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Hydrogen Market is Projected to Reach USD 503.25 Billion, Growing CAGR of 8.50% by 2032

Nov 16, 2023 3:38 AM ET

Hydrogen Market is Projected to Reach USD 503.25 Billion, Growing CAGR of 8.50% by 2032

Hydrogen Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Hydrogen Market Information by Sector, By Application, and By Region – Forecast till 2032, The hydrogen market will jump from USD 262.02 Billion in 2023 to USD 503.25 Billion by 2032, at a rate of 8.50% from 2023 to 2032.

Hydrogen is the most prevalent chemical element, making up roughly 75% of the universe’s mass. Huge numbers of hydrogen atoms are present on Earth in water, plants, animals, and, of course, people. However, although found in almost all living organisms’ molecules, it is extremely rare as a gas, with less than one part per million by volume.

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Market Competitive Landscape:

  • Linde plc (Ireland)
  • Air Products and Chemicals, Inc. (US)
  • Air Liquide (France)
  • Chevron Corporation (US)
  • Saudi Arabian Oil Co., (Saudi Arabia)
  • Uniper SE (Germany).
  • Worthington Industries (US)
  • INOX India Limited (India)
  • Cryolor (France)
  • Pragma Industries (France)
  • BNH Gas Tanks (India)
  • Hexagon Purus (Norway)
  • NPROXX (Netherlands)
  • Oxygen Service Company, Inc. (OSC) (US)
  • BayoTech (US)
  • Luxfer Gas Cylinders (UK)
  • Chart Industries (US)
  • Quantum Fuel Systems LLC (US)
  • AMS Composite Cylinders (UK)
  • Weldship Corporation (US)

Market Drivers:

Demand for cleaner fuel and escalating regulatory rules for the desulphurization of petroleum products will be the main drivers of market expansion. Since hydrogen is a reliable source of energy, its continued expansion into additional markets is anticipated to be greatly aided by this fact. Over the forecast period, an increase in the global electricity consumption of almost two-thirds of the current demand is anticipated. The industry’s growth is predicted to be aided by a focus on distributed power & utility projects over the forecast period.

For industries including electricity generation, industry, and transportation, the United States is among the world’s early adopters of clean energy solutions. In December 2006, the U.S. Department of Energy (DOE) and the Department of Transportation (DOT) unveiled a hydrogen posture plan. The purpose of this plan was to advance research and development and validate technologies that could be used to build hydrogen infrastructure. In addition, this plan included the deliverables that the Federal government had established to aid in the nation’s development of hydrogen infrastructure. According to the National Hydrogen Energy Vision and Roadmap, the plan was created.

Green hydrogen has been in high demand lately due to its capacity to reduce carbon emissions. The increasing demands of the world are also met by it. The utilization of this long-term energy source is anticipated to increase. It is anticipated that as more people learn about the advantages of using hydrogen as an energy source, the global market for green hydrogen will grow.  

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Market Restraints:

Hydrogen has a low energy density, making it challenging to effectively store and move. There aren’t many pipelines specifically for transporting hydrogen and repurposing existing natural gas pipelines can be expensive and challenging. The lack of infrastructure for bulk transportation, such as shipping and trucks, exacerbates the challenges in bringing hydrogen to final users. Specialized storage facilities are required for hydrogen to prevent leaks and guarantee safety. Due to the limited present storage infrastructure, it is challenging to develop appropriate storage alternatives for large-scale production and usage of hydrogen. 

Market Segmentation

Generation Type, Storage, and Transportation are included in the sector-based segmentation of the hydrogen market. There are three types of hydrogen in the Generation Type segment: grey, blue, and green.

Applications for the Hydrogen Market include Energy, Mobility, Chemical and Refining, and Others. 

Regional Insights

The North American market is seeing the fastest expansion as a result of the surging reliance on cleaner fuel sources for generating primary energy. The market is expanding as a result of this strategy change. Additionally, local government agencies are actively pushing hydrogen-based projects and use through specific research and development activities.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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