Hydrogen Market Size, Share, Outlook

In 2023, the global hydrogen market size stood at USD 220 billion, with projections indicating an ascent to USD 380 billion by 2030. This trajectory is underpinned by an anticipated Compound Annual Growth Rate (CAGR) of 8.2% throughout the forecast period.

The heightened demand for hydrogen observed in 2023 is attributed to the growing commitment of governments to foster hydrogen-based economies, coupled with substantial investments directed toward enhancing hydrogen infrastructure. A robust outlook is foreseen for the hydrogen market, as it stands to substantially benefit from the escalating adoption of low-emission fuel solutions.

 

Hydrogen Market Analysis

The hydrogen market is evolving rapidly, marked by remarkable growth and transformative trends. The market growth is attributed to escalating demand for cleaner energy solutions, coupled with the rising emphasis on reducing carbon emissions. Further, the market's dynamism is propelled by the expanding adoption of hydrogen across a diverse range of industries and the emergence of innovative applications.

The report projections identify that the market will maintain its fast-paced growth trajectory, sustained by increasing government support, technological advancements, and the pursuit of sustainable energy alternatives. Hydrogen has firmly established itself as a pivotal solution, resonating with governments and industries seeking to address environmental concerns while fulfilling energy needs. The allure lies in its versatility, ranging from energy storage to fuel cells, enabling seamless integration into various sectors.

Market players strategically offer a range of hydrogen solutions, catering to diverse industrial and commercial requirements. From transportation fuel to power generation and industrial processes, hydrogen's potential spans a wide range of applications. Classic uses like industrial feedstock and fuel cells harmonize with emerging applications in mobility, grid stabilization, and even synthetic fuel production, contributing to a comprehensive energy transition.

 

Market Dynamics

Market Driver - Stringent regulations on greenhouse gas emissions from automotive and industrial sectors

The surge in global greenhouse gas emissions, primarily attributed to industrialization and fossil fuel utilization are supporting the demand for Hydrogen. The US Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have implemented revisions to greenhouse gas emissions and Corporate Average Fuel Economy (CAFE) standards for automobiles within the United States. These alterations, set forth under the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule spanning 2021 to 2026, are aimed at curbing emissions.

Further, the 2020 regulation underscores the significance of reducing carbon dioxide (CO2) emissions. The adjustments in regulations are pivotal in aligning the automotive industry with sustainable practices, fostering greater fuel efficiency, and minimizing environmental impact. This proactive approach seeks to mitigate the ecological consequences of heightened greenhouse gas concentrations, ensuring a more sustainable trajectory for the automotive and industrial sectors over the forecast period to 2030.

 

Market Challenge – Putting more effort into developing the hydrogen economy

Functioning as a temporary solution until dedicated hydrogen transport systems are established, the integration of hydrogen into gas networks presents an avenue for initiating low-carbon hydrogen adoption and facilitating cost reductions for associated low-carbon hydrogen generation technologies.

One of the leading challenges in the industry includes the alignment of hydrogen's purity with the prerequisites of end users, notably industrial applications. Furthermore, potential future shifts in the physical attributes of hydrogen impact specific operational aspects, including metering. To circumvent the potential for interoperability issues arising from the variability in gas quality, the process of hydrogen blending demands careful consideration, which requires significant costs and skilled personnel.

 

Market Segmentation

The Global Hydrogen Market is segmented into Sector (Generation, Storage, and Transportation), Application (Energy, Chemical & Refinery, and Mobility), and Region.

Grey hydrogen dominates the Global Hydrogen Market throughout the forecast period

The hydrogen market is divided into three main subsegments in this study based on the industry it belongs to generation type, storage, and transportation. Grey, blue, and green hydrogen are further broken down into the generation type category. Over the forecast period, forecasts indicate that grey hydrogen will continue to hold the top spot. The easy access to affordable natural gas, a key ingredient in its synthesis, is a significant factor in grey hydrogen's domination. Natural gas is quickly becoming an economically appealing source for hydrogen synthesis when its price is cheap.

 

In applications, the projection period is expected to see the strongest growth in mobility.

The hydrogen market is divided into four main application segments in this report: energy, mobility, chemical & refinery, and others. Applications in the industrial sector, aerospace, defense, and other fields are included in the others category. Mobility is poised to grow at the fastest rate of all of these during the projection period. The hydrogen market is expected to be significantly impacted by the expanding investments in fuel cells. Governments and organizations worldwide are actively providing assistance, incentives, and financing to advance the creation, use, and sale of hydrogen fuel cells. These programs support the use of sustainable energy and efficiently manage climate change.

