Hydrogen Market - Global Hydrogen Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - By Application, By Source, By Generation Type, By Geographic Coverage and By Company

One of the most exciting subsets of the clean energy sector, hydrogen represents an exceptionally growing industry. The global hydrogen market currently equals US$185 Bn and is all set for a strong 7.6% CAGR between 2023 and 2030. These growth projections are drawn based on the latest published report by the analyst.

The study reports that hydrogen currently has a role in a mere 5% of the global energy volume but holds tremendous potential in the overall clean energy transition. With industries realising untapped hydrogen potential to unlock newer areas of application, the hydrogen market is likely to see an uptrend in the upcoming years.

The research sees over three-fold expansion in market revenue since 2021. Investments are flooding hydrogen space but are prominently scattered across refining, mobility, and ammonia. Industrial sector is also at the forefront.

Market Drivers

In the market overview, the report provides readers with the important market definitions, and segmentation insights. It further sheds light on the major market dynamics that are shaping the global hydrogen economy and will hold measurable influence on where and at what pace it will lead, in the years to come.

Market Restraints

High costs involved in commercial production of hydrogen is the major challenging factor facing the rapid progression of the market. Moreover, another fact that remains an impediment for the market expansion is the notably low pace of adoption. Though spreading its roots faster recently, hydrogen uptake has a long way to go, especially in the major target industries like construction, transport, and power generation.

Market Opportunities and Trends

The study also offers detailed analysis of the potential market opportunities, and trends that the participants must be attentive to. The report identifies substantial opportunities residing in the gradually rising inclination for hydrogen fuel cell vehicles. While it is too early to anticipate the consideration of hydrogen as a mainstream transport fuel, the slowly growing market for fuel cell vehicles holds the promise to propel hydrogen uptake in future.

COVID-19 Impact Analysis

The COVID-19 impact analysis presented in the report intends to uncover the strategic insights for market players. The pandemic cast a harsh impact on the entire renewables sector. Supply chain disruptions, and delayed project implementations are only a few to mention. Trade restrictions further created a challenging environment. Governments have played an instrumental role in re-attracting investments, eyeing a mutual goal of creating a strong, feasible, futuristic hydrogen ecosystem.

Segmentation Analysis

Based on source, the report shows continued dominance of grey hydrogen (without CCS) that accounts for nearly 90% of the currently market revenue. Despite this, the other two, i.e., green hydrogen, and blue hydrogen segments are poised for stronger growth through 2030, nearly 17.8% and 24%, respectively.

By application, the prominence of refining segment will be intact throughout the projection period. Refining application holds a lion’s share of around 48% in the market revenue pie. Transport, and industrial sectors are more likely to shape demand dynamics in future.

By the type of generation, the captive segment maintains dominance and is expected to account for nearly 75% share of the market value by 2030.

Regional Outlook

Accounting for around 60% of the worldwide hydrogen market valuation, Asia Pacific spearheads. The report marks China, the US, and the Middle East as the world’s top 3 hydrogen consumers. China tops the list and accounts for nearly 60% of the Asia Pacific’s contribution in hydrogen market.

On the other hand, the US leads production scenario. With concrete, planned projects in the pipeline, North America, and Europe reflect strong growth potential. Of these, the former looks to enable cost-effective hydrogen generation as a whopping 3/4th of the overall hydrogen costs goes into production.

Key Companies in Hydrogen Landscape

Royal Dutch Shell, Totalenergies, Adani Green, Air Liquide, Air Products, Bloom Energy Corp., CTP Hydrogen, Chevron Hydrogen Company LLC, Doosan Fuel Cell, FuelCell Energy, Inc., Linde Plc, Plug Power, Inc.