Chicago, April 26, 2024 (GLOBE NEWSWIRE) -- Hydrogen Market size was USD 242.7 billion in 2023 and is projected to reach USD 410.6 billion by 2030 at a CAGR of 7.8% between 2023 to 2030, as per the recent study by MarketsandMarkets™. 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. The development of hydrogen infrastructure across various countries such as China, India, US, Germany etc. is fueling to the growth of Hydrogen Market.
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Browse in-depth TOC on "Hydrogen Market”
158 - Tables
51 - Figures
191 - Pages
List of Key Players in Hydrogen Market:
- Linde plc (Ireland)
- Air products and Chemicals, Inc. (US)
- Air Liquide (France)
- Worthington Industries (US)
- Cryolor (France)
- Hexagon Purus (Norway)
- NPROXX (Netherlands)
Drivers, Opportunities and Challenges in Hydrogen Market:
- Drivers: Increased greenhouse gas emissions regulations
- Restraint: Energy loss during hydrogen production
- Opportunities: Increasing focus on promoting hydrogen economy development
- Challenges: Hydrogen integration into existing natural gas networks
Key Findings of the Study:
- By Application, the mobility is expected to be the fastest growing during the forecast period
- By Type, the grey hydrogen is expected to be the largest segment during the forecast period.
- By Region, North America is expected to dominate the Hydrogen Market during the forecast period.
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This report segments the Hydrogen Market based on sector into generation type, storage and transportation. Gray hydrogen is expected to hold the largest share of the Hydrogen Market during the forecast period. The growth in the gray Hydrogen Market can be attributed to its low cost and the wide area of its application. However, demand for green hydrogen is on the rise due to the rising focus on the reduce greenhouse gas emissions.
Based on transportation, the Hydrogen Market is bifurcated into long distance and short distance. Short distance is expected to be the fastest growing market during the forecast period. Long-distance hydrogen transportation is crucial to enabling its widespread adoption and use in many places that may lack local hydrogen manufacturing capabilities. Also, there are investments in new technologies for the long-distance transportation. Recently, composite storage containers with capacity of 560-900 kg of hydrogen per trailer have been created. In other nations, such tube trailers are being utilized to distribute compressed natural gas.
This report segments the Hydrogen Market based on application into four categories: energy, mobility, chemical & refinery and others. Chemical & refinery is expected to hold the largest market during forecast period. Hydrogen is employed as a significant processing component in many hydrotreating processes in chemical & petroleum refineries, such as hydrodesulfurization, hydrodimerization, aromatization, and hydrocracking. Hydrogen is used in chemical & refineries to reduce the sulphur level of diesel fuel. In mobility, increasing initiatives by government in hydrogen cell-based vehicles and hydrogen fueling stations.
North America is expected to be the largest region in the Hydrogen Industry
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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Recent Developments:
- In July 2023, Air Products & Chemicals, Inc. announced that it has been chosen as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet by Edmonton International Airport. Air Products will deploy a mobile hydrogen refueler at the airport to deliver hydrogen for the Toyota Mirai hydrogen fuel cell vehicle fleet.
- In July 2023, Air Liquide and KBR collaborated to provide fully integrated low-carbon ammonia solutions based on Autothermal Reforming (ATR) technology. Air Liquide is a global leader in ATR technology, which is one of the best options for large-scale production of low-carbon hydrogen (H2), which is then mixed with nitrogen (N2) to make low-carbon ammonia (NH3).
- In April 2023, Linde plc has signed a long-term arrangement with Evonik, a well-known specialty chemicals firm, to supply green hydrogen. Linde will build, own, and operate a nine-megawatt alkaline electrolyzer facility on Jurong Island in Singapore under this arrangement. This plant's major output will be green hydrogen, which Evonik wants to employ in the synthesis of methionine, an essential element in animal feed.
- In April 2023, Air Liquide entered into an agreement with TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.
- In October 2022, Hexagon Purus and Lhyfe collaborated for the production of green and renewable hydrogen for transportation and industrial applications.
- In May 2022, Air Products Inc, OQ, and ACWA Power jointly signed an agreement for the world’s largest green hydrogen-based ammonia production powered by renewable energy.
Related Reports:
- Hydrogen Generation Market
- Hydrogen Energy Storage Market
- Hydrogen Storage Tanks and Transportation Market
- Fuel Cell Market