 

The hydrogen market is anticipated to be dominated by the North American region

North America's market expansion is attributed to surging fuel cell utilization, stringent pollution regulations, and a growing inclination towards cleaner energy sources. The region is actively formulating policies to explore and advance the adoption of clean fuels like hydrogen to address diverse energy needs.

In March 2023, the Biden-Harris Administration unveiled funding allocation through the US Department of Energy (DOE) to drive research, development, and demonstration endeavors. The aim is to substantially reduce the cost of clean hydrogen, aligning with the administration's commitment to fostering cleaner energy alternatives.

 

Segmentation

By Sector

• Generation Type
  • Gray Hydrogen
  • Blue Hydrogen
  • Green Hydrogen
• Storage
  • Physical
  • Material-based
• Transportation
  • Long Distance
  • Short Distance

 

By Application

• Energy
  • Power Generation
  • CHP
• Mobility
• Chemical & Refinery
  • Petroleum Refinery
  • Ammonia Production
  • Methanol Production

 

By Region

• Europe
• Asia Pacific
• North America
• South America
• Middle East & Africa

 

Key Players

The Hydrogen Market is highly vicious and competitive, with several key organizations vying for a share of the market. Leading Players profiled in the study include

• Linde plc
• Air Products and Chemicals, Inc
• Air Liquide
• Chevron Corporation
• Saudi Arabian Oil Co.
• Uniper SE
• Worthington Industries 
• INOX India Limited
• Cryolor
• Pragma Industries
• BNH Gas Tanks
• Hexagon Purus
• UPROXX
• Oxygen Service Company, Inc
• BayoTech
• Luxfer Gas Cylinders 
• Chart Industries 
• Quantum Fuel Systems LLC
• AMS Composite Cylinders
• Weldship Corporation

 

Hydrogen Market Outlook 2023

1 Market Overview

1.1 Introduction to Hydrogen Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Hydrogen Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Hydrogen Market Companies with Area Served

4.2.2 Products Offerings Global Hydrogen Market

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Hydrogen Market Trends

6.1 Global Hydrogen Revenue (USD Million) and CAGR (%) by Type (2018-2028)

6.2 Global Hydrogen Revenue (USD Million) and CAGR (%) by Applications (2018-2028)

6.3 Global Hydrogen Revenue (USD Million) and CAGR (%) by Regions (2018-2028)

 

7 Global Hydrogen Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Hydrogen Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Hydrogen Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Hydrogen Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Hydrogen Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Hydrogen Development Regional Status and Outlook

8.1 Global Hydrogen Revenue (USD Million) By Regions (2018-2022)

8.2 North America Hydrogen Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Hydrogen Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Hydrogen Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Hydrogen Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Hydrogen Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Hydrogen Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Hydrogen Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Hydrogen Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Hydrogen Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Hydrogen Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Hydrogen Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Hydrogen Revenue (USD Million) by Applications (2018-2022)

8.5 South America Hydrogen Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Hydrogen Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Hydrogen Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Hydrogen Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Hydrogen Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Hydrogen Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Hydrogen Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Hydrogen Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Hydrogen Market Revenue (USD Million), by Type, and Applications (2023-2028)

