Global Hydrogen Market Insights Forecasts to 2032

• The Global Hydrogen Market Size was valued at USD 228.4 Billion in 2022.
• The Market Size is Growing at a CAGR of 7.9% from 2022 to 2032
• The Worldwide Hydrogen Market Size is Expected to Reach USD 490.7 Billion by 2032
• North America Is Expected To Grow The Fastest During The Forecast Period

The Global Hydrogen Market Size is expected to reach USD 490.7 Billion by 2032, at a CAGR of 7.9% during the forecast period 2022 to 2032.

The most basic element in the chemical element family is hydrogen (H), a colorless, odourless, tasteless, and flammable gaseous substance. Hydrogen is a more environmentally friendly alternative to methane, also known as natural gas. The government's growing emphasis on creating economies based on hydrogen and its investments in hydrogen infrastructure are to blame for the rise in demand for hydrogen in recent years. The increasing popularity of low-emission fuels is expected to have a significant positive impact on the hydrogen market. Furthermore, A number of factors, such as the falling cost of wind and solar PV electricity and the global trend towards lowering carbon emissions, are propelling the growth of the hydrogen market. Because solar energy is widely available and has the potential to save energy and lower carbon emissions, it is particularly promising. The hydrogen market is expanding due in part to higher funding allocated to research and development aimed at producing more hydrogen. However, significant technological developments are also assisting energy companies in expanding their hydrogen production capabilities, which is stimulating the growth of the hydrogen market.

Driving Factors

There are already hydrogen-powered automobiles on the market. With more hydrogen fuelling stations than any other country in the world, Consumer can fill up car with hydrogen in the same amount of time and just like other fuel like gasoline or diesel. China has the most hydrogen fuelling stations for road vehicles. After South Korea, Germany, and the US, Japan has the second-highest concentration of these gas stations. Moreover, fertilizers based on nitrogen are being used more and more in the agriculture industry. Ammonia is created when nitrogen and hydrogen are combined. The need for hydrogen will increase in the forecast period as a result of the need to increase ammonia production in order to meet the high demand for fertilizers, such factors will boost market growth in the forecast period.

Restraining Factors        

The two main obstacles to the large-scale production of hydrogen are rising production costs and increasing safety concerns. Exposure to hydrogen gas during handling, production, and transportation can increase the risk of flammability and explosion. Furthermore, the high production costs associated with operating large-scale clean hydrogen facilities restrict the market's potential in developing and underdeveloped regions.

Market Segmentation

By Type Insights

The gray segment dominates the market with the largest revenue share over the projection period.

On the basis of type, the global hydrogen market is segmented into gray, blue, and green. Among these, the gray segment is dominating the market with the largest revenue share over the projection period. Grey hydrogen generation is mostly driven by the cheap natural gas that is readily available. Many places have an abundance of natural gas, a hydrocarbon resource that makes an attractive feedstock for hydrogen synthesis when it's inexpensive.

By Storage Insights

The physical segment is witnessing significant CAGR growth through the anticipation period.

On the basis of storage, the global hydrogen market is segmented into physical, and material. Among these, the physical segment is witnessing significant growth through the anticipation period. Physical storage of hydrogen is possible in both gaseous and liquid forms. Generally, high-pressure tanks are needed to store hydrogen as a gas. liquid hydrogen storage requires cryogenic temperatures. Additionally, solids can store hydrogen internally (by absorption) or on their surfaces (by adsorption).

By Application Insights

The mobility segment accounted for the largest revenue share through the forecast period.

On the basis of application, the global hydrogen market is segmented into energy (power, CHP), mobility, chemical & refinery (refinery, ammonia, methanol). Among these, the mobility segment dominates the market with the largest revenue share through the forecast period. The market for hydrogen is anticipated to be driven by the growing investments in fuel cells. In an effort to promote clean energy and combat climate change, numerous governments and organizations around the world are offering funding, incentives, and support for the development, deployment, and commercialization of hydrogen fuel cells.

Regional Insights

Asia Pacific is expected to hold the largest share of the market over the forecast period.

Asia Pacific is dominating the market with the largest market share over the forecast period. Many of the world's most significant economies, found in this region, are industrial centres. The great majority of the region's need for hydrogen is for petrochemical applications. Since the region is also a hotspot for hydrogen-powered automobiles. The world's biggest manufacturer of cars and trucks powered by hydrogen is China. Customers and businesses seeking more practical low-carbon transportation choices are starting to favour these cars more and more.

North America is expected to grow the fastest during the forecast period. The region is expected to propel the growth of the hydrogen market due to its well-established hydrogen infrastructure and strong focus on reducing greenhouse gas emissions. Furthermore, the transportation industry in the region is experiencing a growing demand for hydrogen, specifically for fuel cell vehicles. The region's need for hydrogen is anticipated to increase even more as a result of the United States' aggressive goals for the introduction of fuel cell cars and the construction of hydrogen infrastructure.

List of Key Market Players

• Oxygen Service Company
• BayoTech
• Luxfer Gas Cylinders
• Chart Industries
• Quantum Fuel Systems LLC
• Air Liquide
• Chevron Corporation
• NPROXX
• AMS Composite Cylinders
• Weldship Corporation
• Saudi Arabian Oil Co.
• INOX India Limited
• BNH Gas Tanks
• Hexagon Purus
• Others

Key Market Developments

• On July 2023, Edmonton International Airport has selected Air Products & Chemicals, Inc. to supply hydrogen and technology for the province's first fleet of hydrogen fuel cell passenger cars. To supply hydrogen to the fleet of Toyota Mirai hydrogen fuel cell vehicles, Air Products will set up a mobile hydrogen refuelling station at the airport.

• On July 2023, together, Air Liquide and KBR developed fully integrated low-carbon ammonia solutions utilizing Autothermal Reforming (ATR) technology. One of the greatest methods for producing low-carbon hydrogen (H2) on a large scale is Air Liquide, a leader in the world of ATR technology. H2 is combined with nitrogen (N2) to create low-carbon ammonia (NH3).

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global hydrogen market based on the below-mentioned segments:

Global Hydrogen Market, Type Analysis

• Gray
• Blue
• Green

Global Hydrogen Market, Storage Analysis

• Physical
• Material

Global Hydrogen Market, Application Analysis

• Energy

• Power Generation
• CHP

• Mobility
• Chemical & Refinery

• Petroleum Refinery
• Ammonia Production

Global Hydrogen Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa