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Global Hydrogen Market, By Technology; By Application; By Delivery Mode-Estimation & Forecast, 2017-2040

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    Report

  • 690 Pages
  • June 2023
  • Region: Global
  • Astute Analytica
  • ID: 5864794
Description Jump to:

Global Hydrogen Market Forecast till 2040: Set to Reach US$ 761.3 Billion by 2040 with a CAGR of 7.58%

The global Hydrogen market was valued at US$ 206.6 Bn in 2022 and is forecasted to reach US$ 761.3 Bn by 2040, growing at a Compound Annual Growth Rate (CAGR) of 7.58%. In terms of volume, the market accounted for 73,844.6 tons in 2022, predicted to grow at a CAGR of 7.15% during the forecast period from 2023 - 2040.

Growth Influencers:

Key drivers triggering the growth of the Hydrogen market are the surge in the production of iron, steel, ammonia, and other valuable chemicals where hydrogen plays a prime role, and the rise in Steam Methane Reforming (SMR) technology. However, strict procurement policies imposed by the government might serve as a restraint to the market growth.

Segment Overview:

The Hydrogen market is categorized based on Technology, Application, and Delivery Mode.

By Technology

  • Thermal Process
  • Steam Methane Reforming
  • Partial Oxidation
  • Coal Gasification
  • Biomass Gasification
  • Electrolytic Process
  • SOEC
  • SOFC
  • PEM
  • AEM

By Application

  • Methanol Production
  • Ammonia Production
  • Petroleum Refinery
  • Heat Treatment
  • Renewable Energy
  • Hydrogen Fuel Cell
  • Fuel Cell Vehicles
  • Fuel Cell Ships
  • Fuel Cell Battery
  • Mobile Power Generation
  • Others
  • Others

By Delivery Mode

  • Captive
  • Merchant
Under 'Technology', the Electrolytic Process segment is experiencing the highest growth with a CAGR of 9.38%. In terms of 'Application', the Ammonia Production segment dominated the market in 2022, holding more than 50% of the total market share. For 'Delivery Mode', the Captive segment is projected to cross US$ 2,31,866.3 Mn by 2037.

Regional Overview:

Based on Region, the market is divided into North America, Europe, Asia Pacific, & Rest of World

North America

  • US
  • Canada

Europe

  • Germany
  • France
  • UK
  • Norway
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • ASEAN
  • South Korea
  • Rest of Asia Pacific

Rest of the World

  • Middle East & Africa
  • South Africa
On a regional scale, North America is exhibiting the fastest growth with a CAGR of over 7.7%. Asia Pacific region is also noteworthy, projected to reach a revenue of US$ 2,09,017.9 Mn by 2027.

Competitive Landscape:

The competitive landscape of the Hydrogen market is quite diverse with numerous prominent players contributing to its growth. Key players in this sector include Air Liquide International S.A., Air Products and Chemicals, Inc., Aquahydrex, Atawey, Claind, Cummins, Ergousp, Fuel Cell Energy, Green Hydrogen Systems, Heliogen, Hydrogenics, HyTech Power, Inox, ITM Power, and Linde plc.

Additional significant contributors to the market are McPhy Energy, Messer Group GmbH, NEL Hydrogen, Plug Power, PowerTap, Showa Denko, Starfire Energy, Taiyo Nippon, Uniper, Weldstar, Inc., Xebec Adsorption Inc., and several other notable players. The cumulative market share of the four major players is close to 48.8%, reflecting the robust competition within the sector.

Moreover, many of these companies are engaged in significant research and development activities, partnerships, and collaborations. For instance, in July 2021, Air Liquide strengthened its support to Energy Observer, aiming to demonstrate the key role of hydrogen in the energy transition, indicating the potential for future advancements in the market.

Report Insights:

  • The Hydrogen market is poised to grow at a CAGR of 7.58% from 2023 to 2040.
  • The rise in key industrial sectors and the Steam Methane Reforming (SMR) technology are driving the market growth.
  • Electrolytic Process under 'Technology' and Ammonia Production under 'Application' are the most promising segments.
  • North America and Asia Pacific are the key regions contributing to the market growth.

Questions to be Answered:

  • What is the estimated growth rate of the global Hydrogen market?
  • What are the key drivers and potential restraints?
  • Which market segments are expected to witness significant growth?
  • Who are the leading players in the market?

Table of Contents

Chapter 1. Research Framework
1.1 Research Objective
1.2 Product Overview
1.3 Market Segmentation
Chapter 2. Research Methodology
2.1 Qualitative Research
2.1.1 Primary & Secondary Sources
2.2 Quantitative Research
2.2.1 Primary & Secondary Sources
2.3 Breakdown of Primary Research Respondents, By Region
2.4 Assumption for the Study
2.5 Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Hydrogen Market
Chapter 4. Hydrogen Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Raw Material
4.1.2. Manufacturer
4.1.3. Distributor
4.1.4. End Users
4.2. Industry Outlook
4.2.1. Sources of Hydrogen Production - Overview
4.2.1.1. Reformed Hydrogen - Natural Gas
4.2.1.2. Byproduct Hydrogen - Petroleum, Cokes, Naptha
4.2.1.3. Electrolysis Hydrogen - Renewable Energy
4.2.2. Classification of Hydrogen Production Process, by Greenhouse Gas Emissions
4.2.2.1. Green Hydrogen
4.2.2.2. Grey Hydrogen
4.2.2.3. Blue Hydrogen
4.2.3. Hydrogen Production Cost Analysis
4.2.3.1. By Technology, by Country
4.2.3.1.1. Thermal Process
4.2.3.1.1.1.
  • Steam Methane Reforming (SMR)
4.2.3.1.1.2.
  • Partial Oxidation (POX)
4.2.3.1.1.3.
  • Coal Gasification
4.2.3.1.1.4.
  • Biomass Gasification
4.2.3.1.2. Electrolytic Process
4.2.3.1.2.1.
  • SOEC
4.2.3.1.2.2.
  • SOFC
4.2.3.1.2.3.
  • PEM
4.2.3.1.3.
  • Others
4.2.3.2.
  • By Country
4.2.3.2.1. Canada
4.2.3.2.2. China
4.2.3.2.3. France
4.2.3.2.4. Germany
4.2.3.2.5. Japan
4.2.3.2.6. The Netherlands
4.2.3.2.7. Norway
4.2.3.2.8. South Korea
4.2.3.2.9. The US
4.2.3.2.10. UK
4.2.4. Summary of Hydrogen Economy, by Country
4.2.4.1. Hydrogen Supply
4.2.4.2. Hydrogen Transportation
4.2.4.3. Hydrogen Applications
4.2.5. Overview of Hydrogen Storage
4.2.5.1. Gaseous State
4.2.5.2. Liquid State
4.2.5.3. Solid State
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017-2040
4.7.2. Market Volume Estimates and Forecast (Tons), 2017-2040
4.7.3. Pricing Analysis
4.7.3.1. Production Cost, by Type
4.7.3.2. Transport Costs based on Distance and Volume
4.7.3.3. Storage Cost
4.8. Supply-Demand Gap Analysis of Hydrogen
4.8.1. Current Supply-Demand for Hydrogen, by Sector, by region
4.8.2. Potential Supply-Demand for Hydrogen, by Sector, by region
4.9. Competition Dashboard
4.9.1. Market Concentration Rate
4.9.2. Company Market Share Analysis (Value %), 2022
4.9.3. Competitor Mapping
Chapter 5. Hydrogen Market Analysis, By Technology
5.1. Key Insights
5.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
5.2.1. Thermal Process
5.2.1.1. Steam Methane Reforming (SMR)
5.2.1.2. Partial Oxidation (POX)
5.2.1.3. Coal Gasification
5.2.1.4. Biomass Gasification
5.2.2. Electrolytic Process
5.2.2.1. SOEC
5.2.2.2. SOFC
5.2.2.3. PEM
5.2.2.4. AEM
5.2.3. Others
Chapter 6. Hydrogen Market Analysis, By Application
6.1. Key Insights
6.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
6.2.1. Methanol Production
6.2.2. Ammonia Production
6.2.3. Petroleum Refinery
6.2.4. Heat Treatment
6.2.5. Transportation
6.2.6. Power Generation
6.2.7. Renewable Energy
6.2.8. Hydrogen Fuel Cell
6.2.8.1. Fuel Cell Vehicles
6.2.8.2. Fuel Cell Ships
6.2.8.3. Fuel Cell Battery
6.2.8.4. Mobile Power Generation
6.2.8.5. Others
6.2.9. Others
Chapter 7. Hydrogen Market Analysis, By Delivery Mode
7.1. Key Insights
7.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
7.2.1. Captive
7.2.2. Merchant
Chapter 8. Hydrogen Market Analysis, By Region/Country
8.1. Key Insights
8.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
8.2.1. North America
8.2.1.1. The U.S.
8.2.1.2. Canada
8.2.2. Europe
8.2.2.1. The UK
8.2.2.2. Germany
8.2.2.3. France
8.2.2.4. Norway
8.2.2.5. The Netherlands
8.2.2.6. Rest of Europe
8.2.3. Asia Pacific
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. Australia
8.2.3.5. South Korea
8.2.3.6. Rest of Asia Pacific
8.2.4. Rest of the World
8.2.4.1. Middle East & Africa (MEA)
8.2.4.2. Latin America
Chapter 9. North America Hydrogen Market Analysis
9.1. Key Insights
9.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
9.2.1. By Technology
9.2.2. By Application
9.2.3. By Delivery Mode
9.2.4. By Country
Chapter 10. Europe Hydrogen Market Analysis
