The global hydrogen market is projected to reach USD 410.6 billion by 2030 from an estimated USD 242.7 billion in 2023, at a CAGR of 7.8% during the forecast period. With the rapid adoption of renewable energy producing methods around the world, the need for storing renewable energy in the form of hydrogen has skyrocketed. As a result, several green hydrogen initiatives have been launched.
Due to their strong supply network, a few global and regional players hold a strong foothold in the hydrogen market. Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands) are the market leaders in the global hydrogen market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and expansion, to increase their market share.
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Linde plc is a multinational industrial gas and engineering firm. The company's primary business activities include the manufacture of industrial gases as well as the design, engineering, and manufacturing of equipment utilised in the production of industrial gases. The company operates in four reportable segments: Americas, EMEA, APAC, Engineering and Other. Linde has four product groups: Atmospheric Gases and Related, Process Gases and Other, Surface Technologies, and Linde AG.
The company specialises in the production and storage of hydrogen, which can be used as a fuel, a chemical material, or a natural gas alternative. In various locations, the company offers and runs hydrogen production and storage plants based on diverse technologies such as steam methane reforming, electrolysis, partial oxidation, and so on. It generates three kinds of hydrogen: grey, blue, and green. It provides hydrogen fuelling technologies such as the Ionic Compressor System, Cryo Pump System, and IC Fuel Box in addition to hydrogen generation. In the United States, Canada, Mexico, South America, Europe & Eurasia, Africa, Australia, China, India, Japan, and South Korea, the corporation provides hydrogen-related products and services.
Air Products & Chemicals, Inc. is a multinational industrial gases corporation that designs, engineers, constructs, owns, and runs industrial gas projects. The company provides atmospheric gases, process and specialized gases, equipment, and services, as well as solutions. The company's primary focus is on industrial gases. The company operates in five business segments: Americas, Europe, Asia, the Middle East, and India, as well as Corporate and other.
Industrial Gases—Americas, EMEA, and Asia, as well as Industrial Gases—Global, run hydrogen production units that serve a variety of industries and sectors, including manufacturing, chemical, refinery, metal, and food and beverage. Air Products auto thermal reforming process is the primary method utilised by Air Products and Chemicals Inc. to generate hydrogen.
Hexagon Purus is a renewable energy technology company that specialises on gas storage, distribution, fuel systems, and drivetrains. It focuses on providing safe and creative sustainable energy solutions. Furthermore, the firm offers storage and transit technology for mobility, industrial, and consumer applications.
Clean fuel solutions for medium- and heavy-duty commercial vehicles are provided by the company. It provides storage and transportation solutions for natural gas, hydrogen, and battery electric energy. The company's other business units include lightweight composites, high-pressure tanks and storage systems, and hydrogen, natural gas, and biogas distribution. Its products are used in a variety of mobility and storage applications, allowing companies to minimise their carbon footprint.
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
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