10.1 Global Hydrogen Revenue (USD Million) and Market Share (%) by Type (2023-2028)

10.1.1 Global Hydrogen Revenue (USD Million), and Market Share (%) by Type (2023-2028)

10.2 Global Hydrogen Revenue (USD Million) and Market Share (%) by Applications (2023-2028)

10.2.1 Global Hydrogen Revenue (USD Million), and Market Share (%) by Applications (2023-2028)

11 Global Hydrogen Development Regional Status and Outlook Forecast

11.1 Global Hydrogen Revenue (USD Million) By Regions (2023-2028)

11.2 North America Hydrogen Revenue (USD Million) by Type, and Applications (2023-2028)

11.2.1 North America Hydrogen Revenue (USD) Million by Country (2023-2028)

11.2.2 North America Hydrogen Revenue (USD Million), by Type (2023-2028)

11.2.3 North America Hydrogen Revenue (USD Million), Market Share (%) by Applications (2023-2028)

11.3 Europe Hydrogen Revenue (USD Million), by Type, and Applications (2023-2028)

11.3.1 Europe Hydrogen Revenue (USD Million), by Country (2023-2028)

11.3.2 Europe Hydrogen Revenue (USD Million), by Type (2023-2028)

11.3.3 Europe Hydrogen Revenue (USD Million), by Applications (2023-2028)

11.4 Asia Pacific Hydrogen Revenue (USD Million) by Type, and Applications (2023-2028)

11.4.1 Asia Pacific Hydrogen Revenue (USD Million), by Country (2023-2028)

11.4.2 Asia Pacific Hydrogen Revenue (USD Million), by Type (2023-2028)

11.4.3 Asia Pacific Hydrogen Revenue (USD Million), by Applications (2023-2028)

11.5 South America Hydrogen Revenue (USD Million), by Type, and Applications (2023-2028)

11.5.1 South America Hydrogen Revenue (USD Million), by Country (2023-2028)

11.5.2 South America Hydrogen Revenue (USD Million), by Type (2023-2028)

11.5.3 South America Hydrogen Revenue (USD Million), by Applications (2023-2028)

11.6 Middle East and Africa Hydrogen Revenue (USD Million), by Type, and Applications (2023-2028)

11.6.1 Middle East and Africa Hydrogen Revenue (USD Million), by Region (2023-2028)

11.6.2 Middle East and Africa Hydrogen Revenue (USD Million), by Type (2023-2028)

11.6.3 Middle East and Africa Hydrogen Revenue (USD Million), by Applications (2023-2028)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List Of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Hydrogen Market Companies with Areas Served

Table 3 Products Offerings Global Hydrogen Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Hydrogen Revenue (USD Million) And CAGR (%) By Type (2018-2028)

Table 8 Global Hydrogen Revenue (USD Million) And CAGR (%) By Applications (2018-2028)

Table 9 Global Hydrogen Revenue (USD Million) And CAGR (%) By Regions (2018-2028)

Table 10 Global Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 11 Global Hydrogen Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Hydrogen Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Hydrogen Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Hydrogen Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Hydrogen Market Share (%) By Regions (2018-2022)

Table 16 North America Hydrogen Revenue (USD Million) By Country (2018-2022)

Table 17 North America Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 18 North America Hydrogen Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Hydrogen Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Hydrogen Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Hydrogen Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Hydrogen Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Hydrogen Revenue (USD Million) By Country (2018-2022)

Table 26 South America Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 27 South America Hydrogen Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Hydrogen Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Hydrogen Revenue (USD Million) By Applications (2018-2022)

 

Table 31 Financial Analysis

Table 32 Global Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 33 Global Hydrogen Revenue Market Share (%) By Type (2023-2028)

Table 34 Global Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 35 Global Hydrogen Revenue Market Share (%) By Applications (2023-2028)

Table 36 Global Hydrogen Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)

Table 37 North America Hydrogen Revenue (USD)By Country (2023-2028)

Table 38 North America Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 39 North America Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 40 Europe Hydrogen Revenue (USD Million) By Country (2023-2028)

Table 41 Europe Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 42 Europe Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 43 Asia Pacific Hydrogen Revenue (USD Million) By Country (2023-2028)

Table 44 Asia Pacific Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 45 Asia Pacific Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 46 South America Hydrogen Revenue (USD Million) By Country (2023-2028)

Table 47 South America Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 48 South America Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 49 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2023-2028)

Table 50 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2023-2028)

Table 51 Middle East and Africa Hydrogen Revenue (USD Million) By Type (2023-2028)

Table 52 Middle East and Africa Hydrogen Revenue (USD Million) By Applications (2023-2028)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

 

List Of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Hydrogen Revenue Market Share (%) By Type (2022)

Figure 5 Global Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Hydrogen Revenue Market Share (%) By Applications (2022)

Figure 7 Global Hydrogen Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Hydrogen Market Share (%) By Regions (2022)

Figure 9 North America Hydrogen Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Hydrogen Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Hydrogen Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Hydrogen Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Hydrogen Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Hydrogen Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 25 Global Hydrogen Revenue Market Share (%) By Type (2028)

Figure 26 Global Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 27 Global Hydrogen Revenue Market Share (%) By Applications (2028)

Figure 28 Global Hydrogen Market Revenue (USD Million) By Regions (2023-2028)

Figure 29 North America Hydrogen Revenue (USD Million) By Country (2023-2028)

Figure 30 North America Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 31 North America Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 32 Europe Hydrogen Revenue (USD Million) By Country (2023-2028)

Figure 33 Europe Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 34 Europe Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 35 Asia Pacific Hydrogen Revenue (USD Million) By Country (2023-2028)

Figure 36 Asia Pacific Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 37 Asia Pacific Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 38 South America Hydrogen Revenue (USD Million) By Country (2023-2028)

Figure 39 South America Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 40 South America Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 41 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2023-2028)

Figure 42 Middle East and Africa Hydrogen Revenue (USD Million) By Region (2023-2028)

Figure 43 Middle East and Africa Hydrogen Revenue (USD Million) By Type (2023-2028)

Figure 44 Middle East and Africa Hydrogen Revenue (USD Million) By Applications (2023-2028)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation