Burlingame, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global Hydrogen Market size is projected to grow from $141.59 billion in 2022 to $242.68 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 7% during the forecast period, according to a new report by Coherent Market Insights. Rising desulfurization and increasing methanol production are major drivers expected to augment growth of the global hydrogen market over the forecast period. However, the cost of hydrogen product can be high, which further adversely impacts growth of the market. Nevertheless, growing focus of key players on development of advanced membranes and catalysts to reduce product costs is creating multiple growth opportunities in the global hydrogen market.
The global hydrogen market is witness growing trends that are accelerating the market growth. One of the major trends is rise in development of environmentally-friendly technologies like photo bioreactors, photo biological technologies. With increasing development of such technology, the demand for hydrogen is rising. Along with this, many key players are involved in modification and development of existing hydrogen production process in a carbon-free technique. As a result, the global market is anticipated to witness up surging growth in the coming future.
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Key Market Takeaways:
Global hydrogen is expected to surpass US$ 242.68 Bn by 2030 and is anticipated to witness a CAGR of 7% during the forecast period 2023-2030, owing to spurring demand for ammonia and glass industries creating enough space for the hydrogen market.
On the basis of Production Source, Natural Gas segment is expected to hold a dominant position, owing to availability of low-cost natural gas.
On the basis of Application, Refineries segment is expected to hold a dominant position, owing to increasing demand for hydrogen in the refineries.
On the basis of Mode of Delivery, Merchant segment is expected to hold a dominant position, owing to presence of existing natural gas pipelines in countries such as Russia, Canada, and the U.S.
On the basis of region, Europe is expected to hold a dominant position over the forecast period, Europe plans to become decarbonized economy by 2050, and hydrogen will play an important role to achieve the goal of net zero carbon emission. The hydrogen strategy of the European commission includes additional 40 gigawatts of electrolyser by 2030 in order to cater the growing demand for Europe in the region.
Key players operating in the hydrogen market include Airgas In, Linde AG, Air Liquide SA, Air Products & Chemicals, Inc., and Praxair, Inc.
Global Hydrogen Market Key Developments
In July 2023, Air Products and Chemicals Inc. received a contract from Edmonton International Airport as the technology and hydrogen provider for Alberta’s first hydrogen fuel cell passenger vehicle fleet.
In July 2023, Air Liquide collaborated with KBR for providing completely integrated low-carbon ammonia solutions developed using Autothermal Reforming technology.
Read complete market research report, "Hydrogen Market, By Production Source, By Application, By Mode of Delivery, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Hydrogen Market Segmentation:
- Global Hydrogen Market, By Production Source:
- Natural gas
- Coal
- Other Hydrocarbons
- Electrolysis & other sources
- Global Hydrogen Market, By Application :
- Refineries
- Ammonia
- Methanol and other Chemicals
- Metals & Fabrication
- Electronics
- Food & Beverages
- Glass & Ceramics
- Others
- Global Hydrogen Market, By Mode Of Delivery:
- Merchant
- Captive
- Global Hydrogen Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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