Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the “Hydrogen Energy Transition Market”. The total global market size for the “Hydrogen Energy Transition Market” was valued at USD 145.3 Bn in 2022 and is expected to grow at a CAGR of 9.8 percent over the forecast period to reach USD 279.6 Bn by 2029.
| Market Size in 2022 | USD 145.3 Bn |
| Market Size in 2029 | USD 279.6 Bn |
| CAGR | 9.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 265 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Production Method, End-Use Industry, Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2023−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Hydrogen Energy Transition Market Report Scope and Research Methodology
The global Hydrogen Energy Transition Market is carefully researched in the report while largely concentrating on top players and their business tactics, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost structures. Each section of the research study is specially prepared to explore key aspects of the global Hydrogen Energy Transition Market. For instance, the market dynamics section digs deep into the drivers, restraints, trends, and opportunities of the global Hydrogen Energy Transition Market. With qualitative and quantitative analysis, we help you with thorough and comprehensive research on the global Hydrogen Energy Transition Market.
Hydrogen Energy Transition Market Overview
The hydrogen energy transition signifies a profound departure from our reliance on fossil fuels, heralding a cleaner, more sustainable energy era. This shift has captured global attention, heralded as a crucial remedy for curbing carbon emissions and steering us away from polluting fossil fuels toward cleaner energy alternatives. The report focused on SWOT, PESTLE, and Porter's Five Forces analysis of the global Hydrogen Energy Transition Market.
Growth of Private Sector Investments for Hydrogen Energy Transition Market
The hydrogen energy transition market is witnessing a swift expansion. Hydrogen, sourced from natural gas, water electrolysis, or renewable energy, is a new trend as an adaptable and eco-friendly fuel, underpinning this growth. Favorable policies, government backing, and augmented private-sector investments are the driving forces behind this remarkable transformation. Development of hydrogen fuel cells and hydrogen powered cars are key drivers that influence the market growth.
Government policies and incentives have play key role that help to influence the market during the forecast period. These policies such as subsidies, tax incentives, and regulations promoting the adoption of hydrogen technologies. This helps to provide a conducive environment for business and investors to invest in hydrogen-related projects and infrastructure. Also, changing global awareness and commitment to addressing climate change is key trend is expected to drive the market growth. Hydrogen is key solution to reduce carbon emissions and transition to a more environmentally friendly energy system. With the recognition that traditional fossil fuels are a leading contributor to greenhouse gas emissions, governments, industries, and individuals are looking toward cleaner and more sustainable energy alternatives.
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In Europe, developing Hydrogen Energy Transition infrastructure to drive Hydrogen Energy Transition Market growth.
In 2022, Europe emerged as the dominant player in the Hydrogen Energy Transition Market, a trend expected to persist in the foreseeable future. Europe's supremacy in this sector is driven by its resolute commitment to ambitious climate targets and carbon emissions reduction. The European Union's prioritization of hydrogen in its sustainable future strategy has led to significant investments in hydrogen technologies and infrastructure, aligning with its goal of achieving climate neutrality by 2050. Europe's advantage lies in its extensive renewable energy network and well-established energy infrastructure. Supportive policies, including financial incentives and grants, further accelerate the adoption of hydrogen technologies across the region. The European Clean Hydrogen Alliance serves as a catalyst for collaboration among various stakeholders, fostering the growth of a robust hydrogen ecosystem in Europe.
Hydrogen Energy Transition Market Segmentation
By Production Method:
- Steam Methane Reforming
- Electrolysis
- Coal Gasification
- Biomass Gasification
- Others
Based on the Production method, the electrolysis Hydrogen Energy Transition segment to dominate the market over the forecast period
Involves splitting water molecules into hydrogen and oxygen using electricity. The increasing high demand for renewable energy sources such as wind power and solar energy. Electrolysis technology helps to improve cost and efficiency and make it competitive to the product and make a stand in the economy. This also helps to boost the focus of decarbonization and make more sustainable energy sources.