10.1. Key Insights
10.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
10.2.1. By Technology
10.2.2. By Application
10.2.3. By Delivery Mode
10.2.4. By Country
Chapter 11. Asia Pacific Hydrogen Market Analysis
11.1. Key Insights
11.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
11.2.1. By Technology
11.2.2. By Application
11.2.3. By Delivery Mode
11.2.4. By Country
Chapter 12. Rest of the World Hydrogen Market Analysis
12.1. Key Insights
12.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
12.2.1. By Technology
12.2.2. By Application
12.2.3. By Delivery Mode
12.2.4. By Country
Chapter 13. China Hydrogen Market Analysis
13.1. Key Insights
13.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
13.2.1. By Technology
13.2.2. By Application
13.2.3. By Delivery Mode
Chapter 14. Japan Hydrogen Market Analysis
14.1. Key Insights
14.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
14.2.1. By Technology
14.2.2. By Application
14.2.3. By Delivery Mode
Chapter 15. South Korea Hydrogen Market Analysis
15.1. Key Insights
15.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
15.2.1. By Technology
15.2.2. By Application
15.2.3. By Delivery Mode
Chapter 16. France Hydrogen Market Analysis
16.1. Key Insights
16.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
16.2.1. By Technology
16.2.2. By Application
16.2.3. By Delivery Mode
Chapter 17. Germany Hydrogen Market Analysis
17.1. Key Insights
17.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
17.2.1. By Technology
17.2.2. By Application
17.2.3. By Delivery Mode
Chapter 18. The UK Hydrogen Market Analysis
18.1. Key Insights
18.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
18.2.1. By Technology
18.2.2. By Application
18.2.3. By Delivery Mode
Chapter 19. Norway Hydrogen Market Analysis
19.1. Key Insights
19.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
19.2.1. By Technology
19.2.2. By Application
19.2.3. By Delivery Mode
Chapter 20. The Netherlands Hydrogen Market Analysis
20.1. Key Insights
20.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
20.2.1. By Technology
20.2.2. By Application
20.2.3. By Delivery Mode
Chapter 21. Canada Hydrogen Market Analysis
21.1. Key Insights
21.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
21.2.1. By Technology
21.2.2. By Application
20.2.3. By Delivery Mode
Chapter 22. The U.S. Hydrogen Market Analysis
22.1. Key Insights
22.2. Market Size and Forecast, 2017-2040 (US$ Mn & Tons)
22.2.1. By Technology
22.2.2. By Application
22.2.3. By Delivery Mode
Chapter 23. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
23.1. Air Liquide International S.A.
23.2. Air Products and Chemicals, Inc.
23.3. Aquahydrex
23.4. Atawey
23.5. Claind
23.6. Cummins
23.7. Ergousp
23.8. Enapter AG
23.9. EvolOH, Inc.
23.10. Fuel Cell Energy
23.11. Green Hydrogen Systems
23.12. Heliogen
23.13. Hydrogenics
23.14. HyTech Power
23.15. Inox
23.16. ITM Power
23.17. Linde plc
23.18. McPhy Energy
23.19. Messer Group GmbH
23.20. NEL Hydrogen
23.21. Plug Power
23.22. PowerTap
23.23. Siemens AG
23.24. Showa Denko
23.25. Starfire Energy
23.26. Taiyo Nippon
23.27. Uniper
23.28. Verdagy
23.29. Weldstar, Inc.
23.30. Xebec Adsorption Inc.
23.31. Other Prominent Players

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Air Liquide International S.A.
  • Air Products and Chemicals, Inc.
  • Aquahydrex
  • Atawey
  • Claind
  • Cummins
  • Ergousp
  • Enapter AG
  • EvolOH, Inc.
  • Fuel Cell Energy
  • Green Hydrogen Systems
  • Heliogen
  • Hydrogenics
  • HyTech Power
  • Inox
  • ITM Power
  • Linde plc
  • McPhy Energy
  • Messer Group GmbH
  • NEL Hydrogen
  • Plug Power
  • PowerTap
  • Siemens AG
  • Showa Denko
  • Starfire Energy
  • Taiyo Nippon
  • Uniper
  • Verdagy
  • Weldstar, Inc.
  • Xebec Adsorption Inc.

Table Information

Report AttributeDetails
No. of Pages690
PublishedJune 2023
Forecast Period2022 - 2040
Estimated Market Value ( USD ) in 2022 $ 206.6 Billion
Forecasted Market Value ( USD ) by 2040 $ 761.3 Billion
Compound Annual Growth Rate7.5%
Regions CoveredGlobal

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