The global hydrogen market was valued at $155.9 billion in 2022, and is projected to reach $292 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Hydrogen is the primary building block of the universe and plays a fundamental role in various chemical reactions and physical processes. Hydrogen has several important properties and applications. It is highly flammable and burns with a pale blue flame, making it useful as a fuel. Hydrogen has garnered significant attention as a potential solution for clean and sustainable energy. Its utilization as a clean energy carrier helps reduce greenhouse gas emissions and dependence on fossil fuels.
Hydrogen has numerous applications and is utilized in various industries. It is commonly used as a fuel for power generation and transportation. When combined with oxygen in a fuel cell, hydrogen can produce electricity while emitting only water vapor as a byproduct. It is used in the chemical industry for manufacturing ammonia, methanol, and other important compounds. In addition, hydrogen is employed in metallurgy, petroleum refining, and as a reducing agent in several industrial processes.
Growing demand for hydrogen in power generation is anticipated to drive the market growth in coming years. Hydrogen is considered a key element in the decarbonization of power generation. By using hydrogen as a fuel, power plants can significantly reduce greenhouse gas emissions, as the combustion or use of hydrogen in fuel cells only produces water vapor as a byproduct. This makes hydrogen a viable option for replacing fossil fuels in power generation, thereby helping to mitigate climate change.
Moreover, hydrogen offers flexibility in power generation as it can be used in various ways. It can be burned directly in a gas turbine or used in fuel cells to produce electricity with high efficiency. In addition, hydrogen can be utilized in combined heat and power (CHP) systems, where waste heat from power generation can be captured and used for heating or industrial processes, Increasing overall energy efficiency.
Further, hydrogen can play a crucial role in grid balancing and energy storage. Excess electricity generated from renewable sources, such as wind or solar power, can be used to produce hydrogen through electrolysis. The hydrogen can be stored and later used for power generation when renewable energy generation is low or demand is high. This enables the integration of intermittent renewable energy sources into the grid and helps to stabilize electricity supply.
Hybrid power plants, also known as 'power-to-X' facilities, combine renewable energy generation with hydrogen production and utilization. These facilities use excess renewable energy to produce hydrogen, which can then be used for power generation, transportation, or other applications. Hybrid power plants offer a way to maximize the utilization of renewable energy and create a symbiotic relationship between different energy sectors. Also, hydrogen can be blended with natural gas and used as a fuel in conventional gas turbines or combined-cycle power plants. This approach, known as co-firing, allows gradual integration of hydrogen into existing natural gas infrastructure and power generation systems. Co-firing can help reduce emissions while utilizing existing power generation assets.
The hydrogen market is segmented on the basis of delivery mode, type, end-use, and region. By delivery mode, the market is classified into captive and merchant. By type, the market is categorized into blue hydrogen, grey hydrogen, and green hydrogen. By end-use, the market is divided into refining, power generation, transportation, food processing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report covers strategies adopted by key players in the market to sustain the competitive environment and Increase their market share. The key players operating in the hydrogen market Include Air Liquide S.A.; Messer Group GmbH.; Plug Power Inc.; NEL ASA; Linde plc; FuelCell Energy, Inc.; Air Products and Chemicals, Inc.; Shell Plc.; Reliance Industries Ltd; and Indian Oil Corporation Ltd. In addition, the market drivers, restraints, and opportunities are explained in the report.
Hydrogen is the primary building block of the universe and plays a fundamental role in various chemical reactions and physical processes. Hydrogen has several important properties and applications. It is highly flammable and burns with a pale blue flame, making it useful as a fuel. Hydrogen has garnered significant attention as a potential solution for clean and sustainable energy. Its utilization as a clean energy carrier helps reduce greenhouse gas emissions and dependence on fossil fuels.
Hydrogen has numerous applications and is utilized in various industries. It is commonly used as a fuel for power generation and transportation. When combined with oxygen in a fuel cell, hydrogen can produce electricity while emitting only water vapor as a byproduct. It is used in the chemical industry for manufacturing ammonia, methanol, and other important compounds. In addition, hydrogen is employed in metallurgy, petroleum refining, and as a reducing agent in several industrial processes.
Growing demand for hydrogen in power generation is anticipated to drive the market growth in coming years. Hydrogen is considered a key element in the decarbonization of power generation. By using hydrogen as a fuel, power plants can significantly reduce greenhouse gas emissions, as the combustion or use of hydrogen in fuel cells only produces water vapor as a byproduct. This makes hydrogen a viable option for replacing fossil fuels in power generation, thereby helping to mitigate climate change.
Moreover, hydrogen offers flexibility in power generation as it can be used in various ways. It can be burned directly in a gas turbine or used in fuel cells to produce electricity with high efficiency. In addition, hydrogen can be utilized in combined heat and power (CHP) systems, where waste heat from power generation can be captured and used for heating or industrial processes, Increasing overall energy efficiency.
Further, hydrogen can play a crucial role in grid balancing and energy storage. Excess electricity generated from renewable sources, such as wind or solar power, can be used to produce hydrogen through electrolysis. The hydrogen can be stored and later used for power generation when renewable energy generation is low or demand is high. This enables the integration of intermittent renewable energy sources into the grid and helps to stabilize electricity supply.
Hybrid power plants, also known as 'power-to-X' facilities, combine renewable energy generation with hydrogen production and utilization. These facilities use excess renewable energy to produce hydrogen, which can then be used for power generation, transportation, or other applications. Hybrid power plants offer a way to maximize the utilization of renewable energy and create a symbiotic relationship between different energy sectors. Also, hydrogen can be blended with natural gas and used as a fuel in conventional gas turbines or combined-cycle power plants. This approach, known as co-firing, allows gradual integration of hydrogen into existing natural gas infrastructure and power generation systems. Co-firing can help reduce emissions while utilizing existing power generation assets.
The hydrogen market is segmented on the basis of delivery mode, type, end-use, and region. By delivery mode, the market is classified into captive and merchant. By type, the market is categorized into blue hydrogen, grey hydrogen, and green hydrogen. By end-use, the market is divided into refining, power generation, transportation, food processing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report covers strategies adopted by key players in the market to sustain the competitive environment and Increase their market share. The key players operating in the hydrogen market Include Air Liquide S.A.; Messer Group GmbH.; Plug Power Inc.; NEL ASA; Linde plc; FuelCell Energy, Inc.; Air Products and Chemicals, Inc.; Shell Plc.; Reliance Industries Ltd; and Indian Oil Corporation Ltd. In addition, the market drivers, restraints, and opportunities are explained in the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen market analysis from 2022 to 2032 to identify the prevailing hydrogen market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydrogen market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global hydrogen market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Delivery Mode
- Captive
- Merchant
By Type
- Blue Hydrogen
- Grey Hydrogen
- Green Hydrogen
By End Use
- Refining
- Power Generation
- Transportation
- Food Processing
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Air Liquide S.A.
- Air Products and Chemicals, Inc.
- FuelCell Energy, Inc.
- Indian Oil Corporation Ltd.
- Linde plc
- Messer Group GmbH.
- NEL ASA
- Plug Power Inc.
- Reliance Industries Ltd
- Shell Plc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HYDROGEN MARKET, BY DELIVERY MODE
CHAPTER 5: HYDROGEN MARKET, BY TYPE
CHAPTER 6: HYDROGEN MARKET, BY END USE
CHAPTER 7: HYDROGEN MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Hydrogen Market,' The hydrogen market was valued at $155.9 billion in 2022, and is estimated to reach $292.0 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.Hydrogen is the lightest and most abundant element in the universe. It is represented by the chemical symbol H and has an atomic number of 1. Hydrogen is a colorless, odorless, and tasteless gas in its pure form. It is highly flammable and burns with a pale blue flame. It is an energy carrier rather than a primary energy source and can deliver or store a tremendous amount of energy. It can be produced from various sources, including fossil fuels such as natural gas and coal, as well as renewable sources such as water through electrolysis.
