Global Hydrogen Market Set for Rapid Growth, to Reach Value Around USD 426.71 Billion by 2032

Zion Market Research has published a new report titled “Hydrogen Market by Delivery Mode (Captive, Merchant), by Technology (Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Electrolysis of Water) and by End User (Chemical, Petroleum Refining, Metal Processing, Automotive Fuel, Glass Industry, Edible Fats and Oils, Energy, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032”. According to the report, global hydrogen market worth approximately USD 263.55 Billion in 2023 and is predicted to gain revenue of about USD 426.71 Billion by 2032, is set to record a CAGR of nearly 5.50% over the period from 2024 to 2032.

Hydrogen is an important carrier of energy that provides support for the future requirement for clean energy across the world. It will also sustain the initiative of reduction of greenhouse emissions and dependence on fossil fuels for energy and this is expected to drive hydrogen market growth over the forecast period. Furthermore, growing number of technological developments, increasing preference for onsite hydrogen generation systems, growing use of hydrogen in various industry sectors and the introduction of green production technologies will further upsurge the demand for hydrogen in the coming years. 

Browse the full "Hydrogen Market by Delivery Mode (Captive, Merchant), by Technology (Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Electrolysis of Water) and by End User (Chemical, Petroleum Refining, Metal Processing, Automotive Fuel, Glass Industry, Edible Fats and Oils, Energy, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032" report at  https://www.zionmarketresearch.com/report/hydrogen-market

Production of electrolytic hydrogen is associated with high costs, which has resulted in growing emphasis to enhance the production process. Developments which will have a positive impact on process efficiency, for instance, advancement in membrane and catalyst effectiveness, are expected to lower the costs associated with the production of electrolytic hydrogen in the future. Furthermore, the current focus is directed towards hydrogen, as it is a clean alternative fuel which gives rise to insignificant greenhouse gas emissions. Focus on production techniques such as reduction of overvoltage oxygen evolution reaction (OER) in electrolyzers and development of high-pressure electrolyzers is predicted to positively impact hydrogen market growth over the forecast period. 

The hydrogen market is segmented on the basis of delivery mode into captive and merchant. The captive segment is expected to dominate the delivery mode in hydrogen market over the forecast timeframe. 

Based on technology, the market is segmented into steam methane reforming, partial oxidation of the oil, coal gasification and electrolysis of water. The steam methane reforming segment held major revenue share in hydrogen market owing to the cost-effective nature of the process and ease of availability of raw materials, such as methane.

Chemical, petroleum refining, metal processing, automotive fuel, glass industry, edible fats and oils, energy, and others are the end-user segments of the global hydrogen market. The petroleum refinery segment contributed for major revenue share in 2017 due to the increasing demand for desulfurization of fuel called for by government regulations.

North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global hydrogen market. North America and Europe are anticipated to remain the leading regions over the forecast period. There is good adoption rate of hydrogen technologies. Developing nations such as China and Japan are the most promising markets owing to the huge population base and growing demand for hydrogen-based fuel vehicles in the countries is expected to drive industry growth over the forecast period. 

Some of the key players in global hydrogen market include Air Liquide, The Linde Group, Air Products and Chemicals, Iwatani, Showa Denko K.K., Messer Group, Hydrogenics, Nel ASA, Southern Industrial Gas, Hy.Gear, Xebec Adsorption, ALLY HI-TECH, Ellenbarrie Industrial Gases, CLAIND, Bristol Gases – Concorde Corodex, Taiyo Nippon Sanso and Yateem Oxygen.  Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their product portfolio. 

This report segments the global hydrogen market as follows:

Global Hydrogen Market: Delivery Mode Segment Analysis

• Captive
• Merchant 

Global Hydrogen Market: Technology Segment Analysis

• Steam Methane Reforming
• Partial Oxidation of Oil
• Coal Gasification
• Electrolysis of Water 

Global Hydrogen Market: End-User Segment Analysis

• Chemical
• Petroleum Refining 
• Metal Processing
• Automotive Fuel
• Glass Industry
• Edible Fats and Oils
• Energy
• Others 

Global Hydrogen Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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