Hydrogen Market Size Will Achieve US$ 47.83 Billion by 2034 growing at 10.4% CAGR: Fact.MR Report

Increasing Investments in Renewable Energy Sources and Decarbonization Initiatives Driving Hydrogen Market Expansion

Rockville, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The global hydrogen market is projected to expand at 10.4% CAGR and reach a

value of US$ 47.83 billion by 2034-end. With a growing emphasis on decarbonization and the pressing need to combat climate change, hydrogen has emerged as a versatile and clean energy carrier with enormous potential to revolutionize a wide range of industries. Continuous improvements in hydrogen generation and usage technologies are helping reshape the market landscape.

Get Free Sample Copy of This Report:

Advances in fuel cell technology are enhancing the performance and viability of hydrogen-powered vehicles, resulting in a growing acceptance of hydrogen as a clean transportation solution. Hydrogen is employed in a range of industries, including transportation, power generation, and manufacturing. Hydrogen fuel cells are gaining traction in transportation, offering an alternative to fossil fuels and allowing for zero-emission vehicles. Use of hydrogen in industrial processes such as ammonia manufacturing, steel manufacture, and chemical refining highlights its adaptability and capacity to decarbonize historically carbon-intensive industries.

Report AttributeDetails
Value Projection (2034)US$ 47.83 Billion
Growth Rate (2024-2034)10.4% CAGR
No. of pages170 Pages
No. of Tables84 Tables
No. of Figures112 Figures

Key Takeaways from Market Study

  • The global hydrogen market is estimated at US$ 18.23 billion in 2024.
  • The market is forecasted to reach US$ 47.83 billion by 2034-end.
  • Demand for hydrogen is projected to rise at an impressive CAGR of 10.4% from 2024 to 2034.
  • The market in East Asia is predicted to expand at 10.6% CAGR over the next 10 years.
  • The centralized production delivery mode segment is set to account for 63.4% market share in 2024.
  • North America is projected to account for 24.6% share of the global market in 2024.

“The hydrogen market is at an important turning point, set to change the global energy landscape. Its adaptability, along with technology improvements and increased government and industry support, highlights its potential to play an essential part in attaining a sustainable and decarbonized future,” says a Fact.MR analyst.

Key Companies Profiled in This Report

  • Messer Group GmbH
  • Hydrogenics Corp.
  • Nel ASA
  • Teledyne Technologies Inc.
  • Southern Industrial Gas Sdn Bhd
  • Linde plc
  • Air Products and Chemicals, Inc.
  • Air Liquide
  • Chevron Corporation
  • Saudi Arabian Oil Co.
  • Uniper SE
  • Worthington Industries
  • Gulf Cryo Holding C.S.C
  • Hexagon Purus
  • Bristol Gases - Concorde Corodex Group
  • Oxygen Service Company, Inc.
  • BayoTech
  • Luxfer Gas Cylinders
  • Quantum Fuel Systems LLC
  • AMS Composite Cylinders
  • Weldship Corporation

Infrastructure Development Fueling Exponential Growth and Widespread Adoption of Hydrogen in the Global Energy Landscape

Investments in infrastructure encompass a spectrum of facets, spanning the entire hydrogen value chain, from production to distribution and utilization. The establishment of efficient and scalable production facilities is imperative. This includes electrolyzers for green hydrogen production through renewable sources, as well as facilities for blue and grey hydrogen derived from natural gas or other fossil fuels with carbon capture technology. Advanced storage methods, such as underground caverns, salt domes, and liquid or gaseous forms, are being explored to address storage challenges and enhance accessibility.

Developing an extensive distribution network forms a cornerstone of infrastructure development. This involves building pipelines, transport vessels, and trucking capabilities for seamless and efficient transportation of hydrogen from production sites to end-users across diverse industries. Implementing dedicated hydrogen refueling stations for transportation sectors like automobiles and buses further enhances accessibility and consumer confidence.

Evolution of a comprehensive infrastructure network not only ensures the scalability and viability of hydrogen but is also laying the groundwork for a sustainable energy ecosystem poised to meet the demands of a decarbonized future.

Get Customization on this Report for Specific Research Solutions:

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the hydrogen market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on production method (methane reforming, oxidation of oil, coal gasification, electrolysis, others), delivery mode (centralized production, distributed production), and end use (power generation, petroleum refineries, metal processing, automotive fuels, chemicals, glass industries, edible fats & oils, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Explore More Related Studies Published by Fact.MR Research: 

Hydrogen Vehicles Market: Worldwide demand for hydrogen vehicles reached a value of US$ 35.26 billion in 2022. The global market is forecasted to surge ahead at a CAGR of 30.8% and reach a size of US$ 675.19 billion by the end of 2033.

Automotive Hydrogen Fuel Cell Market: The automotive hydrogen fuel cell market is predicted to grow at 58.3% CAGR in coming Years.

Hydrogen Generation Market: The global hydrogen generation market reached a value of US$ 139.10 Billion in 2022 and is expected to reach a market value of US$ 273.63 Billion by registering a CAGR of 7% during the forecast period 2022-2032.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog