CHICAGO, July 13, 2023 /PRNewswire/ -- Hydrogen, once considered a distant dream, is now on the horizon of commercialization, according to a recent study by MarketsandMarkets™ on the 'Future of Hydrogen Economy.' MarketsandMarkets™, a leading market research and growth consulting firm, has identified a groundbreaking opportunity worth over $500 billion across the entire value chain of the Hydrogen Economy. This revelation underscores the immense potential and exciting developments within the hydrogen industry, offering transformative prospects for businesses.
The opportunity spans the upstream, midstream, and downstream sectors, covering hydrogen storage solutions, production, transportation, and utilization in various industries. With the global shift towards greener energy sources, hydrogen emerges as a vital player in the energy transition, presenting remarkable growth prospects.
Key findings include:
- The global hydrogen generation market is projected to reach USD 263.5 billion by 2027, driven by industrial demand and increased usage in transportation and power generation applications.
- Low-carbon hydrogen production is expected to generate a $70 million opportunity by 2030, with green hydrogen being the sustainable choice.
- Europe is set to surpass China as the leading hydrogen-producing market post-2030, democratizing the energy market.
- The global electrolyzers market is estimated to reach $23.6 billion by 2028, exhibiting remarkable growth.
- The hydrogen storage market is projected to reach $7.7 billion by 2027, driven by fuel cell demand and government regulations.
- There is huge growth potential for micro hydrogen economies as we will see growth of hydrogen hubs and hydrogen generation and consumption at site
- Green hydrogen market initially will be driven by premium Use cases and specific industries
Sarwant Singh, President (Europe) & Chief Commercial Officer at MarketsandMarkets™, stated, "The $500+ billion opportunity identified across the Hydrogen Future Economy value chain showcases the immense potential for hydrogen in driving sustainable growth. As the global transition towards greener energy sources accelerates, hydrogen is poised to play a vital role in reshaping industries, fostering innovation, and creating a prosperous future. At MarketsandMarkets, we are committed to partnering with businesses, leveraging our expertise and practical insights to guide them through this transformative journey and capitalize on the immense opportunities the hydrogen market presents."
MarketsandMarkets™ welcomes businesses to embrace the potential of hydrogen and capitalize on the transformative opportunities within the hydrogen market. By partnering with MarketsandMarkets, organizations can collaborate toward a sustainable and prosperous future in the Hydrogen Future Economy.
For more information and to explore these possibilities, Download PDF.
About MarketsandMarkets™
Founded in 2010, MarketsandMarkets™ is a sector research and growth-enabling firm that helps clients realize revenue opportunities in new and existing markets. We leverage our proprietary data platform and Knowledge Services practice to deliver actionable insights to organizations.
The B2B economy is predicted to see the emergence of $25 trillion of new revenue streams that will displace existing workstreams. KnowledgeStore, our AI-driven market intelligence platform, serves as the discovery and validation engine to evangelize these new growth opportunities.
In March 2023, Forbes recognized MarketsandMarkets as one of America's Best Management Consulting Firms.
To know more, visit: http://www.marketsandmarkets.com.
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