New York, United States , Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Global Hydrogen Market Size is to Grow from USD 228.4 Billion in 2022 to USD 490.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.9% during the projected period.
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Hydrogen (H), a colorless, odourless, tasteless, and flammable gaseous substance, is the most fundamental element in the family of chemical elements. A better option for the environment than methane, or natural gas, is hydrogen. The increase in demand for hydrogen in recent years can be attributed to the government's increasing emphasis on developing economies based on hydrogen and its investments in hydrogen infrastructure. Furthermore, automobiles powered by hydrogen are currently available on the market. Compared to other countries, the United States has the most hydrogen fuelling stations per capita. This means that consumers can fill up their cars with hydrogen in the same amount of time as they would with gasoline or diesel. China has the greatest number of roadside hydrogens fuelling stations. Japan is the country with the second-highest concentration of these gas stations, after the US, Germany, and South Korea.Morever, the two biggest limitations to producing hydrogen on a large scale are growing production costs and growing safety concerns. Explosion and flammability risk can be increased by handling, producing, and transporting hydrogen gas. Furthermore, the market's potential in developing and underdeveloped regions is limited by the high production costs associated with running large-scale clean hydrogen facilities.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the “Global Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Type (Gray, Blue, Green), By Storage (Physical, Material), By Application (Energy (Power, CHP), Mobility, Chemical & Refinery (Refinery, Ammonia, Methanol)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The gray segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global hydrogen market is segmented into gray, blue, and green. Among these, the gray segment is dominating the market with the largest revenue share over the forecast period. The cheap and easily accessible natural gas is the main source of energy for the production of grey hydrogen. Natural gas is a hydrocarbon resource that is widely available and, at a reasonable price, makes an appealing feedstock for hydrogen synthesis.
The physical segment is witnessing significant CAGR growth through the forecast period
On the basis of storage, the global hydrogen market is segmented into physical, and material. Among these, the physical segment is witnessing significant CAGR growth over the forecast period. Hydrogen can be physically stored in both gaseous and liquid forms. To store hydrogen as a gas, high-pressure tanks are typically required. The storage of liquid hydrogen demands cryogenic temperatures. Furthermore, solids have the ability to adsorb hydrogen onto their surfaces or absorb it internally.
The mobility segment accounted for the largest revenue share over the forecast period.
On the basis of application, the global hydrogen market is segmented into energy (power, CHP), mobility, chemical & refinery (refinery, ammonia, methanol). Among these, the mobility segment dominates the market with the largest revenue share over the forecast period. Many governments and organizations worldwide are providing funds, incentives, and support for the development, implementation, and commercialization of hydrogen fuel cells in a mobility to attempt the advance clean energy and tackle climate change.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. The petrochemical industry accounts for the vast majority of the region's hydrogen needs. Given that the area is also a hotspot for cars that run on hydrogen. China is the world's largest producer of hydrogen-powered automobiles and trucks. Consumers and companies looking for more sensible low-carbon vehicle options are beginning to favour these vehicles more and more.
North America is expected to grow the fastest during the forecast period. the region's transportation sector is seeing an increase in demand for hydrogen, particularly for fuel cell vehicles. The United States' aggressive goals for the introduction of fuel cell cars and the development of hydrogen infrastructure are expected to further increase the region's need for hydrogen.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hydrogen market are Oxygen Service Company, BayoTech, Luxfer Gas Cylinders, Chart Industries, Quantum Fuel Systems LLC, Air Liquide, Chevron Corporation, NPROXX, AMS Composite Cylinders, Weldship Corporation, Saudi Arabian Oil Co., INOX India Limited, BNH Gas Tanks, Hexagon Purus, and others.
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Recent Developments
- In September 2023, Nikola Corporation leader in zero-emission energy supply, infrastructure, and transportation solutions globally through the HYLA brand, celebrated the commercial launch of the Nikola hydrogen fuel cell electric vehicle at its cutting-edge manufacturing facility in Coolidge, Arizona. This was a significant milestone for the company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global hydrogen market based on the below-mentioned segments:
Global Hydrogen Market, Type Analysis
- Gray
- Blue
- Green
Global Hydrogen Market, Storage Analysis
- Physical
- Material
Global Hydrogen Market, Application Analysis
- Energy
o Power Generation
o CHP
- Mobility
- Chemical & Refinery
o Petroleum Refinery
o Ammonia Production
Global Hydrogen Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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