According to a new report published by Allied Market Research, 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 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
By Type
- Blue Hydrogen
- Grey Hydrogen
- Green Hydrogen
By End Use
- Refining
- Power Generation
- Transportation
- Food Processing
- Others
By Region
- North America
- 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.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Rising use of hydrogen in fuel cell electric vehicles
- 3.4.1.2. Increase in adoption of hydrogen in power generation
- 3.4.2. Restraints
- 3.4.2.1. High cost associated with hydrogen production
- 3.4.3. Opportunities
- 3.4.3.1. Increase in demand for clean energy
- 3.5. COVID-19 Impact Analysis on the market
- 3.6. Key Regulation Analysis
- 3.7. Pricing Analysis
- 3.8. Patent Landscape
CHAPTER 4: HYDROGEN MARKET, BY DELIVERY MODE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Captive
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Merchant
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
CHAPTER 5: HYDROGEN MARKET, BY TYPE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Blue Hydrogen
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Grey Hydrogen
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Green Hydrogen
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
CHAPTER 6: HYDROGEN MARKET, BY END USE
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Refining
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Power Generation
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Transportation
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Food Processing
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
- 6.6. Others
- 6.6.1. Key market trends, growth factors and opportunities
- 6.6.2. Market size and forecast, by region
- 6.6.3. Market share analysis by country
CHAPTER 7: HYDROGEN MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key trends and opportunities
- 7.2.2. Market size and forecast, by Delivery Mode
- 7.2.3. Market size and forecast, by Type
- 7.2.4. Market size and forecast, by End Use
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Key market trends, growth factors and opportunities
- 7.2.5.1.2. Market size and forecast, by Delivery Mode
- 7.2.5.1.3. Market size and forecast, by Type
- 7.2.5.1.4. Market size and forecast, by End Use
- 7.2.5.2. Canada
- 7.2.5.2.1. Key market trends, growth factors and opportunities
- 7.2.5.2.2. Market size and forecast, by Delivery Mode
- 7.2.5.2.3. Market size and forecast, by Type
- 7.2.5.2.4. Market size and forecast, by End Use
- 7.2.5.3. Mexico
- 7.2.5.3.1. Key market trends, growth factors and opportunities
- 7.2.5.3.2. Market size and forecast, by Delivery Mode
- 7.2.5.3.3. Market size and forecast, by Type
- 7.2.5.3.4. Market size and forecast, by End Use
- 7.3. Europe
- 7.3.1. Key trends and opportunities
- 7.3.2. Market size and forecast, by Delivery Mode
- 7.3.3. Market size and forecast, by Type
- 7.3.4. Market size and forecast, by End Use
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Key market trends, growth factors and opportunities
- 7.3.5.1.2. Market size and forecast, by Delivery Mode
- 7.3.5.1.3. Market size and forecast, by Type
- 7.3.5.1.4. Market size and forecast, by End Use
- 7.3.5.2. France
- 7.3.5.2.1. Key market trends, growth factors and opportunities
- 7.3.5.2.2. Market size and forecast, by Delivery Mode
- 7.3.5.2.3. Market size and forecast, by Type
- 7.3.5.2.4. Market size and forecast, by End Use
- 7.3.5.3. Italy
- 7.3.5.3.1. Key market trends, growth factors and opportunities
- 7.3.5.3.2. Market size and forecast, by Delivery Mode
- 7.3.5.3.3. Market size and forecast, by Type
- 7.3.5.3.4. Market size and forecast, by End Use
- 7.3.5.4. UK
- 7.3.5.4.1. Key market trends, growth factors and opportunities
- 7.3.5.4.2. Market size and forecast, by Delivery Mode
- 7.3.5.4.3. Market size and forecast, by Type
- 7.3.5.4.4. Market size and forecast, by End Use
- 7.3.5.5. Spain
- 7.3.5.5.1. Key market trends, growth factors and opportunities
- 7.3.5.5.2. Market size and forecast, by Delivery Mode
- 7.3.5.5.3. Market size and forecast, by Type
- 7.3.5.5.4. Market size and forecast, by End Use
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Key market trends, growth factors and opportunities
