Hydrogen is produced as a by-product of industrial chlorine production by electrolysis. Although it requires expensive technologies, hydrogen can be cooled, compressed, and purified for use in other processes on-site or sold to a customer via pipeline, cylinders, or trucks.
Sizing and Forecast
The hydrogen market size has grown rapidly in recent years. It will grow from $15.98 billion in 2023 to $18.82 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, an increased demand from the chemical industry and extensive deployment of hydrogen fuel cell vehicles.
The hydrogen market size is expected to see rapid growth in the next few years. It will grow to $34.7 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to government support, growing demand from the energy sector and growing demand from the oil and gas industry. Major trends in the forecast period include hydrogen production from sewage waste, partnerships and collaborations, increasing investments in green hydrogen, hydrogen manufacturers adopting iot (internet of things) technology, use of smart meters and customized air separation plants.
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Segmentation & Regional Insights
The hydrogen market covered in this report is segmented –
1) By Mode Of Distribution: Pipeline, High-Pressure Tube Trailers, Cylinders
2) By Application: Chemical, Refinery, Metal Processing, Other Applications
3) By End User: Chemicals, Aerospace And Automotive, Energy, Refining, Glass, Welding And Metal Fabrication, Other End Users
Asia-Pacific was the largest region in the hydrogen market in 2023. North America was the second-largest region in the global hydrogen market. The regions covered in the hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
New developments are taking place in healthcare with an increasing emphasis on a healthier, better quality of life. Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products. Hospitals such as St. Francis and VA Loma Linda have already installed hydrogen plants for the power generation process. Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high-grade industrial gases.
Key Industry Players
Major companies operating in the hydrogen market report are The Linde Group, Air Liquide, Air Products and Chemicals Inc, Taiyo Nippon Sanso Corporation, Air Water Inc., Iwatani Corporation, Gulf Cryo, NGK Spark Plug Co, Ltd., Twin Turbines Energy, Showa Denko K.K., Oxair, WIKA Alexander Wiegand SE & Co. KG, Ellenbarie, Praxair Inc, Air Products and Chemicals Market Size, Inc., Natural Hydrogen Energy Ltd., Core Industrial Gases, Uniper, Lind Gas Plc, AMCS Corporation, Hydrogenics, Inox, ZTEK Corporation, Engie, APT spol. S r.o., Grupa Lotos SA, Gdansk-based refiner, Gazprom, SOL Group, Supagas, Bloom Energy Corporation, Shell plc, Chevron Corporation, Eco Energy International, Yingde Gas Group Co., Ltd., Nuvera Fuel Cells, LLC, Plug Power, Rosatom, Messer Group, H2Pro, Masdar, GASAL Q.S.C., Buzwair Holding, Afrox
The hydrogen market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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