Global Hydrogen Market Size 2024, Forecast To 2033
11 Mar, 2024
The hydrogen market has undergone rapid growth, surging from $15.98 billion in 2023 to $18.82 billion in 2024, reflecting a compound annual growth rate (CAGR) of 17.7%. The historic period's growth is attributed to strong economic expansion in emerging markets, an increased demand from the chemical industry, and extensive deployment of hydrogen fuel cell vehicles. Expected to see rapid growth in the next few years, the market is projected to reach $34.7 billion in 2028, maintaining a CAGR of 16.5%. Growth in the forecast period can be attributed to government support, growing demand from the energy sector, and increasing demand from the oil and gas industry. Major trends in the forecast period involve hydrogen production from sewage waste, partnerships and collaborations, increasing investments in green hydrogen, hydrogen manufacturers adopting IoT (Internet of Things) technology, and the use of smart meters and customized air separation plants.
Global Hydrogen Market Key Driver
Evolving healthcare trends emphasize a higher quality of life, leading to significant developments in the use of industrial gases, particularly hydrogen, in pharmaceutical applications. Healthcare institutions such as St. Francis and VA Loma Linda are already integrating hydrogen plants for power generation, indicative of a broader shift toward clinical use of industrial gases. The application of induced pluripotent stem cells (IPS) in treatments and drug development is introducing added value to the industry, with gases playing a pivotal role in the cultivation and preservation of cells and tissues. The demand for high-grade industrial gases is consequently on the rise, contributing to the growth of this market. This transformative shift in healthcare practices is evident in the market size in 2023, with ongoing expansion projected in 2024 and 2028.
Get A Free Sample Of The Global Hydrogen Market ReportGlobal Hydrogen Market Segments
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
By Geography:The regions covered in the hydrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
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
Major Hydrogen Industry Players
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
Get The Full Global Hydrogen Market Report
Hydrogen Market Overview
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.
Hydrogen Global Market Report 2023 provides data on the global hydrogen market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hydrogen market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.