- 7.3.5.6.2. Market size and forecast, by Delivery Mode
- 7.3.5.6.3. Market size and forecast, by Type
- 7.3.5.6.4. Market size and forecast, by End Use
- 7.4. Asia-Pacific
- 7.4.1. Key trends and opportunities
- 7.4.2. Market size and forecast, by Delivery Mode
- 7.4.3. Market size and forecast, by Type
- 7.4.4. Market size and forecast, by End Use
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Key market trends, growth factors and opportunities
- 7.4.5.1.2. Market size and forecast, by Delivery Mode
- 7.4.5.1.3. Market size and forecast, by Type
- 7.4.5.1.4. Market size and forecast, by End Use
- 7.4.5.2. India
- 7.4.5.2.1. Key market trends, growth factors and opportunities
- 7.4.5.2.2. Market size and forecast, by Delivery Mode
- 7.4.5.2.3. Market size and forecast, by Type
- 7.4.5.2.4. Market size and forecast, by End Use
- 7.4.5.3. Japan
- 7.4.5.3.1. Key market trends, growth factors and opportunities
- 7.4.5.3.2. Market size and forecast, by Delivery Mode
- 7.4.5.3.3. Market size and forecast, by Type
- 7.4.5.3.4. Market size and forecast, by End Use
- 7.4.5.4. South Korea
- 7.4.5.4.1. Key market trends, growth factors and opportunities
- 7.4.5.4.2. Market size and forecast, by Delivery Mode
- 7.4.5.4.3. Market size and forecast, by Type
- 7.4.5.4.4. Market size and forecast, by End Use
- 7.4.5.5. Australia
- 7.4.5.5.1. Key market trends, growth factors and opportunities
- 7.4.5.5.2. Market size and forecast, by Delivery Mode
- 7.4.5.5.3. Market size and forecast, by Type
- 7.4.5.5.4. Market size and forecast, by End Use
- 7.4.5.6. Rest of Asia-Pacific
- 7.4.5.6.1. Key market trends, growth factors and opportunities
- 7.4.5.6.2. Market size and forecast, by Delivery Mode
- 7.4.5.6.3. Market size and forecast, by Type
- 7.4.5.6.4. Market size and forecast, by End Use
- 7.5. LAMEA
- 7.5.1. Key trends and opportunities
- 7.5.2. Market size and forecast, by Delivery Mode
- 7.5.3. Market size and forecast, by Type
- 7.5.4. Market size and forecast, by End Use
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Brazil
- 7.5.5.1.1. Key market trends, growth factors and opportunities
- 7.5.5.1.2. Market size and forecast, by Delivery Mode
- 7.5.5.1.3. Market size and forecast, by Type
- 7.5.5.1.4. Market size and forecast, by End Use
- 7.5.5.2. Saudi Arabia
- 7.5.5.2.1. Key market trends, growth factors and opportunities
- 7.5.5.2.2. Market size and forecast, by Delivery Mode
- 7.5.5.2.3. Market size and forecast, by Type
- 7.5.5.2.4. Market size and forecast, by End Use
- 7.5.5.3. South Africa
- 7.5.5.3.1. Key market trends, growth factors and opportunities
- 7.5.5.3.2. Market size and forecast, by Delivery Mode
- 7.5.5.3.3. Market size and forecast, by Type
- 7.5.5.3.4. Market size and forecast, by End Use
- 7.5.5.4. Rest of LAMEA
- 7.5.5.4.1. Key market trends, growth factors and opportunities
- 7.5.5.4.2. Market size and forecast, by Delivery Mode
- 7.5.5.4.3. Market size and forecast, by Type
- 7.5.5.4.4. Market size and forecast, by End Use
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
- 9.1. Air Liquide S.A.
- 9.1.1. Company overview
- 9.1.2. Key Executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. Messer Group GmbH.
- 9.2.1. Company overview
- 9.2.2. Key Executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.3. Plug Power Inc.
- 9.3.1. Company overview
- 9.3.2. Key Executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. NEL ASA
- 9.4.1. Company overview
- 9.4.2. Key Executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.5. Linde plc
- 9.5.1. Company overview
- 9.5.2. Key Executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. FuelCell Energy, Inc.
- 9.6.1. Company overview
- 9.6.2. Key Executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Air Products and Chemicals, Inc.
- 9.7.1. Company overview
- 9.7.2. Key Executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
- 9.8. Shell Plc.
- 9.8.1. Company overview
- 9.8.2. Key Executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
- 9.9. Reliance Industries Ltd
- 9.9.1. Company overview
- 9.9.2. Key Executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
- 9.10. Indian Oil Corporation Ltd.
- 9.10.1. Company overview
- 9.10.2. Key Executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments