Hydrogen Market worth $410.6 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 26, 2023 /PRNewswire/ -- Hydrogen Market is projected to reach USD 410.6 billion in 2030 from USD 242.7 billion in 2023 at a CAGR of 7.8% according to a new report by MarketsandMarkets™.  Hydrogen is the lightest and most abundant element in the universe. Hydrogen gas has an excellent energy carrying capacity. It can be produced in large quantities and supplied to large-scale industries for various operations. It can be produced as a principal and by-product from various primary energy sources (such as wind, solar, coal, natural gas, and nuclear). Currently, hydrogen is produced in bulk for many value-added uses and chemical substances. It delivers power for various applications, including fuel cells and combined heat and power technologies. global push to reduce carbon emissions and combat climate change has led to an increased focus on clean and sustainable energy sources and drive the demand for Hydrogen Market.

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Hydrogen Market Scope:

 

The generation type segment, by sector, is expected to have the largest market during the forecast period.

Based on sector, the Hydrogen Market has been segmented into generation type, storage, and transportation. The generation type segment is expected to hold largest share during the forecast period. Governments and businesses are looking at low-carbon and zero-emission options as a result of the pressing need to slow down climate change and cut greenhouse gas emissions. Since it generates no carbon dioxide when used, green hydrogen generation offers a workable answer to the problem of decarbonization. Additionally, hydrogen is used as a feedstock or process fuel by many sectors, including chemical manufacture, refineries, and the production of steel. The demand for low-carbon and green hydrogen is rising as industry work to minimize their carbon footprint.

The mobility segment, by application, is expected to be the fastest growing during the forecast period

This report segments the Hydrogen Market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.

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North America is expected to be the largest region in the Hydrogen Industry

North America is expected to be the largest Hydrogen Market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. One important clean energy carrier that can aid in achieving carbon neutrality and promoting sustainable development is hydrogen, especially green hydrogen produced from renewable sources.

Key Market Players:

Some of the major players in the Hydrogen Companies are Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands). The major strategies these players adopt include merger & acquisitions, contracts, agreements, partnerships, and investments & expansions.   

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Recent Developments

• In July 2023, Air Products & Chemicals, Inc. announced that it has been chosen as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet by Edmonton International Airport. Air Products will deploy a mobile hydrogen refueler at the airport to deliver hydrogen for the Toyota Mirai hydrogen fuel cell vehicle fleet.
• In July 2023, Air Liquide and KBR collaborated to provide fully integrated low-carbon ammonia solutions based on Autothermal Reforming (ATR) technology. Air Liquide is a global leader in ATR technology, which is one of the best options for large-scale production of low-carbon hydrogen (H2), which is then mixed with nitrogen (N2) to make low-carbon ammonia (NH3).
• In April 2023, Linde plc has signed a long-term arrangement with Evonik, a well-known specialty chemicals firm, to supply green hydrogen. Linde will build, own, and operate a nine-megawatt alkaline electrolyzer facility on Jurong Island in Singapore under this arrangement. This plant's major output will be green hydrogen, which Evonik wants to employ in the synthesis of methionine, an essential element in animal feed.
• In April 2023, Air Liquide entered into an agreement with TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.
• In October 2022, Hexagon Purus and Lhyfe collaborated for the production of green and renewable hydrogen for transportation and industrial applications.
• In May 2022, Air Products Inc, OQ, and ACWA Power jointly signed an agreement for the world's largest green hydrogen-based ammonia production powered by renewable energy.

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Related Reports:

Green Ammonia Market - Global Forecast to 2030

Hydrogen Generation Market - Global Forecast to 2027

Fuel Cell Market – Global Forecast to 2027

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