Hydrogen Market to be Worth $288.3 Billion by 2031

Hydrogen Market Size, Share, Forecast, & Trends Analysis by Offering (Hydrogen Generation, Hydrogen Storage, Hydrogen Transportation), Application (Chemical Production, Automotive & Transportation, Power Generation, Industrial Manufacturing) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Hydrogen Market by Offering (Hydrogen Generation, Hydrogen Storage, Hydrogen Transportation), Application (Chemical Production, Automotive & Transportation, Power Generation, Industrial Manufacturing), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the hydrogen market is projected to reach $288.3 billion by 2031, at a CAGR of 6.2% from 2024 to 2031. The growth of the hydrogen market is driven by the rising demand for hydrogen in the chemicals industry, progressive government initiatives toward the clean energy transition, and the growing use of hydrogen for power generation. However, the high capital costs of implementing hydrogen storage and transportation facilities restrain the growth of this market. Furthermore, the growing use of hydrogen in Fuel Cell Electric Vehicles (FCEVs) is expected to generate growth opportunities for the players operating in this market. However, safety concerns over hydrogen volatility are a major challenge impacting market growth. Additionally, the increasing use of Carbon Capture, Utilization, and Storage (CCUS) in hydrogen production and the rising use of renewable energy sources for hydrogen production are prominent trends in this market.

The hydrogen market is segmented by offering (hydrogen generation [gray hydrogen, blue hydrogen, green hydrogen, and other hydrogen types], hydrogen storage [tanks, cylinders, portable storage, and other hydrogen storage types], hydrogen transportation [roadways/railways, pipelines, and marine transportation]), application (chemical production, automotive & transportation, industrial manufacturing, oil & gas, aerospace & defense, power generation, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the country and regional levels.

Based on offering, the hydrogen market is segmented into hydrogen generation, hydrogen storage, and hydrogen transportation. In 2024, the hydrogen generation segment is expected to account for the largest share of ~69.0% of the hydrogen market. The segment's large market share is attributed to the increasing production of green hydrogen for fuel cell electric vehicles, the rising use of renewable sources such as wind, solar, and water to produce hydrogen, increasing government initiatives to decarbonize industrial applications such as chemical production and transportation, and the growing use of gray hydrogen to produce fertilizers.

Also, this segment is expected to register the highest CAGR of ~9.0% during the forecast period.

Based on application, the hydrogen market is segmented into chemical production, automotive & transportation, industrial manufacturing, oil & gas, aerospace & defense, power generation, and other applications. In 2024, the chemical production segment is expected to account for the largest share of ~71.0% of the hydrogen market. The segment's large market share is attributed to the increasing demand for highly effective energy sources such as hydrogen among petroleum refineries, the rising demand for clean energy sources such as hydrogen in chemical production as an alternative to fossil fuels, the growing need to reduce greenhouse gas emissions in chemical production, and the increasing need for highly reactive hydrogen in chemical processes such as hydrogenation, dehydrogenation, and hydrocracking.

However, the automotive & transportation segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of Fuel Cell Electric Vehicles (FCEVs), the growing need to use hydrogen as a fuel to reduce dependency on fossil fuels, the increasing use of hydrogen in automotive & transportation to reduce CO₂emissions, the increasing adoption of hydrogen as a carbon-free fuel for better range, payloads and faster refueling, and the growing production of hydrogen from renewable sources such as water, wind, and solar to offer sustainable energy solutions for transportation.

Based on geography, the hydrogen market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of ~37.0% of the hydrogen market. Asia-Pacific’s significant market share can be attributed to the growing potential to produce carbon-free hydrogen in the region, the growing focus of regional countries on generating hydrogen using Carbon Capture, Usage, and Storage (CCUS) technology, the growing emphasis on producing hydrogen using renewable energy, natural gas, and coal resources, the growing availability of renewable energy sources such as wind, solar, water, and biomass, and increasing technological innovations, research & development, and hydrogen generation capacities.

Also, APAC is expected to register the highest CAGR of ~7.5% during the forecast period.

Key Players

The key players operating in the hydrogen market are L’air Liquide S.A. (France), Air Products and Chemicals, Inc. (U.S.), Plug Power Inc. (U.S.), Linde plc (Ireland), Cummins Inc. (U.S.), Matheson Tri-Gas, Inc. (a subsidiary of Nippon Sanso Holdings Corporation) (U.S.), Shell Plc (U.K.), Hexagon Purus ASA (Norway), Fuelcell Energy, Inc. (U.S.), Chart Industries, Inc. (U.S.), Siemens Energy Ag (Germany), Iwatani Corporation (Japan), Luxfer Gas Cylinders (a subsidiary of Luxfer Holdings PLC) (U.S.), Messer Se & Co. Kgaa (Germany), Merck KGaA (Germany), Ballard Power Systems Inc. (Canada), Hanwha Corporation (South Korea), and NPROXX B.V. (Netherlands).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering and application?
What is the historical market size for the global hydrogen market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global hydrogen market?
Who are the major players in the global hydrogen market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global hydrogen market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global hydrogen market, and how do they compete with the other players?

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