Hydrogen Global Market Opportunities And Strategies To 2032

This report describes and explains the hydrogen market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global hydrogen market reached a value of nearly $13,595.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 9.1% since 2017. The market is expected to grow from $13,595.2 million in 2022 to $29,775.8 million in 2027 at a rate of 17.0%. The market is then expected to grow at a CAGR of 16.8% from 2027 and reach $64,590.1 million in 2032.

Growth in the historic period strong economic growth in emerging markets, an increased demand from the chemical industry and extensive deployment of hydrogen fuel cell vehicles.

Going forward, government support, growing demand from the energy sector and growing demand from the oil and gas industry will drive market growth. Factors that could hinder the growth of the hydrogen market in the future include high capital cost and reductions in free trade.

The hydrogen market is segmented by mode of distribution into pipeline, high-pressure tube trailers and cylinders. The high-pressure tube trailers market was the largest segment of the hydrogen market segmented by mode of distribution accounting for 54.4% of the total in 2022. Going forward, the high-pressure tube trailers market is expected to be the fastest growing segment in the hydrogen market segmented by mode of distribution, at a CAGR of 18.1% during 2022-2027.

The hydrogen market is segmented by application into chemical, refinery, metal processing and other applications. The refinery market was the largest segment of the hydrogen market segmented by application accounting for 52.7% of the total in 2022. Going forward, the chemical market is expected to be the fastest growing segment in the hydrogen market segmented by application, at a CAGR of 18.8% during 2022-2027.

The hydrogen market is segmented by end user into chemicals, aerospace and automotive, energy, refining, glass, welding and metal fabrication and other end users. The refining market was the largest segment of the hydrogen market segmented by end user accounting for 52.7% of the total in 2022. Going forward, the chemicals market is expected to be the fastest growing segment in the hydrogen market segmented by end user, at a CAGR of 18.8% during 2022-2027.

Asia Pacific was the largest region in the hydrogen market, accounting for 44.9% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hydrogen market will be North America and Western Europe where growth will be at CAGRs of 20.7% and 18.3% respectively. These will be followed by the Eastern Europe and South America where the markets are expected to grow at CAGRs of 4.9% and 4.4% respectively.

The hydrogen market is concentrated, with a few large players. The top ten competitors in the market made up to 61.34% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. The Linde Group was the largest competitor with 27.51% share of the market, followed by Air Liquide with 21.66%, Air Products and Chemicals Inc with 7.78%, Taiyo Nippon Sanso Corporation with 1.46%, Air Water Inc. with 0.82%, Showa Denko K.K. with 0.69%, Iwatani Corporation with 0.59%, Gulf Cryo with 0.34%, Messer Group GmbH with 0.31% and SOL Group with 0.18%.

The top opportunities in the hydrogen market segmented by mode of distribution will arise in the high-pressure tube trailer segment, which will gain $9,621.7 million of global annual sales by 2027. The top opportunities in segment by application will arise in the refinery segment, which will gain $8,200.7 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the refining segment, which will gain $8,200.7 million of global annual sales by 2027. The hydrogen market size will gain the most in China at $5,115.4 million.

Market-trend-based strategies for the hydrogen market 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.

Player-adopted strategies in the hydrogen market include focuses on enhancing its operational capabilities through business expansions, expanding its production capabilities through strategic investments, strengthening its operational capabilities through strategic investments, enhancing its business capabilities through strategic collaborations and partnerships and developing the hydrogen supply chain business in the US through strategic acquisitions.

To take advantage of the opportunities, the publisher recommends the hydrogen companies to focus on hydrogen production from sewage waste, focus on IoT (internet of things), focus on smart meters, focus on customized air separation plants, expand in emerging markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-users, focus on new application industries, focus on hydrogen fuel cell vehicles, and focus on green hydrogen users.