Dublin, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Hydrogen Market by Sector (Generation Type (Gray, Blue, Green), Storage (Physical, Material), Transportation (Long, Short)), Application (Energy (Power, CHP), Mobility, Chemical & Refinery (Refinery, Ammonia, Methanol)), and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen market is on track to experience remarkable growth, with projections indicating a rise from $242.7 billion in 2023 to a staggering $410.6 billion by 2030. This substantial expansion, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period, is attributed to the proactive measures taken by governments worldwide.
Governments are actively implementing regulations and providing financial incentives to promote the adoption of hydrogen technologies. These initiatives encompass substantial funding for research and development, subsidies to support hydrogen production and infrastructure, and the enactment of legislation aimed at encouraging hydrogen utilization across diverse industries.
Key Highlights:
Gray Hydrogen Leads the Generation Type:
The hydrogen market is categorized into generation types, with gray hydrogen being the largest segment. Blue hydrogen follows closely, as countries and companies prioritize reducing their carbon footprint. Blue hydrogen serves as a transition solution, allowing the utilization of existing natural gas infrastructure while transitioning to a more sustainable energy source.
Physical Storage Takes the Lead:
In terms of storage, physical storage is set to dominate the hydrogen market during the forecast period. The surge in demand for gaseous hydrogen storage tanks, driven by stringent regulations for cleaner fuel in oil refineries and increasing demand in sectors like fertilizer, chemicals, and steel industries, contributes to this growth. Physical hydrogen storage finds widespread applications in transportation, chemicals, oil refineries, and various other industries.
Chemical & Refinery Dominates Applications:
Among different applications, the chemical & refinery segment is expected to emerge as the largest during the forecast period. The fertilizer industry's rising demand, coupled with emerging hydrogen economies in the chemical sector, fueled by policy initiatives at both European and national levels, are key drivers. Notably, the sector envisions a required investment of € 430 billion by 2030.
Asia-Pacific Takes the Second Spot:
Asia-Pacific secures the second-largest market share in the global hydrogen market between 2023 and 2030, following Europe and North America. Governments in the region are actively pursuing green technology adoption to meet stringent greenhouse gas (GHG) emission reduction targets. Notably, Japan and South Korea have made substantial investments in fuel cell adoption since 2009. Increased investments in the energy sector further enhance the prospects of the hydrogen generation market in Asia-Pacific.
Premium Insights:
- Growing Need to Reduce Greenhouse Gas Emissions from Hydrogen Production Processes: A key driver for market growth during the forecast period.
- Hydrogen Market in Asia-Pacific to Display Highest CAGR: Asia-Pacific poised for significant growth.
- Generation Type to Dominate Market in 2030: The dominant role of generation type.
- Chemical & Refinery Segment to Lead Market in 2030: The chemical and refinery sector's pivotal role.
- Transportation and US Dominated North American Hydrogen Market in 2022: Key insights into the North American market.
Market Dynamics:
- Drivers: Tightening Greenhouse Gas Emission Regulations, Rising Demand for Low-Emission Fuel, Increased Applications of Hydrogen in Fuel Cell Electric Vehicles (FECVs), Growing R&D Related to Green Hydrogen Production Technologies.
- Restraints: High Flammability Associated with Hydrogen, Availability of Substitutes.
- Opportunities: Rising Focus of Governments on Achieving Net Zero Emission Targets by 2050, Development of Low-Weight Storage Tanks for Transportation, Government-Led Initiatives for Developing Hydrogen Economy, Government-Led Efforts for Increasing Installation of Hydrogen Fueling Stations.
- Challenges: Energy Loss of Hydrogen Across Value Chain, High Cost of Composite Material-based Tanks and Strict Regulatory Approvals, High Cost Associated with Green Hydrogen Production, Integration of Hydrogen into Natural Gas Networks.
Case Study Analysis:
- Asahi Kasei Corporation Utilizes SAP Leonardo for Green Hydrogen Production.
- National Renewable Energy Laboratory and Electric Hydrogen Collaborate to Develop High-Performance Electrolyzer Components.
- NPROXX Assists Anglo American in Developing Zero-Emission Mining Vehicles and Cost-Effective Hydrogen Storage.
Companies Mentioned:
- Air Liquide
- Air Products and Chemicals, Inc.
- AMS Composite Cylinders
- Anglo American
- Asahi Kasei Corporation
- Bayotech
- BNH Gas Tanks
- Chart Industries
- Chevron Corporation
- Cryolor
- Electric Hydrogen
- Hexagon Purus
- Inox India Limited
- Linde plc
- Luxfer Gas Cylinders
- National Renewable Energy Laboratory
- NPROXX
- Oxygen Service Company, Inc. (OSC)
- Pragma Industries
- Quantum Fuel Systems LLC
- SAP Leonardo
- Saudi Arabian Oil Co.
- Shell plc
- Uniper SE
- Weldship Corporation
- Worthington Industries Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $242.7 Billion |
| Forecasted Market Value (USD) by 2030 | $410.6 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/tf7b6r
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