Hydrogen Market Size, Share Report, Analysis, Trends, Growth 2032

The global Hydrogen market size accrued earnings 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.

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Hydrogen Market Introduction

Hydrogen, a nonmetallic element, is simple and lightweight compared to others. It's a colorless, odorless, highly flammable diatomic gas used extensively in synthesis and various applications like industrial processes, transportation fuel, and heating. Its versatility spans across multiple sectors, promising significant growth in the global hydrogen market. However, challenges like inadequate transportation infrastructure and safety concerns loom over its future expansion.

According to the Hydrogen Energy and Fuel Cells report, an anticipated 35% of new cars will run on zero-carbon hydrogen by 2040. Hydrogen production from carbon-free sources or fossil fuels with CO2 capture and storage holds promise in reducing greenhouse gas emissions. Fuel cells offer efficient electricity generation from diverse fuels, potentially offering cost-effective utilization of primary energy sources.

Hydrogen, derived from biomass, fossil fuels, or water, serves as a crucial resource. Natural gas contributes around three-fourths of hydrogen production, approximately 70 million tons. Various fuel sources, including renewables, coal, oil, and nuclear plants, can produce hydrogen. Its usage in fuel cell vehicles, coupled with a thriving automotive sector, signals a promising future for the hydrogen market.

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Market Growth Dynamics

Large-scale demand for hydrogen in transport, power generation, and construction sectors will propel the business growth over the forecasting years. Escalating use of hydrogen in chemical and iron & steel industries will promulgate the market expansion over the estimated timeframe. Moreover, hydrogen is transferred through pipeline as a gas and in liquid form through ships and these features will favor the expansion of the market size in the years ahead. With overall power & energy industry in flux, the versatile nature of the element has generated keen interest among various sectors across the globe.

Furthermore, hydrogen is utilized significantly in refinement of oil as well as manufacturing of fertilizers, thereby driving market trends. Apart from this, massive funding in production of hydrogen by various governments can result in technological & industrial growth across the globe and will create new job avenues for skilled professionals. This, in turn, will further contribute towards the overall market value over the assessment period.

Moreover, massive use of clean hydrogen at industrial ports along with growing efforts initiated by the developed countries to introduce hydrogen trading through international ship routes can favorably impact the global energy sector, thereby steering the growth of hydrogen industry over the forthcoming years. Nonetheless, manufacturing hydrogen from low-carbon energy has proved expensive and this will retard the business growth in the near future. Apart from this, availability of less number of hydrogen refueling stations and slow growth of hydrogen infrastructure can create hurdles in the path of growth of hydrogen market over the ensuing years.

Hydrogen Market: Report Scope

Hydrogen Market Segmentation Analysis

Based on delivery mode, the hydrogen market is segmented into captive and merchant. On the basis of technology, the market is categorized into steam methane reforming, partial oxidation of the oil, coal gasification and electrolysis of water. Based on end users, the market is segmented into chemical, petroleum refining, metal processing, automotive fuel, glass industry, edible fats and oils, energy and others.

North American Market To Register Massive Growth Over Forecast Timeline

The expansion of the hydrogen industry in the sub-continent over the assessment timespan can be credited to humungous presence of oil refining units as well as chemical producing plants in the gulf-coast of North America. Apart from this, reduced costs of natural gas in North America resulting in lowest production costs for hydrogen will define the expansion of the hydrogen market in the region over the forecast timeline. Apart from this, presence of giant manufacturers in the countries like Canada and the U.S. will contribute sizably towards the regional market revenue over the forecast timeframe.

Key participants influencing the business growth are

• The Linde Group
• ALLY HI-TECH
• Hydrogenics
• Hy.Gear
• Showa Denko K.K.
• Xebec Adsorption
• Air Liquide
• Nel ASA
• Taiyo Nippon Sanso
• Air Products and Chemicals
• Bristol Gases – Concorde Corodex
• Ellenbarrie Industrial Gases
• CLAIND
• Iwatani
• Messer Group
• Southern Industrial Gas
• and Yateem Oxygen.

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 

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa