogen Market to Surpass $69.08 Billion by 2029 | Key Trends & Insights
Hydrogen Market
How Will the Hydrogen Market Grow by 2025 in Terms of Size and Growth?
In the past few years, the hydrogen market's size has been expanding robustly. The market, valued at $43.36 billion in 2024, is projected to enlarge to $47.66 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. The significant expansion during the historic period can be ascribed to the vigorous economic growth experienced by emerging markets, heightened demand from the chemical industry, and widespread application of hydrogen fuel cell vehicles.
What Are the Estimated Growth Rates for the Hydrogen Industry Through 2029?
In the coming years, the hydrogen market is projected to experience robust expansion, escalating to a value of $69.08 billion by 2029, representing a compound annual growth rate (CAGR) of 9.7%. The imminent market growth could be credited to government backing, the escalating demand in the energy sector combined with the increasing necessity in the oil and gas industry. Noteworthy trends anticipated during the projected period encompass hydrogen production from sewage waste, strategic alliances and partnerships, augmented investments in green hydrogen, the adoption of IoT (internet of things) by hydrogen manufacturers, the application of intelligent meters and bespoke air separation plants.
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What Are the Strategic Drivers Boosting Hydrogen Market Performance?
The healthcare sector is continuously evolving, putting a higher focus on promoting a healthier, good quality lifestyle. Hospitals are now turning to industrial gases like hydrogen, developing them for medical use in pharmaceutical products. Institutions like St. Francis and VA Loma Linda have already incorporated hydrogen power plants into their power generation framework. There is a surge in advancements in treatments and drug development that leverage induced pluripotent stem cells (IPS). This has resulted in an added value to the industry through the employment of gas-powered systems, essential for cell and tissue growth and conservation. Consequently, this has ramped up the demand for premium quality industrial gases.
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What Are the Segments in the Hydrogen Market?
The hydrogen market covered in this report is segmented -
1) By Mode Of Distribution: Pipeline, High-Pressure Tube Trailers, Cylinders
2) By Application: Chemical, Refinery, Metal Processing, Other Applications
3) By End User: Chemicals, Aerospace And Automotive, Energy, Refining, Glass, Welding And Metal Fabrication, Other End Users
Subsegments:
1) By Pipeline: Hydrogen Pipeline Networks For Large-Scale Distribution, On-Site Hydrogen Generation And Pipeline Delivery
2) By High-Pressure Tube Trailers: Compressed Hydrogen In Tube Trailers For Transport, Bulk Hydrogen Delivery Via Trailers
3) By Cylinders: Small-Scale Hydrogen Cylinders, Portable Hydrogen Storage For Industrial And Commercial Use
What Are the Key Adoption Trends in the Hydrogen Market?
Corporations involved in hydrogen production are now implementing technology for creating hydrogen derived from sewage. This approach allows the creation of hydrogen gas from sewage sludge, which can then be employed in numerous sectors such as chemicals, fertilizers, transportation, and manufacturing. The method involves processing sewage sludge by reducing its weight through a sequence of dehydration, incineration, melting, composting, and drying. This method is capable of producing hydrogen at a large scale to meet the needs of manufacturing and transportation sectors. Players like Fuel Cell Energy and Graforce Hydro are investing in this innovative technology where Los Angeles Fuel Cell Energy Inc. stands out as it manages the world's largest 'tri-generation plant' which transforms sewage into electricity and renewable hydrogen that is utilized as fuel for transportation.
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Which Companies Lead the Competitive Landscape of the Hydrogen Industry?
Major companies operating in the hydrogen market include The Linde Group, Air Liquide, Air Products and Chemicals Inc, Taiyo Nippon Sanso Corporation, Air Water Inc., Iwatani Corporation, Gulf Cryo, NGK Spark Plug Co, Ltd., Twin Turbines Energy, Showa Denko K.K., Oxair, WIKA Alexander Wiegand SE & Co. KG, Ellenbarie, Praxair Inc, Air Products and Chemicals Market Size, Inc., Natural Hydrogen Energy Ltd., Core Industrial Gases, Uniper, Lind Gas Plc, AMCS Corporation, Hydrogenics, Inox, ZTEK Corporation, Engie, APT spol. S r.o., Grupa Lotos SA, Gdansk-based refiner, Gazprom, SOL Group, Supagas, Bloom Energy Corporation, Shell plc, Chevron Corporation, Eco Energy International, Yingde Gas Group Co., Ltd., Nuvera Fuel Cells, LLC, Plug Power, Rosatom, Messer Group, H2Pro, Masdar, GASAL Q.S.C., Buzwair Holding, Afrox
Where Are the Key Hydrogen Market Opportunities by Region?
Asia-Pacific was the largest region in the hydrogen market in 2024. North America was the second-largest region in the global hydrogen market. The regions covered in the hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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