Hydrogen Market

Hydrogen Market by Sector (Generation Type (Gray, Blue, Green), Storage (Physical, Material), Transportation (Long, Short)), Application (Energy (Power, CHP), Mobility, Chemical & Refinery (Refinery, Ammonia, Methanol)), Region - Global Forecast to 2030

Report Code: EP 8738 Jul, 2023, by marketsandmarkets.com

The global hydrogen market is valued at USD 242.7 billion in 2023 and is projected to reach USD 410.6 billion by 2030; it is expected to record a CAGR of 7.8% during the forecast period. The growth in hydrogen demand in recent years is due to the increasing government focus on developing hydrogen-based economies and investment in the hydrogen infrastructure. The market for hydrogen is projected to benefit greatly from the rising usage of low emission fuel.

Hydrogen Market

To know about the assumptions considered for the study, Request for Free Sample Report

Hydrogen Market

To know about the assumptions considered for the study, download the pdf brochure

Hydrogen Market Dynamics

Driver: Increased greenhouse gas emissions regulations

Infrared radiation (net heat energy) from the earth's surface can be absorbed by greenhouse gases, which can then reradiate it to the surface and increase the greenhouse effect. Most notably as a result of industrialization and the usage of fossil fuels, there is an increase in global green gas emissions. The US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) have cut the GHG emissions and Corporate Average Fuel Economy (CAFE) standards for automobiles in the US from 2021 to 2026 thanks to the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule. The 2020 regulation strengthens the CO2 emission and CAFE standards through the target year 2026. The combined GHG and CAFE limits for vehicles and trucks are anticipated to be 202 g/mile of CO2 and 40.4 mpg by 2026.

Nearly all regions reported a rise in CO2 emissions in 2021, with annual changes ranging from more than 10% in Brazil and India to less than 1% in Japan. China saw a 5% increase in emissions, compared to a rise of approximately 7 percent in the US and the EU. The percentage of US industries that contribute to greenhouse gas emissions is shown in the following graph. In 2021, the production of electricity and heat caused a significant increase in CO2 emissions, by sector, of more over 900 million tonnes (Mt). The majority of fossil fuels have been used to satisfy the rising energy demand, which has resulted in a 46% increase in world emissions.

Restraint: Energy loss during hydrogen production

Hydrogen transports energy produced by various other processes, as it is a synthetic energy carrier. Electrical energy is transformed into hydrogen by alkaline electrolysis. However, high-grade electrical energy is also used to compress, liquefy, transport, transfer, or store the medium in addition to creating hydrogen. Hydrogen must be produced using energy. The energy input and the energy content of the synthetic gas should ideally match. Energy transformation occurs throughout any process, including electrolysis and reforming, that produces hydrogen. Electrical energy or the chemical energy of hydrocarbons are both turned into hydrogen's chemical energy. Sadly, energy losses always occur during the production of hydrogen.

Opportunities:  Increasing focus on promoting hydrogen economy development

Various governments are expected to promote hydrogen programmes in the future years. It is difficult to develop the best net-zero CO2 emissions approach, including the most effective green hydrogen strategy. There are decarbonization choices for most applications and end uses, and the relative costs and benefits of each solution are expected to fluctuate over time, depending on the rate of innovation and technical developments. As a result, governments from many nations are investigating technology that are most appropriate for their country while avoiding multiple possible hazards, such as locking in slower or less efficient carbon reduction pathways. As a result, a stronger hydrogen economy is predicted to provide profitable growth opportunities for the hydrogen storage tanks and transportation markets.

Challenges: Hydrogen integration into existing natural gas networks

By operating as a temporary fix until dedicated hydrogen transport systems are created, integrating hydrogen into gas networks can promote the first implementation of low-carbon hydrogen and lead to cost reductions for low-carbon hydrogen generating technologies. Although numerous pilot programmes have already begun, there are still several technological and legal barriers to merging. Integrating hydrogen might be problematic due to the hydrogen purity requirements of some end users, particularly industrial clients. Furthermore, future changes to the gas's physical properties may have an impact on specific activities, such as metering. To avoid interoperability issues caused by fluctuating gas quality, hydrogen mixing will demand closer cooperation among local gas markets.

Hydrogen Market Ecosystem

Hydrogen market has some prominent companies which include well-established, financially stable hydrogen manufacturers. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Key players in this market include Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), NPROXX (Netherlands).

Hydrogen Market

The grey hydrogen, by generation type, is expected to be the largest segment during the forecast period.

This report segments the hydrogen market based on sector into three subsegments: generation type, storage and transportation. The generation type segment is bifurcated into the gray, blue and green hydrogen. Gray hydrogen is expected to be the largest segment during the forecast period. The availability of low-cost natural gas is the primary driver of grey hydrogen generation. Natural gas is a hydrocarbon resource that is abundant in many areas, and when it is cheap, it becomes an economically appealing feedstock for hydrogen synthesis.

