The global hydrogen market is projected to reach USD 312.90 billion by 2030 from USD 225.12 billion in 2025, registering a CAGR of 6.8%. The hydrogen market is on a growth trajectory driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses. The current supportive broader political environment, decarbonization targets, and hydrogen infrastructure are enabling expansion in the level of adoption. Advances in electrolysis, fuel cells, and storage technology are steadily reducing production costs - especially for green hydrogen - improving its commercial viability and enabling more scalable projects. Partnerships between governments, private energy players, and industrial firms are creating hydrogen supply chains with growing scale and export potential.
The continued demand for fertilizers, petrochemicals, and cleaner fuels sustains hydrogen consumption across this segment, making it the most dominant application area in the current hydrogen market landscape. With global efforts to decarbonize hard-to-abate sectors, this segment is expected to gradually transition from gray hydrogen to blue and green alternatives. Several refinery and chemical companies are already investing in low-carbon hydrogen solutions to comply with emissions targets.
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK), Chevron Corporation (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chart Industries (US), OPmobility (US), Luxfer Holdings PLC (US), Faber Italy (Italy), FIBA Technologies, Inc. (US), Bayotech (US), BNH Gas Tanks (India), Cryofab, Inc. (US), WELDSHIP (US), Cryolor (France), Hexagon Purus (Norway), INOX India Limited (India), NPROXX (Netherlands), CALVERA Hydrogen (Spain), Uniper SE (Germany), Composite Advanced Technologies, LLC. (US), and Quantum Fuel Systems (US) are some of the key players in the Hydrogen market. The study includes an in-depth competitive analysis of these key players in the Hydrogen market, with their company profiles, recent developments, and key market strategies.
The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the hydrogen market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, expansion, Joint ventures, collaborations, and acquisitions; and recent developments associated with the hydrogen market. This report covers the competitive analysis of upcoming startups in the hydrogen market ecosystem.
By application, the chemical & refinery segment accounted for the largest market share in 2024.
The chemical and refinery segment holds the largest market share in the global hydrogen market, primarily driven by its extensive use in petroleum refining and chemical production processes. Hydrogen is a critical feedstock in hydrocracking and desulfurization in refineries, helping meet stringent fuel quality standards. In the chemical sector, it is extensively used in the production of ammonia, methanol, and other industrial chemicals.The continued demand for fertilizers, petrochemicals, and cleaner fuels sustains hydrogen consumption across this segment, making it the most dominant application area in the current hydrogen market landscape. With global efforts to decarbonize hard-to-abate sectors, this segment is expected to gradually transition from gray hydrogen to blue and green alternatives. Several refinery and chemical companies are already investing in low-carbon hydrogen solutions to comply with emissions targets.
By transportation, the long distance segment accounted for the largest market in 2024.
The long distance transportation segment has the largest market share in the hydrogen market due to the growing emphasis on cross-border hydrogen trade, particularly among regions with abundant renewable resources and high-demand centers. Countries in Asia, Europe, and the Middle East are actively investing in hydrogen corridors, pipelines, and liquefied hydrogen shipping infrastructure to enable large-scale, international hydrogen movement. This segment is further supported by government-backed export-import agreements, the development of ammonia as a hydrogen carrier, and rising demand from hydrogen-importing nations like Japan and South Korea. These trends collectively position long-distance transportation as a crucial enabler of global hydrogen supply chains, reinforcing its dominant share in the market.Europe is expected to register the second-highest CAGR for the hydrogen market over the forecast period.
Europe is experiencing strong growth in the hydrogen market, driven by its ambitious decarbonization goals, energy transition strategies, and focus on reducing dependency on fossil fuels. The European Union has launched multiple funding programs, including the European Green Deal and the Hydrogen Strategy for a Climate-Neutral Europe, which aim to accelerate the adoption of clean hydrogen across industries such as transport, power generation, and heavy manufacturing. Several countries - Germany, France, the Netherlands, and Spain - have rolled out national hydrogen roadmaps, supporting electrolyzer deployment, infrastructure development, and cross-border hydrogen trade. Additionally, increasing investments in renewable energy sources are facilitating green hydrogen production, reinforcing Europe's position as a key global hub in the hydrogen economy.In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 57%, Tier 2 - 29%, and Tier 3 - 14%
- By Designation: C-Level Executives - 35%, Directors - 20%, and Others - 45%
- By Region: North America - 20%, Europe - 15%, Asia Pacific - 30%, Middle East & Africa - 25%, and South America - 10%
Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK), Chevron Corporation (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chart Industries (US), OPmobility (US), Luxfer Holdings PLC (US), Faber Italy (Italy), FIBA Technologies, Inc. (US), Bayotech (US), BNH Gas Tanks (India), Cryofab, Inc. (US), WELDSHIP (US), Cryolor (France), Hexagon Purus (Norway), INOX India Limited (India), NPROXX (Netherlands), CALVERA Hydrogen (Spain), Uniper SE (Germany), Composite Advanced Technologies, LLC. (US), and Quantum Fuel Systems (US) are some of the key players in the Hydrogen market. The study includes an in-depth competitive analysis of these key players in the Hydrogen market, with their company profiles, recent developments, and key market strategies.
