Chicago, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Hydrogen, once considered a distant dream, is now on the horizon of commercialization, according to a recent study by MarketsandMarkets™ on ‘Hydrogen Future.’ MarketsandMarkets™, a leading market research and growth consulting firm, has identified a groundbreaking opportunity worth over $500 billion across the entire value chain of the Hydrogen Economy. This revelation underscores the immense potential and exciting developments within the hydrogen industry, offering transformative prospects for businesses.
- Upstream: ~88% of hydrogen in 2022 (by value) was grey hydrogen; this shows global dependence on CO2 emitting H2; blue could develop as short-term infill but only green is truly a sustainable offering.
The global hydrogen generation market is projected to reach USD 263.5 Billion by 2027, at a CAGR of 10.5% between 2022 to 2027. The factors driving the growth of the hydrogen generation market are increasing hydrogen demand in the industrial sector and rising demand for hydrogen in transportation and power generation applications.
Low-carbon hydrogen production is expected to generate a $70 million opportunity by 2030, with green hydrogen being the sustainable choice.
Factors that further propel the demand for green hydrogen are low variable electricity costs, technological advancements, global plans for net zero emission by 2050, and high demand for FCEVs and the power industry. Within green hydrogen economy, the production from alkaline electrolysis is expected to grow to USD ~4 billion by 2027, driven by the initiatives such as the European Green Deal, which aims to reduce greenhouse gas emissions and prepare Europe’s industry for a climate-neutral economy.
Europe is expected to overtake China as the no.1 H2-producing market post-2030, and hydrogen production will democratize the energy market, as it will be localized in high-consumption areas.
The global electrolyzers market is estimated to be valued at USD 1.2 billion in 2023 and is projected to reach USD 23.6 billion by 2028, growing at a CAGR of 80.3% during the forecast period. The electrolyzers market has promising growth potential due to the rising deployment of electrolyzers for green hydrogen production.
The global hydrogen storage solutions market is projected to reach USD 7.7 Billion by 2027, at a CAGR of 21.5% between 2023 to 2030. The physical hydrogen storage market size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The hydrogen storage market is growing due to rising demand for fuel cells across various industries and stringent government regulations globally. The material-based storage further aims to improve volumetric and gravimetric capacities.
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- Midstream & Downstream: Ammonia is considered an economically viable mode for liquid hydrogen transportation over long distances; it has a higher volumetric energy density than liquid hydrogen and provides ease of transport.
Repurposed existing pipeline infrastructure is the most viable mode for hydrogen transportation over long distances. Whereas LH2 is the most economical transportation mode in small-scale truck transportation.
The global hydrogen fueling station market is projected to reach USD 1,129 million by 2030 from an estimated USD 380 million in 2023, at a CAGR of 16.8% during the forecast period. The key factors, such as growing demand for the zero-emission vehicles and strong government support, have led to many top OEMs investing in fuel cell electric vehicles (FCEVs) research and development. Due to increasing demand for the FCEVs, there is a need for the hydrogen fueling station infrastructure. Furthermore, growing public and private investments in emerging economies have accelerated the growth of the hydrogen fueling station market.
The on-site hydrogen fueling station market is expected to be the fastest-growing market during the forecast period. Governments of various countries are taking initiatives to shift toward clean and green fuels, which is possible through the onsite production of hydrogen through electrolysis. The on-site segment's growth is attributed to rising investments in green hydrogen projects and an inclination toward zero-carbon fuel to power fuel cell vehicles.
Explore the top 10 Hydrogen Production Cost Analysis Techniques:
- How can renewable energy integration be leveraged to optimize hydrogen production costs?
- What advancements in coal gasification technologies can contribute to cost optimization in hydrogen production?
- What are the potential cost-saving benefits of hydrogen technologies in production processes?
- Deep dive analysis on various cost optimisation techniques for Steam Methane Reforming (SMR).
- How can the utilization of carbon capture and utilization (CCU) technologies in SMR reduce greenhouse gas emissions and potentially generate additional revenue streams?
- What strategies can be implemented to optimize the cost efficiency of electrolysis for hydrogen production?
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