By application, the mobility is expected to be the fastest growing during the forecast period

This report segments the hydrogen market based on application into four segments: energy, mobility, chemical & refinery and other. Others segment include industrial sector, aerospace and defense etc. application. The mobility is expected to grow at the fastest rate during the forecast period. The increasing investments in the fule cells are expected to drive the market for hydrogen. Many governments and organizations worldwide are providing support, incentives, and funding for the development, deployment, and commercialization of hydrogen fuel cells as part of their efforts to promote clean energy and address climate change.

North America is expected to be the largest region in the hydrogen market

North America is expected to be the largest hydrogen market during the forecast period. The region's market growth can be ascribed to an increase in fuel cell applications, stringent pollution control rules, and a preference for cleaner fuels. Policies are also being developed to investigate and promote the usage of clean fuels such as hydrogen for a variety of energy demands. For example, in March 2023, the Biden-Harris Administration announced the availability of USD 750 million for research, development, and demonstration initiatives to substantially cut the cost of clean hydrogen through the US Department of Energy (DOE).

Hydrogen Market Size, and Share

Key Market Players

The hydrogen market is dominated by a few major players that have a wide regional presence. The major players in the hydrogen market include Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), NPROXX (Netherlands). Between 2019 and 2023, these companies followed strategies such as contracts, agreements, partnerships, mergers, acquisitions, and expansions to capture a larger share of the market.

Hydrogen Market Report Scope

Report Metric

Details

Market Size Value in 2023

USD 242.7 billion

Revenue Forecast in 2030

USD 410.6 billion

CAGR

7.8%

Years considered for the study

2021-2030

Base year

2022

Forecast period

2023-2030

Units considered

Value (USD Million); Value (Thousand Metric Tons)

Segments

by Sector, Storage, Application,Mobility, Chemical & Refinary and Region.

Regions

Asia Pacific, North America, Europe, South America, and Middle East & Africa.

Companies

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)

This research report categorizes the hydrogen market by type, portability, application, and region.

On the basis of Sector:
  • Generation Type
    • Gray Hydrogen
    • Blue Hydrogen
    • Green Hydrogen
  • Storage
    • Physical
    • Material-based
  • Transportation
    • Long Distance
    • Short Distance
On the basis of application:
  • Energy
    • Power Generation
    • CHP
  • Mobility
  • Chemical & Refinery
    • Petroleum Refinery
    • Ammonia Production
    • Methanol Production
On the basis of region:
  • Asia Pacific
  • Europe
  • North America
  • South America
  • Middle East & Africa

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.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 STUDY SCOPE 
           1.3.1 INCLUSIONS AND EXCLUSIONS
                    TABLE 1 HYDROGEN MARKET: INCLUSIONS AND EXCLUSIONS
           1.3.2 MARKETS COVERED
                    FIGURE 1 HYDROGEN MARKET SEGMENTATION
           1.3.3 GEOGRAPHICAL SCOPE
           1.3.4 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 LIMITATIONS 
    1.6 STAKEHOLDERS 
    1.7 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 32)
    2.1 RESEARCH DATA 
           FIGURE 2 HYDROGEN MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 3 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
                               FIGURE 4 BREAKDOWN OF PRIMARIES
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 5 MARKET: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 6 MARKET: TOP-DOWN APPROACH
           2.3.3 DEMAND-SIDE ANALYSIS
                    FIGURE 7 METRICS CONSIDERED TO ANALYZE DEMAND FOR HYDROGEN
                    2.3.3.1 Assumptions for demand-side analysis
                    2.3.3.2 Calculations for demand-side analysis
           2.3.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 8 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF HYDROGEN
                    FIGURE 9 MARKET: SUPPLY-SIDE ANALYSIS
                    2.3.4.1 Assumptions and calculations for supply-side analysis
                               FIGURE 10 MARKET SHARE ANALYSIS, 2022
    2.4 GROWTH FORECAST 
    2.5 IMPACT OF RECESSION 
 
3 EXECUTIVE SUMMARY (Page No. - 45)
    TABLE 2 HYDROGEN MARKET SNAPSHOT 
    FIGURE 11 BY SECTOR, GENERATION TYPE SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 
    FIGURE 12 BY APPLICATION, CHEMICAL & REFINERY SEGMENT PROJECTED TO LEAD MARKET DURING FORECAST PERIOD 
    FIGURE 13 NORTH AMERICA DOMINATED MARKET IN 2022 
 
4 PREMIUM INSIGHTS (Page No. - 48)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN MARKET 
           FIGURE 14 GROWING NEED TO REDUCE GREENHOUSE GAS EMISSIONS FROM HYDROGEN PRODUCTION PROCESSES TO FUEL MARKET GROWTH DURING FORECAST PERIOD
    4.2 MARKET, BY REGION 
           FIGURE 15 MARKET IN ASIA PACIFIC TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD
    4.3 MARKET, BY SECTOR 
           FIGURE 16 GENERATION TYPE TO DOMINATE MARKET IN 2030
    4.4 MARKET, BY APPLICATION 
           FIGURE 17 CHEMICAL & REFINERY SEGMENT TO LEAD MARKET IN 2030
    4.5 NORTH AMERICA: MARKET,  BY APPLICATION & COUNTRY 
           FIGURE 18 TRANSPORTATION AND US DOMINATED NORTH AMERICAN MARKET IN 2022
 
5 MARKET OVERVIEW (Page No. - 51)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 19 HYDROGEN MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,  AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Tightening greenhouse gas emission regulations
                               FIGURE 20 GREENHOUSE GAS EMISSIONS, BY SECTOR, 2022
                    5.2.1.2 Rising demand for low-emission fuel
                    5.2.1.3 Increased applications of hydrogen in fuel cell electric vehicles (FECVs)
                    5.2.1.4 Growing R&D related to green hydrogen production technologies
           5.2.2 RESTRAINTS
                    5.2.2.1 High flammability associated with hydrogen
                    5.2.2.2 Availability of substitutes
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Rising focus of governments on achieving net zero emission targets by 2050
                               FIGURE 21 CUMULATIVE EMISSION REDUCTION, BY MITIGATION MEASURE, 2021–2050
                    5.2.3.2 Development of low-weight storage tanks for transportation
                    5.2.3.3 Government-led initiatives for developing hydrogen economy
                               TABLE 3 POLICIES BY MAJOR ECONOMIES TO STIMULATE HYDROGEN DEMAND
                    5.2.3.4 Government-led efforts for increasing installation of hydrogen fueling stations
           5.2.4 CHALLENGES
                    5.2.4.1 Energy loss of hydrogen across value chain
                    5.2.4.2 High cost of composite material-based tanks and strict regulatory approvals
                    5.2.4.3 High cost associated with green hydrogen production
                    5.2.4.4 Integration of hydrogen into natural gas networks
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR MANUFACTURERS
                    FIGURE 22 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN MARKET
    5.4 TRADE ANALYSIS 
           5.4.1 EXPORT SCENARIO
                    TABLE 4 EXPORT DATA FOR HS CODE 280410, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 23 EXPORT DATA FOR TOP FIVE COUNTRIES, 2020–2022
           5.4.2 IMPORT SCENARIO
                    TABLE 5 IMPORT DATA FOR HS CODE 280410, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 24 IMPORT DATA FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND)
    5.5 KEY CONFERENCES AND EVENTS, 2023–2024 
           TABLE 6 MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.6 ECOSYSTEM MAPPING 
           FIGURE 25 MARKET MAP
    5.7 SUPPLY CHAIN ANALYSIS 
           FIGURE 26 MARKET: SUPPLY CHAIN ANALYSIS
           TABLE 7 MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM
    5.8 TECHNOLOGY ANALYSIS 
           5.8.1 HYDROGEN GENERATION TECHNOLOGIES
           5.8.2 HYDROGEN STORAGE TECHNOLOGIES
           5.8.3 HYDROGEN TRANSPORTATION TECHNOLOGIES
    5.9 PRICING ANALYSIS 
           5.9.1 INDICATIVE PRICING ANALYSIS, BY HYDROGEN GENERATION
                    TABLE 8 HYDROGEN GENERATION COST, BY TECHNOLOGY
           5.9.2 INDICATIVE PRICING ANALYSIS, BY HYDROGEN STORAGE
                    TABLE 9 HYDROGEN STORAGE AVERAGE SELLING PRICE, BY REGION
           5.9.3 PRICING ANALYSIS, BY HYDROGEN TRANSPORTATION
                    FIGURE 27 INDICATIVE COST OF HYDROGEN TRANSPORTATION, BY TRANSPORTATION MODEL
    5.10 PATENT ANALYSIS 
           5.10.1 LIST OF MAJOR PATENTS
                    TABLE 10 MARKET: INNOVATIONS AND PATENT REGISTRATIONS
    5.11 TARIFFS AND REGULATORY FRAMEWORK 
           5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.11.2 HYDROGEN GENERATION MARKET: REGULATIONS
                    TABLE 14 REGULATORY FRAMEWORK: HYDROGEN GENERATION MARKET, BY REGION
    5.12 CASE STUDY ANALYSIS 
           5.12.1 ASAHI KASEI CORPORATION USES SAP LEONARDO FOR GREEN HYDROGEN PRODUCTION
           5.12.2 NATIONAL RENEWABLE ENERGY LABORATORY AND ELECTRIC HYDROGEN COLLABORATE TO DEVELOP HIGH-PERFORMANCE ELECTROLYZER COMPONENTS
           5.12.3 NPROXX HELPS ANGLO AMERICAN DEVELOP ZERO-EMISSION MINING VEHICLES AND STORE HYDROGEN COST-EFFECTIVELY
    5.13 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 28 MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 15 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.13.1 THREAT OF NEW ENTRANTS
           5.13.2 BARGAINING POWER OF SUPPLIERS
           5.13.3 BARGAINING POWER OF BUYERS
           5.13.4 THREAT OF SUBSTITUTES
           5.13.5 INTENSITY OF COMPETITIVE RIVALRY
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
                    TABLE 16 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
           5.14.2 BUYING CRITERIA
                    FIGURE 30 BUYING CRITERIA FOR TOP THREE APPLICATIONS
                    TABLE 17 KEY BUYING CRITERIA, BY APPLICATION
    5.15 HYDROGEN TRANSPORTATION TECHNOLOGY VS. DISTANCE 
    5.16 ROLE OF HYDROGEN IN ENERGY TRANSITION 
 
6 HYDROGEN MARKET, BY SECTOR (Page No. - 77)
    6.1 INTRODUCTION 
           FIGURE 31 MARKET, BY SECTOR, 2022
           TABLE 18 MARKET, BY SECTOR, 2021–2030 (USD MILLION)
    6.2 GENERATION TYPE 
           TABLE 19 GENERATION TYPE: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
           TABLE 20 GENERATION TYPE: MARKET, BY REGION, 2021–2030 (USD MILLION)
           TABLE 21 GENERATION TYPE: MARKET, BY TYPE,  2021–2030 (THOUSAND METRIC TONS)
           TABLE 22 GENERATION TYPE: MARKET, BY TYPE, 2021–2030 (USD MILLION)
           6.2.1 GRAY HYDROGEN
                    6.2.1.1 Low cost of production to fuel demand for gray hydrogen
                               TABLE 23 GRAY HYDROGEN: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
                               TABLE 24 GRAY HYDROGEN: MARKET, BY REGION, 2021–2030 (USD MILLION)
           6.2.2 BLUE HYDROGEN
                    6.2.2.1 Rising demand for clean hydrogen to drive market
                               TABLE 25 BLUE HYDROGEN: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
                               TABLE 26 BLUE HYDROGEN: MARKET, BY REGION, 2021–2030 (USD MILLION)
           6.2.3 GREEN HYDROGEN
                    6.2.3.1 Increasing focus on achieving net zero carbon emission targets to boost demand for green hydrogen
                               TABLE 27 GREEN HYDROGEN: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
                               TABLE 28 GREEN HYDROGEN: MARKET, BY REGION, 2021–2030 (USD MILLION)
    6.3 STORAGE 
           TABLE 29 STORAGE: MARKET, BY TYPE, 2021–2030 (USD MILLION)
           6.3.1 PHYSICAL
                    6.3.1.1 Increasing demand for stationary applications to drive market
                               TABLE 30 PHYSICAL: MARKET, BY REGION, 2021–2030 (THOUSAND METRIC TONS)
                               TABLE 31 PHYSICAL: MARKET, BY REGION, 2021–2030 (USD MILLION)
           6.3.2 MATERIAL-BASED
                    6.3.2.1 Greater reliability of material-based hydrogen storage technology to boost demand
    6.4 TRANSPORTATION 
           TABLE 32 TRANSPORTATION: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
           TABLE 33 TRANSPORTATION: MARKET, BY REGION, 2021–2030 (USD MILLION)
           TABLE 34 TRANSPORTATION: MARKET, BY TYPE,  2021–2030 (THOUSAND METRIC TONS)
           TABLE 35 TRANSPORTATION: MARKET, BY TYPE, 2021–2030 (USD MILLION)
           6.4.1 LONG DISTANCE
                    6.4.1.1 Growing hydrogen infrastructure to strengthen market
                               TABLE 36 LONG DISTANCE: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
                               TABLE 37 LONG DISTANCE: MARKET, BY REGION, 2021–2030 (USD MILLION)
                               TABLE 38 LONG DISTANCE: MARKET, BY TYPE, 2021–2030 (THOUSAND METRIC TONS)
                               TABLE 39 LONG DISTANCE: MARKET, BY TYPE, 2021–2030 (USD MILLION)
           6.4.2 SHORT DISTANCE
                    6.4.2.1 Rising demand for hydrogen for emergency responses to drive market
                               TABLE 40 SHORT DISTANCE: MARKET, BY REGION,  2021–2030 (THOUSAND METRIC TONS)
                               TABLE 41 SHORT DISTANCE: MARKET, BY REGION, 2021–2030 (USD MILLION)
 
7 HYDROGEN MARKET, BY APPLICATION (Page No. - 89)
    7.1 INTRODUCTION 
           FIGURE 32 MARKET, BY APPLICATION, 2022
           TABLE 42 MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
    7.2 ENERGY 
           7.2.1 EFFORTS TO DECARBONIZE GLOBAL ENERGY SYSTEMS TO DRIVE MARKET
                    TABLE 43 ENERGY: MARKET, BY REGION, 2021–2030 (USD MILLION)
                    TABLE 44 ENERGY: MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
           7.2.2 POWER GENERATION
                    7.2.2.1 Growing application of hydrogen in portable devices, backup power, and grid stabilization to benefit market
           7.2.3 COMBINED HEAT AND POWER (CHP)
                    7.2.3.1 Efficient and sustainable approach to energy generation to strengthen market
    7.3 MOBILITY 
           7.3.1 RAPID RISE IN DEMAND FOR FUEL CELL ELECTRIC VEHICLES TO DRIVE MARKET
                    TABLE 45 MOBILITY: MARKET, BY REGION, 2021–2030 (USD MILLION)
    7.4 CHEMICAL & REFINERY 
           7.4.1 INCREASING DEMAND FOR HYDROGEN IN REFINERIES TO LOWER SULFUR CONTENT OF DIESEL TO BENEFIT MARKET
                    TABLE 46 CHEMICAL & REFINERY: MARKET, BY REGION, 2021–2030 (USD MILLION)
                    TABLE 47 CHEMICAL & REFINERY: MARKET, BY APPLICATION,  2021–2030 (USD MILLION)
           7.4.2 PETROLEUM REFINERY
                    7.4.2.1 Growing need to reduce sulfur content in diesel to boost market
           7.4.3 AMMONIA PRODUCTION
                    7.4.3.1 Increasing focus on sustainable ammonia production to fuel demand for hydrogen
           7.4.4 METHANOL PRODUCTION
                    7.4.4.1 Rising application of methanol for transportation fuel and wastewater denitrification to strengthen market
    7.5 OTHERS 
           TABLE 48 OTHER: MARKET, BY REGION, 2021–2030 (USD MILLION)
 
8 HYDROGEN MARKET, BY REGION (Page No. - 96)
    8.1 INTRODUCTION 
           FIGURE 33 ASIA PACIFIC MARKET EXPECTED TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 34 MARKET SHARE, BY REGION, 2022
           8.1.1 RECESSION IMPACT: INTRODUCTION
                    TABLE 49 MARKET, BY REGION, 2021–2030 (USD MILLION)
    8.2 NORTH AMERICA 
           FIGURE 35 NORTH AMERICA: MARKET SNAPSHOT
           8.2.1 NORTH AMERICA: RECESSION IMPACT
           8.2.2 BY SECTOR
                    TABLE 50 NORTH AMERICA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.2.2.1 By generation type
                               TABLE 51 NORTH AMERICA: MARKET, BY GENERATION TYPE,  2021–2030 (USD MILLION)
                    8.2.2.2 By transportation
                               TABLE 52 NORTH AMERICA: MARKET, BY TRANSPORTATION,  2021–2030 (USD MILLION)
           8.2.3 BY APPLICATION
                    TABLE 53 NORTH AMERICA: MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
           8.2.4 BY COUNTRY
                    TABLE 54 NORTH AMERICA: MARKET, BY COUNTRY, 2021–2030 (USD MILLION)
                    8.2.4.1 US
                               8.2.4.1.1 Rising demand for hydrogen in petroleum refineries and fertilizer production to boost demand
                               TABLE 55 US: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.2.4.2 Canada
                               8.2.4.2.1 Growing focus on developing sustainable hydrogen economy  to benefit market
                               TABLE 56 CANADA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.2.4.3 Mexico
                               8.2.4.3.1 Growing usage of alternative energy sources to drive market
                               TABLE 57 MEXICO: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
    8.3 ASIA PACIFIC 
           FIGURE 36 ASIA PACIFIC: MARKET SNAPSHOT
           8.3.1 ASIA PACIFIC: RECESSION IMPACT
           8.3.2 BY SECTOR
                    TABLE 58 ASIA PACIFIC: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.2.1 By generation type
                               TABLE 59 ASIA PACIFIC: MARKET, BY GENERATION TYPE, 2021–2030 (USD MILLION)
                    8.3.2.2 By transportation
                               TABLE 60 ASIA PACIFIC: MARKET, BY TRANSPORTATION, 2021–2030 (USD MILLION)
           8.3.3 BY APPLICATION
                    TABLE 61 ASIA PACIFIC: MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
           8.3.4 BY COUNTRY
                    TABLE 62 ASIA PACIFIC: MARKET, BY COUNTRY, 2021–2030 (USD MILLION)
                    8.3.4.1 China
                               8.3.4.1.1 Favorable government initiatives to boost market
                               TABLE 63 CHINA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.4.2 India
                               8.3.4.2.1 Growing ammonia consumption to strengthen market
                               TABLE 64 INDIA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.4.3 Japan
                               8.3.4.3.1 National hydrogen strategies for emission reduction to boost market
                               TABLE 65 JAPAN: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.4.4 Australia
                               8.3.4.4.1 Growing government investment in hydrogen plants to benefit market
                               TABLE 66 AUSTRALIA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.4.5 South Korea
                               8.3.4.5.1 Increasing deployment of FCEVs to drive market
                               TABLE 67 SOUTH KOREA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.3.4.6 Rest of Asia Pacific
                               TABLE 68 REST OF ASIA PACIFIC: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
    8.4 EUROPE 
           8.4.1 EUROPE: RECESSION IMPACT
           8.4.2 BY SECTOR
                    TABLE 69 EUROPE: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.4.2.1 By generation type
                               TABLE 70 EUROPE: MARKET, BY GENERATION TYPE, 2021–2030 (USD MILLION)
                    8.4.2.2 By transportation
                               TABLE 71 EUROPE: MARKET, BY TRANSPORTATION, 2021–2030 (USD MILLION)
           8.4.3 BY APPLICATION
                    TABLE 72 EUROPE: MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
           8.4.4 BY COUNTRY
                    TABLE 73 EUROPE: MARKET, BY COUNTRY, 2021–2030 (USD MILLION)
                    8.4.4.1 Germany
                               8.4.4.1.1 Growing adoption of fuel cell electric vehicles to augment market size
                               TABLE 74 GERMANY: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.4.4.2 France
                               8.4.4.2.1 Rising investments in renewable energy generation to benefit market
                               TABLE 75 FRANCE: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.4.4.3 UK
                               8.4.4.3.1 Increasing focus on reducing natural gas imports to drive market
                               TABLE 76 UK: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.4.4.4 Russia
                               8.4.4.4.1 Stringent government regulations to increase use of cleaner fuels to boost demand
                               TABLE 77 RUSSIA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.4.4.5 Rest of Europe
                               TABLE 78 REST OF EUROPE: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
    8.5 MIDDLE EAST & AFRICA 
           8.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT
           8.5.2 BY SECTOR
                    TABLE 79 MIDDLE EAST & AFRICA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.5.2.1 By generation type
                               TABLE 80 MIDDLE EAST & AFRICA: MARKET, BY GENERATION TYPE,  2021–2030 (USD MILLION)
                    8.5.2.2 By transportation
                               TABLE 81 MIDDLE EAST & AFRICA: MARKET, BY TRANSPORTATION,  2021–2030 (USD MILLION)
           8.5.3 BY APPLICATION
                    TABLE 82 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION,  2021–2030 (USD MILLION)
           8.5.4 BY COUNTRY
                    TABLE 83 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2021–2030 (USD MILLION)
                    8.5.4.1 Saudi Arabia
                               8.5.4.1.1 Rising demand for low sulfur fuel in transportation to drive market
                               TABLE 84 SAUDI ARABIA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.5.4.2 UAE
                               8.5.4.2.1 Increasing use of hydrogen fuel for electricity generation to benefit market
                               TABLE 85 UAE: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.5.4.3 South Africa
                               8.5.4.3.1 Growing use of hydrogen in mining industry to boost market
                               TABLE 86 SOUTH AFRICA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.5.4.4 Rest of Middle East & Africa
                               TABLE 87 REST OF MIDDLE EAST & AFRICA: MARKET, BY SECTOR,  2021–2030 (USD MILLION)
    8.6 SOUTH AMERICA 
           8.6.1 SOUTH AMERICA: RECESSION IMPACT
           8.6.2 BY SECTOR
                    TABLE 88 SOUTH AMERICA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.6.2.1 By generation type
                               TABLE 89 SOUTH AMERICA: MARKET, BY GENERATION TYPE,  2021–2030 (USD MILLION)
                    8.6.2.2 By transportation
                               TABLE 90 SOUTH AMERICA: MARKET, BY TRANSPORTATION,  2021–2030 (USD MILLION)
           8.6.3 BY APPLICATION
                    TABLE 91 SOUTH AMERICA: MARKET, BY APPLICATION, 2021–2030 (USD MILLION)
           8.6.4 BY COUNTRY
                    TABLE 92 SOUTH AMERICA: MARKET, BY COUNTRY, 2021–2030 (USD MILLION)
                    8.6.4.1 Brazil
                               8.6.4.1.1 Rising demand for clean hydrogen in transportation sector to benefit market
                               TABLE 93 BRAZIL: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.6.4.2 Argentina
                               8.6.4.2.1 Increasing oil refining activities to drive market
                               TABLE 94 ARGENTINA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
                    8.6.4.3 Rest of South America
                               TABLE 95 REST OF SOUTH AMERICA: MARKET, BY SECTOR, 2021–2030 (USD MILLION)
 
9 COMPETITIVE LANDSCAPE (Page No. - 125)
    9.1 OVERVIEW 
           FIGURE 37 KEY DEVELOPMENTS IN HYDROGEN MARKET, 2018–2023
    9.2 MARKET SHARE ANALYSIS, 2022 
           FIGURE 38 MARKET SHARE ANALYSIS, 2022
    9.3 MARKET EVALUATION FRAMEWORK, 2018–2023 
           TABLE 96 STRATEGIES ADOPTED BY KEY PLAYERS, 2018–2023
    9.4 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 
           FIGURE 39 SEGMENTAL REVENUE ANALYSIS OF KEY PLAYERS, 2018–2022
    9.5 COMPETITIVE SCENARIOS AND TRENDS 
           9.5.1 DEALS
                    TABLE 97 MARKET: DEALS, 2018–2023
           9.5.2 OTHERS
                    TABLE 98 MARKET: OTHERS, 2022
    9.6 HYDROGEN GENERATION MARKET: COMPANY EVALUATION MATRIX, 2022 
           9.6.1 STARS
           9.6.2 EMERGING LEADERS
           9.6.3 PERVASIVE PLAYERS
           9.6.4 PARTICIPANTS
                    FIGURE 40 KEY COMPANY EVALUATION MATRIX, 2022
                    TABLE 99 COMPANY FOOTPRINT, BY GENERATION TYPE
    9.7 HYDROGEN STORAGE MARKET: COMPANY EVALUATION MATRIX, 2022 
           9.7.1 STARS
           9.7.2 EMERGING LEADERS
           9.7.3 PERVASIVE PLAYERS
           9.7.4 PARTICIPANTS
                    FIGURE 41 HYDROGEN STORAGE MARKET: KEY COMPANY EVALUATION MATRIX, 2022
                    TABLE 100 COMPANY FOOTPRINT, BY STORAGE
    9.8 HYDROGEN TRANSPORTATION TANK:  COMPANY EVALUATION MATRIX, 2022 
           9.8.1 STARS
           9.8.2 EMERGING LEADERS
           9.8.3 PERVASIVE PLAYERS
           9.8.4 PARTICIPANTS
                    FIGURE 42 MARKET: KEY COMPANY EVALUATION MATRIX, 2022
                    TABLE 101 COMPANY FOOTPRINT, BY TRANSPORTATION
                    TABLE 102 COMPANY FOOTPRINT, BY APPLICATION
                    TABLE 103 COMPANY FOOTPRINT, BY REGION
 
10 COMPANY PROFILES (Page No. - 138)
     10.1 HYDROGEN PRODUCERS 
(Business overview, Products/Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices, and Weaknesses and competitive threats)*
             10.1.1 LINDE PLC
                       TABLE 104 LINDE PLC: COMPANY OVERVIEW
                       FIGURE 43 LINDE PLC: COMPANY SNAPSHOT
                       TABLE 105 LINDE PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 106 LINDE PLC: DEALS
                       TABLE 107 LINDE PLC: OTHERS
             10.1.2 SHELL PLC
                       TABLE 108 SHELL PLC: COMPANY OVERVIEW
                       FIGURE 44 SHELL PLC: COMPANY SNAPSHOT
                       TABLE 109 SHELL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 110 SHELL PLC: PRODUCT LAUNCHES
                       TABLE 111 SHELL PLC: DEALS
                       TABLE 112 SHELL PLC: OTHERS
             10.1.3 AIR PRODUCTS AND CHEMICALS, INC.
                       TABLE 113 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY OVERVIEW
                       FIGURE 45 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY SNAPSHOT
                       TABLE 114 AIR PRODUCTS AND CHEMICALS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 115 AIR PRODUCTS AND CHEMICALS, INC.: DEALS
                       TABLE 116 AIR PRODUCTS AND CHEMICALS, INC.: OTHERS
             10.1.4 CHEVRON CORPORATION
                       TABLE 117 CHEVRON CORPORATION: COMPANY OVERVIEW
                       FIGURE 46 CHEVRON CORPORATION: COMPANY SNAPSHOT
                       TABLE 118 CHEVRON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 119 CHEVRON CORPORATION: DEALS
             10.1.5 AIR LIQUIDE
                       TABLE 120 AIR LIQUIDE: COMPANY OVERVIEW
                       FIGURE 47 AIR LIQUIDE: COMPANY SNAPSHOT
                       TABLE 121 AIR LIQUIDE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 122 AIR LIQUIDE: PRODUCT LAUNCHES
                       TABLE 123 AIR LIQUIDE: DEALS
             10.1.6 SAUDI ARABIAN OIL CO.
                       TABLE 124 SAUDI ARABIAN OIL CO.: COMPANY OVERVIEW
                       FIGURE 48 SAUDI ARABIAN OIL CO.: COMPANY SNAPSHOT
                       TABLE 125 SAUDI ARABIAN OIL CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.1.7 UNIPER SE
                       TABLE 126 UNIPER SE: COMPANY OVERVIEW
                       FIGURE 49 UNIPER SE: COMPANY SNAPSHOT
                       TABLE 127 UNIPER SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
     10.2 HYDROGEN STORAGE PROVIDERS 
             10.2.1 WORTHINGTON INDUSTRIES INC.
                       TABLE 128 WORTHINGTON INDUSTRIES INC.: COMPANY OVERVIEW
                       FIGURE 50 WORTHINGTON INDUSTRIES INC.: COMPANY SNAPSHOT
                       TABLE 129 WORTHINGTON INDUSTRIES INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 130 WORTHINGTON INDUSTRIES: PRODUCT LAUNCHES
                       TABLE 131 WORTHINGTON INDUSTRIES: DEALS
                       TABLE 132 WORTHINGTON INDUSTRIES: OTHERS
             10.2.2 INOX INDIA LIMITED
                       TABLE 133 INOX INDIA LIMITED: COMPANY OVERVIEW
                       TABLE 134 INOX INDIA LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.2.3 CRYOLOR
                       TABLE 135 CRYOLOR: COMPANY OVERVIEW
                       TABLE 136 CRYOLOR: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.2.4 PRAGMA INDUSTRIES
                       TABLE 137 PRAGMA INDUSTRIES: COMPANY OVERVIEW
                       TABLE 138 PRAGMA INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.2.5 BNH GAS TANKS
                       TABLE 139 BNH GAS TANKS: COMPANY OVERVIEW
                       TABLE 140 BNH GAS TANKS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
     10.3 OTHER HYDROGEN STORAGE PLAYERS 
             10.3.1 OXYGEN SERVICE COMPANY, INC.(OSC)
     10.4 HYDROGEN TRANSPORTATION TANK PROVIDERS 
             10.4.1 BAYOTECH
                       TABLE 141 BAYOTECH: COMPANY OVERVIEW
                       TABLE 142 BAYOTECH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.4.2 HEXAGON PURUS
                       TABLE 143 HEXAGON PURUS: COMPANY OVERVIEW
                       FIGURE 51 HEXAGON PURUS: COMPANY SNAPSHOT
                       TABLE 144 HEXAGON PURUS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 145 HEXAGON PURUS: DEALS
                       TABLE 146 HEXAGON PURUS: OTHERS
             10.4.3 NPROXX
                       TABLE 147 NPROXX: COMPANY OVERVIEW
                       TABLE 148 NPROXX: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 149 NPROXX: PRODUCT LAUNCHES
                       TABLE 150 NPROXX: DEALS
             10.4.4 LUXFER GAS CYLINDERS
                       TABLE 151 LUXFER GAS CYLINDERS: COMPANY OVERVIEW
                       TABLE 152 LUXFER GAS CYLINDERS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 153 LUXFER GAS CYLINDERS: DEALS
             10.4.5 CHART INDUSTRIES
                       TABLE 154 CHART INDUSTRIES: COMPANY OVERVIEW
                       TABLE 155 CHART INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.4.6 QUANTUM FUEL SYSTEMS LLC.
                       TABLE 156 QUANTUM FUEL SYSTEMS LLC.: COMPANY OVERVIEW
                       TABLE 157 QUANTUM FUEL SYSTEMS LLC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 158 QUANTUM FUEL SYSTEMS LLC.: DEALS
     10.5 OTHER HYDROGEN TRANSPORTATION TANK PLAYERS 
             10.5.1 AMS COMPOSITE CYLINDERS
             10.5.2 WELDSHIP CORPORATION
*Details on Business overview, Products/Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices, and Weaknesses and competitive threats might not be captured in case of unlisted companies.
 
11 APPENDIX (Page No. - 184)
     11.1 INSIGHTS FROM INDUSTRY EXPERTS 
     11.2 DISCUSSION GUIDE 
     11.3 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     11.4 CUSTOMIZATION OPTIONS 
     11.5 RELATED REPORTS 
     11.6 AUTHOR DETAILS 

 

The study involved major activities in estimating the current size of the hydrogen market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the hydrogen market involved the use of extensive secondary sources, directories, and databases, such as Bloomberg, Factiva, IRENA, International Energy Agency, Statista Industry Journal, and IEA, to collect and identify information useful for a technical, market-oriented, and commercial study of the hydrogen market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The hydrogen market comprises several stakeholders, such as hydrogen manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for hydrogen in automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing and energy sector applications. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Hydrogen Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the hydrogen market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Hydrogen Market Size: Top-Down Approach

Hydrogen Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Hydrogen Market Size: Bottom-Up Approach

Hydrogen Market Size, and Share

Data Triangulation

After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

Hydrogen is the lightest and most abundant element in the universe. Hydrogen gas has an excellent energy carrying capacity. It can be produced in large quantities and supplied to large-scale industries for various operations. It can be produced as a principal and by-product from various primary energy sources (such as wind, solar, coal, natural gas, and nuclear). Currently, hydrogen is produced in bulk for many value-added uses and chemical substances. It delivers power for various applications, including fuel cells and combined heat and power technologies.

The growth of the hydrogen market during the forecast period can be attributed to the rising increasing adoption of renewable energy sources like wind, solar, and hydroelectric power for hydrogen production across major countries in North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Key Stakeholders

  • Manufacturers of fuel cell electric vehicles (FCEVs)
  • Government organizations
  • Owners of hydrogen charging stations
  • Developers and operators of hydrogen fuel pumps
  • Manufacturers and suppliers of hydrogen generation equipment
  • Developers of hydrogen generation infrastructure
  • Institutional investors
  • Merchant hydrogen producers
  • Methanol producers
  • Refinery operators
  • Research institutes

Objectives of the Study

  • To define, describe, segment, and forecast the hydrogen market size, by sector, by application and region, in terms of value and volume
  • To define, describe, segment, and forecast the market size, by application, in terms of value
  • To forecast the market size across five key regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America in terms of value
  • To provide detailed information about the key drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market
  • To strategically analyze the market with respect to individual growth trends, prospects, and contributions of each segment to the market
  • To provide information pertaining to the supply chain, trends/disruptions impacting customer business, market map, pricing of hydrogens, and regulatory landscape pertaining to the market
  • To strategically analyze the micromarkets with respect to individual growth trends, upcoming expansions, and their contributions to the overall market
  • To analyze opportunities for stakeholders in the market and draw a competitive landscape for market players
  • To benchmark players within the market using the company evaluation quadrant, which analyzes market players on various parameters within the broad categories of business and product strategies
  • To compare key market players with respect to the market share, product specifications, and applications
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies.
  • To track and analyze competitive developments in the hydrogen market, sales contracts, agreements, investments, expansions, product launches, alliances, mergers, partnerships, joint ventures, collaborations, and acquisitions  

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

Request Customization
Report Code
EP 8738
Published ON
Jul, 2023
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Hydrogen Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status Website Feedback