Study Coverage:
The report defines, describes, and forecasts the hydrogen market by Generation type (Blue Hydrogen, Gray Hydrogen, Green Hydrogen), Storage (Physical, Material-based), Transportation (Long distance, Short distance), Application (Energy, Chemical & Refinery, Mobility, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa and South America).The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the hydrogen market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, expansion, Joint ventures, collaborations, and acquisitions; and recent developments associated with the hydrogen market. This report covers the competitive analysis of upcoming startups in the hydrogen market ecosystem.
Key Benefits of Buying the Report
- The report includes the analysis of key drivers (Government initiatives for developing hydrogen economy, Growing Demand of Ammonia in Agriculture Sector), restraints (High Flammability associated with the hydrogen, Limited Hydrogen Infrastructure), opportunities (Decarbonization targets and climate commitments, Growing demand for hydrogen vehicles) and challenges (High cost associated with renewable hydrogen production, High cost of composite-material based tanks).
- Product Development/Innovation: Hydrogen market players are rapidly advancing technologies across the value chain - generation, storage, and transportation - to improve efficiency, reduce costs, and enable large-scale deployment. In generation, innovations in electrolyzer design, such as high-efficiency solid oxide and anion exchange systems, are reducing energy consumption and boosting hydrogen yield. In storage and transport, companies are leveraging new materials for high-pressure tanks, cryogenic storage, and solid-state options, improving safety, density, and mobility across sectors. Digital technologies like AI-enabled system optimization, smart grid integration, and real-time monitoring platforms are being adopted to enhance performance and reliability.
- Market Development: In August 2024, Linde plc entered into a long-term agreement with Dow Inc. to supply clean hydrogen and other gases for Dow's new Path2Zero project in Fort Saskatchewan, Alberta, Canada. Under this deal, Linde will invest over USD 2 billion to build, own, and operate a large hydrogen production facility that uses advanced technology to produce low-carbon hydrogen and capture over 2 million tonnes of CO₂ each year. The plant will also recycle hydrogen from Dow's operations and provide nitrogen and other industrial gases. This facility, expected to start in 2028, will support Dow's efforts to reduce emissions and will also supply other nearby industries looking to decarbonize. This report provides a detailed analysis of hydrogen solution provider strategies critical for project success, providing stakeholders with actionable insights into trends and opportunities for growth in the hydrogen market.
- Market Diversification: The report offers a comprehensive analysis of the strategies employed by hydrogen solutions provider players to facilitate market diversification. It outlines innovative products and operating models, as well as new partnership frameworks across various regions, which are underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.
- Competitive Assessment: The report provides in-depth assessment of market shares, growth strategies, and service offerings of leading players such as Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK), Uniper SE (Germany), Chevron Corporation (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chart Industries (US), OPmobility (US), Luxfer Holdings PLC (US), Faber Italy (Italy), FIBA Technologies, Inc. (US), Bayotech (US), among others, in the hydrogen market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Hydrogen Generation Market, by Sector
7 Hydrogen Market, by Application
8 Hydrogen Market, by Region
9 Competitive Landscape
10 Company Profile
11 Appendix
List of Tables
List of Figures
Companies Mentioned
- Linde PLC
- Air Liquide
- Saudi Arabian Oil Co.
- Air Products and Chemicals, Inc.
- Shell PLC
- Chevron Corporation
- Uniper SE
- ExxonMobil Corporation
- Bp P.L.C.
- Inox India Limited
- Cryolor
- Bnh Gas Tanks
- Faber Italy
- Other Hydrogen Storage Providers
- Bayotech
- Hexagon Purus
- Nproxx
- Chart Industries
- Other Hydrogen Transportation Tank Providers
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 278 |
Published | August 2025 |
Forecast Period | 2025 - 2030 |
Estimated Market Value ( USD | $ 225.12 Billion |
Forecasted Market Value ( USD | $ 312.9 Billion |
Compound Annual Growth Rate | 6.8% |
Regions Covered | Global |
No. of Companies Mentioned | 19 |