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Hydrogen Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2040

Global Hydrogen Market: By Technology (Thermal Process, Electrolytic Process and Others); Applications (Methanol Production, Ammonia Production, Petroleum Refinery, Heat Treatment, Transportation, Power Generation, Renewable Energy, Hydrogen Fuel Cell and Others); Delivery Mode (Captive and Merchant); and Region)—Industry Dynamics, Market Size and Opportunity Forecast for 2023–2040

  • Published Date: 10-Feb-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA1221107  | Delivery: 2 to 4 Hours
Hydrogen Market

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Report AttributeDetails
Market Size Value in 2022US$ 206.6 Bn
Expected Revenue in 2040US$ 761.3 Bn
Historic Data2018-2022
Base Year2022
Forecast Period2023-2040
UnitValue (USD Bn)
Segments coveredBy Technology, By Application, By Delivery Mode, By Region
Key Companies                                                                                                               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. , Other Prominent Players
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Global Hydrogen market generated a revenue of US$ 206.6 billion in the year 2022.

In 2022, the hydrogen industry recorded a volume of 73,844.6 Tons.

Hydrogen has importance in lower emission and cleaner environmental practices. It is also a leading transportation fuel.

Air Liquide International S.A., Air Products and Chemicals, Inc, Hydrogenics, Linde plc, NEL Hydrogen, Showa Denko, Iwatani CO, Messer Group GmbH, Teledyne Technologies Inc, Claind, Cummins, HyTech Power, Inox, ITM Power, PowerTap are some of the companies that manufactures various types of Hydrogen.

The pandemic resulted in curbs on Investment and slowdown of expansion of clean energy. However, global commitment towards mitigating climate change will lead to greater adoption of hydrogen and will boost the market growth further in the coming years.

The market witnessed a presence of nine major companies with 68.50% of shareholding. Some of these are Air Liquide International S.A., Air Products and Chemicals, Inc, Hydrogenics, Linde plc, NEL Hydrogen, Showa Denko, Iwatani CO.

Hydrogen is used as a reagent in many industrial sectors, including chemicals, textile fibre, manufacturing, glass, electronics, and metallurgy. Hydrogen-powered fuel cells are being used in the automotive industry for their lower emission producing properties.

The Global Hydrogen Market is estimated to grow at a CAGR of 7.5% during the forecast period of 2023-2040.

In terms of revenue, the market is estimated to generate a total of US$ 761.3 Bn by the year 2040.

Asia Pacific dominates the global hydrogen market with a total share of 71% in the year 2022.

The hydrogen market has huge future potential with estimated demand of 183.2 Mn tons by the year 2050.

Currently, Grey Hydrogen is the cheapest among all of these with cost of less than US $1 to US $2/kg. Although Blue and Green Hydrogen are more efficient, their cost, technology, and infrastructure constraints their market share and demand.