(EnergyIndustry.Net, September 11, 2023 ) The global hydrogen market is projected to reach USD 410.6 billion by 2030 from an estimated USD 242.7 billion in 2023, at a CAGR of 7.8% during the forecast period. With the rapid adoption of renewable energy producing methods around the world, the need for storing renewable energy in the form of hydrogen has skyrocketed. As a result, several green hydrogen initiatives have been launched.
Key Market Players:
Due to their strong supply network, a few global and regional players hold a strong foothold in the hydrogen market. Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands) are the market leaders in the global hydrogen market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and expansion, to increase their market share.
This research report categorizes the hydrogen market by type, portability, application, and region. On the basis of Sector, the hydrogen market has been segmented as follows:
Generation Type Gray Hydrogen Blue Hydrogen Green Hydrogen Storage Physical Material-based Transportation Long Distance Short Distance
On the basis of application, the market has been segmented as follows:
Energy Power Generation CHP Mobility Chemical & Refinery Petroleum Refinery Ammonia Production Methanol Production
On the basis of region, the market has been segmented as follows:
Asia Pacific Europe North America South America Middle East & Africa
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.
North America is expected to be the largest region in the hydrogen market
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.
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