Rising use of hydrogen in fuel cell electric vehicles and food processing is anticipated to propel the market growth. Hydrogen can be used in fuel cell vehicles as a fuel source. Fuel cells convert hydrogen and oxygen into electricity through an electrochemical process, producing water as the only byproduct. Fuel cell vehicles (FCVs) offer zero-emission transportation, as the only tailpipe emissions are water vapor. They have the advantage of longer driving ranges and shorter refueling times compared to battery electric vehicles. Besides, hydrogen can be used in heavy-duty vehicles, such as trucks, buses, and trains. These vehicles often require long driving ranges and quick refueling times, which can be facilitated by hydrogen fueling. Hydrogen-powered heavy-duty vehicles offer the potential for zero-emission transportation in sectors that are typically more challenging to decarbonize.
Further, hydrogen can be used in maritime and aviation applications, where electrification may present challenges due to energy density requirements and weight limitations. Hydrogen fuel cells or hydrogen combustion engines can be employed in ships, boats, and aircraft, providing a cleaner and more sustainable alternative to traditional fossil fuel-powered systems.
Further, hydrogen gas can be utilized in the blanching process, which involves the partial cooking of fruits and vegetables before freezing or canning. It helps to prevent the loss of color, flavor, and nutrients during the blanching process. Besides, hydrogen gas is a powerful reducing agent and has antimicrobial properties. It is used in the food industry for cleaning and sterilizing equipment and surfaces. Hydrogen gas can help eliminate microbial contamination and control the growth of pathogens in food processing facilities.
Moreover, hydrogen gas can serve as a reducing agent in food and beverage production processes. It can be used to remove or reduce certain compounds, such as sulfites, from food and beverage products. For instance, in winemaking, hydrogen can help reduce the sulfite content in wines for individuals with sensitivities or allergies. Also, hydrogen peroxide (H2O2), which contains hydrogen, is commonly used as a sanitizer in the food and beverage industry. It can be employed for cleaning and disinfecting surfaces, equipment, and containers to maintain hygiene and prevent microbial contamination.
Furthermore, in recent years, hydrogen-infused or hydrogen-rich water has gained attention for its potential health benefits. It is claimed to possess antioxidant properties and is believed to have potential anti-inflammatory and energizing effects.
Further, hydrogen is commonly used as a rocket propellant due to its high energy content and light weight. It is used as fuel in both liquid and solid rocket boosters. Liquid hydrogen is the fuel of choice for the upper stages of many rockets. Besides, hydrogen is used in various industrial processes, such as metal refining, heat treatment, and glass manufacturing. It can be employed as a reducing agent, protective atmosphere, or fuel in industrial furnaces and chemical reactors.
However, the high cost associated with hydrogen production is anticipated to hamper the market growth.Nevertheless, as the demand for clean energy continues to grow, hydrogen is poised to play a vital role in the global energy transition, presenting significant growth opportunities for the hydrogen industry in the coming years.
The hydrogen market is segmented on the basis of delivery mode, type, end-use, and region. By delivery mode, the market is classified into captive and merchant. By type, the market is categorized into blue hydrogen, grey hydrogen, and green hydrogen. By end-use, the market is divided into refining, power generation, transportation, food processing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the hydrogen industry include Air Liquide S.A.; Messer Group GmbH.; Plug Power Inc.; NEL ASA; Linde plc; FuelCell Energy, Inc.; Air Products and Chemicals, Inc.; Shell Plc.; Reliance Industries Ltd; and Indian Oil Corporation Ltd.
Key Market Insights:
- Based on delivery mode, the captive segment was the highest revenue contributor to the market in 2022
- By type, the grey hydrogen segment held the largest share of the market in 2022
- Based on end-use, the refining segment dominated the market in 2022
- Region wise, Asia-Pacific is the fastest growing region with CAGR of 6.7%
Companies Mentioned
- Air Liquide S.A.
- Air Products and Chemicals, Inc.
- FuelCell Energy, Inc.
- Indian Oil Corporation Ltd.
- Linde plc
- Messer Group GmbH.
- NEL ASA
- Plug Power Inc.
- Reliance Industries Ltd
- Shell Plc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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