The global hydrogen market is projected to reach USD 410.6 billion by 2030 from an estimated USD 242.7 billion in 2023, at a CAGR of 7.8% during the forecast period. With the rapid adoption of renewable energy producing methods around the world, the need for storing renewable energy in the form of hydrogen has skyrocketed. As a result, several green hydrogen initiatives have been launched.

Key Market Players

Due to their strong supply network, a few global and regional players hold a strong foothold in the hydrogen market. Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands) are the market leaders in the global hydrogen market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and expansion, to increase their market share.

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The generation type segment, by sector, is expected to have the largest market during the forecast period.

Based on sector, the hydrogen market has been segmented into generation type, storage, and transportation. The generation type segment is expected to hold largest share during the forecast period. Governments and businesses are looking at low-carbon and zero-emission options as a result of the pressing need to slow down climate change and cut greenhouse gas emissions. Since it generates no carbon dioxide when used, green hydrogen generation offers a workable answer to the problem of decarbonization. Additionally, hydrogen is used as a feedstock or process fuel by many sectors, including chemical manufacture, refineries, and the production of steel. The demand for low-carbon and green hydrogen is rising as industry work to minimize their carbon footprint.

This research report categorizes the hydrogen market by type, portability, application, and region.

On the basis of Sector, the hydrogen market has been segmented as follows:

• Generation Type
  • Gray Hydrogen
  • Blue Hydrogen
  • Green Hydrogen
• Storage
  • Physical
  • Material-based
• Transportation
  • Long Distance
  • Short Distance

On the basis of application, the market has been segmented as follows:

• Energy
  • Power Generation
  • CHP
• Mobility
• Chemical & Refinery
  • Petroleum Refinery
  • Ammonia Production
  • Methanol Production

On the basis of region, the market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• South America
• Middle East & Africa

The mobility segment, by application, is expected to be the fastest growing during the forecast period

This report segments the hydrogen market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell’s electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.

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North America is expected to be the largest region in the hydrogen market

North America is expected to be the largest hydrogen market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. One important clean energy carrier that can aid in achieving carbon neutrality and promoting sustainable development is hydrogen, especially green hydrogen produced from renewable sources.