How Has The Hydrogen Market Size Evolved In Recent Years?
The hydrogen market has seen considerable growth due to a variety of factors.
• The scale of the hydrogen market has seen brisk expansion in the past few years. Its growth is expected to move from $18.92 billion in 2024 to a larger $22.38 billion in 2025, boasting a compound annual growth rate (CAGR) of 18.2%.
Factors contributing to this growth during the historical period include the energetic economic expansion in developing markets, a surge in demand from the chemical sector, and widespread usage of hydrogen fuel cell vehicles.
What Are The Predictions for The Hydrogen Market Size In The Coming Years?
The hydrogen market is expected to maintain its strong growth trajectory in upcoming years.
• The sector for hydrogen is predicted to experience a swift expansion in the forthcoming years, with its market size anticipated to reach $40.39 billion by 2029, boasting a compound annual growth rate of 15.9%.
This anticipated growth during the forecast period can be credited to factors like government backing, a surge in demand from the energy sector, as well as escalating demand from the oil and gas industry. The forthcoming period is expected to witness trends such as hydrogen extraction from sewage waste, strategic partnerships and collaborations, a rise in investments towards green hydrogen, adoption of IoT by hydrogen producers, employment of smart meters and tailored air separation plants.
What Are The Key Drivers Fueling Growth In The Hydrogen Market?
The healthcare sector is witnessing significant advancements prioritizing better health and enhanced quality of life. Clinical usage of industrial gases like hydrogen in the fabrication of pharmaceutical products is on the rise. Power generation process at hospitals like St. Francis and VA Loma Linda is now facilitated by installed hydrogen plants. The industry is poised to receive a new value added through the creation of treatments and drugs using induced pluripotent stem cells (IPS), that require gases for their application systems. This need for cultivating and preserving cells and tissues is bolstering the need for top-quality industrial gases.
What Are The Core Segments Of The Globa Hydrogen Market?
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
Subsegments:
1) By Pipeline: Hydrogen Pipeline Networks For Large-Scale Distribution, On-Site Hydrogen Generation And Pipeline Delivery
2) By High-Pressure Tube Trailers: Compressed Hydrogen In Tube Trailers For Transport, Bulk Hydrogen Delivery Via Trailers
3) By Cylinders: Small-Scale Hydrogen Cylinders, Portable Hydrogen Storage For Industrial And Commercial Use
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Which Emerging Trends Are Reshaping The Hydrogen Market?
Companies that produce hydrogen are beginning to embrace the technology that enables the production of hydrogen from wastewater. The manufacturing of hydrogen gas from sewage sludge can be utilized in various sectors including fertilizers, manufacturing, transportation, and the chemical industry. The procedure primarily involves dehydrating the sewage sludge to lessen its weight, then following up with incineration, melting, composting, and drying. This method can facilitate large-scale hydrogen production that can cater to the transportation and manufacturing sectors. Both Fuel Cell Energy and Graforce Hydro are channeling investments into this innovative technology. Known for operating the world’s largest 'tri-generation plant,' Los Angeles Fuel Cell Energy Inc. is a hydrogen producer that efficiently transforms sewage into electricity and renewable hydrogen suitable for use as transportation fuel.
Who Are the Key Players in the Hydrogen Market?
Major companies operating in the hydrogen market include:
• 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
What are the Regional Insights into the Hydrogen Market?
Asia-Pacific was the largest region in the hydrogen market in 2024. 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
