Selbyville, Delaware,, Dec. 08, 2022 (GLOBE NEWSWIRE) --
The hydrogen market is projected to record a valuation of USD 318 billion by 2032, as reported in a research study by Global Market Insights Inc. The strong focus on the decarbonization of carbon-intensive sectors will augment hydrogen gas consumption globally. Furthermore, the rise of infrastructure development projects will bolster the use of hydrogen for power generation and other low-carbon applications.
Increase in low-carbon heating and fuel-cell vehicle sales to escalate the use of green hydrogen
The green hydrogen type segment will reach USD 50 billion by 2032. Green or renewable hydrogen can aid the transition of heavy industries to a carbon-neutral future. This energy source is becoming an essential element in lowering the carbon footprint of commercial and residential heating systems. With the increasing adoption of fuel-cell electric vehicles, the use of hydrogen as a clean power source will rise. Moreover, the rising government incentives to ensure the extensive availability of renewable energy sources will further contribute to hydrogen market growth.
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High agricultural expenditure to promote hydrogen usage in chemical feedstock production
The chemicals application segment is anticipated to register at a CAGR of 5% between 2023 and 2032. This is due to robust product usage in ammonia and methanol manufacturing and the growing emphasis on emission reduction from the chemical sector. Agricultural spending has also risen considerably in developed nations.
Favorable regulatory landscape to impact hydrogen production in North America
North America hydrogen market revenue to cross USD 21 billion by 2032. The introduction of favorable government programs, plans, and platforms to expand hydrogen infrastructure is one of the key reasons for the proliferating use of hydrogen in the region. Several tax credits, funding, and roadmaps have been initiated to promote the deployment of sustainable and clean technologies, thus supporting the progress of regional hydrogen suppliers.
The introduction of strict carbon mitigation schemes across North America will influence market share. For instance, in April 2022, the Federal Highway Administration of the U.S. Department of Transportation launched a Carbon Reduction Program, providing USD 6.4 million in funding over 5 years to address the climate crisis. These initiatives will boost the production of clean technologies, such as hydrogen fuel cell vehicles, as a part of low-carbon strategies in the transportation sector across the region.
Collaborative business expansion strategies to strengthen the business outlook
The competitive landscape of the hydrogen market is inclusive of Air Products & Chemicals, Inc., Iwatani Corporation, Ally Hi-Tech Co., Ltd., Plug Power Inc., Ballard Power Systems, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, McPhy Energy S.A., Infinite Green Energy, and Linde plc, among others. These companies are incorporating strategies such as collaborations and business expansions to reinforce their foothold in the market.
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Chapter 2 Executive Summary
2.1 Global hydrogen industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Global Hydrogen Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impacts on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of supplier
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as