By End-Use Industry:
- Transportation
- Power Generation
- Industry/Manufacturing
- Residential & Commercial Heating
- Others
By Application:
- Fuel Cells
- Heating
- Feedstock
- Power Generation
- Others
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Based on the Application, the fuel cells segment to dominate the market over the forecast period
The fuel cells held the largest market share in 2022 and is expected to grow at the highest CAGR during the forecast period. The fuel cells of hydrogen to increase the power range of vehicles, such as passenger cars, buses and heavy duty trucks. This also supports to reduce co2 emission and address the air pollution in transportation. The growing use of fuel cells in off grid applications is expected to drive the segment growth during the forecast period.
Hydrogen Energy Transition Key Players include:
- Air Liquide SA
- Linde plc
- Air Products and Chemicals, Inc.
- Plug Power Inc.
- Ballard Power Systems Inc.
- McPhy Energy S.A.
- Nel ASA
- ITM Power plc
- Hydrogenics Corporation
- Mitsubishi Power, Ltd.
- Siemens Energy AG
- Doosan Fuel Cell America, Inc.
- Cummins Inc.
- FuelCell Energy, Inc.
- Toshiba Energy Systems & Solutions Corporation
- Ceres Power Holdings plc
- Bloom Energy Corporation
- FuelCell Energy Solutions GmbH
- SFC Energy AG
- Horizon Fuel Cell Technologies
Key questions answered in the Hydrogen Energy Transition Market are:
- What is Hydrogen Energy Transition?
- What was the Hydrogen Energy Transition Market size in 2022?
- What is the expected Hydrogen Energy Transition Market size by 2029?
- What is the growth rate of the Hydrogen Energy Transition Market?
- What are the key benefits of the Hydrogen Energy Transition Market?
- What are the new trends in Hydrogen Energy Transition?
- Which segment dominated the Hydrogen Energy Transition Market growth?
- What is the demand pattern for the Hydrogen Energy Transition Market?
- What are the driving, opportunity and restraining factors in the global Hydrogen Energy Transition Market?
- Which are the factors expected to drive the Hydrogen Energy Transition Market growth?
- Which factors are expected to restrain the Hydrogen Energy Transition Market growth?
- Which region held the largest share of the Hydrogen Energy Transition Market?
- Who are the key players in the Hydrogen Energy Transition Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Production Method, End-Use Industry, Application, and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is a leading Energy & Power research firm that has also published the following reports:
Hydrogen Tank Material Market: The total market size was valued at USD 830 Mn in 2022 and the total revenue is expected to grow at a CAGR of 22.1 percent from 2022 to 2029, reaching USD 3358 Mn. The growing demand for hydrogen is expected to drive market growth.
Low-Carbon Hydrogen Market: The total market size was valued at USD 680 Mn in 2022 and the total revenue is expected to grow at a CAGR of 64 percent from 2022 to 2029, reaching USD 1681.2 Mn. The increasing demand for green/clean energy across the world is expected to drive market growth.
Hydrogen Energy Storage Market: The total market size was valued at USD 13.12 Bn in 2022 and the total revenue is expected to grow at a CAGR of 7.90 percent from 2022 to 2029, reaching USD 22.34 Bn. The increasing demand for producing hydrogen from electrolysis from surplus renewable power is expected to drive market growth.
Energy Transition Market: The total market size was valued at USD 2.63 Tn in 2021 and the total revenue is expected to grow at a CAGR of 9.4 percent from 2022 to 2029, reaching USD 4.94 Tn. Growing advancement in technology and public policy is expected to drive market growth.
Hydrogen Fuel Cell Vehicle Market: The total market size was valued at USD 0.9 Bn in 2021 and the total revenue is expected to grow at a CAGR of 45.3 percent from 2022 to 2029, reaching USD 17.88 Bn. The increasing acceptance of hydrogen is expected to drive market growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic Industries, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified Type estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
