Wilmington, DE, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Hydrogen Infrastructure Market by Production (Steam Methane Reforming, Coal Gasification, Electrolysis, and Others), Storage (Compression, Liquefaction, and Material Based), and by Delivery (Transportation, Refinery, Power Generation, and Hydrogen Refueling Stations): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydrogen infrastructure industry generated $4.9 billion in 2022 and is estimated to reach $13.5 billion by 2032, exhibiting a CAGR of 10.0% from 2023 to 2032.
The global hydrogen infrastructure market is witnessing significant growth, driven by the increasing global focus on decarbonization and the transition to clean energy sources. As governments and industries invest heavily in hydrogen technologies, the demand for robust infrastructure, including production, storage, transportation, and distribution facilities, is surging. This presents lucrative opportunities for companies involved in the hydrogen value chain, such as technology providers, engineering firms, and equipment manufacturers, to capitalize on the growing market and establish themselves as key players in the sustainable energy landscape. However, challenges related to high initial costs and regulatory frameworks must be addressed to fully unlock the market's potential.
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Prime determinants of growth
The global hydrogen infrastructure market is driven by decarbonization efforts, its versatility in various sectors, supportive policies, and emissions-free attributes. However, high production and infrastructure costs, safety concerns, and substantial upfront investments act as restraints. Continuous technological innovation, international collaboration, market maturation, and decentralized production present opportunities to overcome these challenges, leading to breakthroughs, cost reductions, and wider adoption of hydrogen-based solutions. As governments and policymakers worldwide implement supportive measures and industries increasingly prioritize sustainability, hydrogen's role as a clean and versatile energy carrier is expected to significantly contribute to the global transition away from fossil fuels.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.9 billion |
| Market Size in 2032 | $13.5 billion |
| CAGR | 10.0% |
| No. of Pages in Report | 348 |
| Segments covered | Production, Storage, Delivery, and Region |
| Drivers | Energy storage & security |
| Energy Transition & climate change policies | |
| Clean energy source & high energy density of hydrogen | |
| Opportunities | Technological advancements for building infrastructure and collaboration |
| Economic development & decarbonization | |
| Restraints | High cost & low production efficiency |
| Storage challenges & safety concerns | |
| High investment costs & low availability of feedstock |
The steam methane reformation segment is projected to maintain its dominance throughout the forecast period
Based on production, the steam methane reformation (SMR) segment held the highest market share in 2022, accounting for more than two-fifths of the global hydrogen infrastructure market. It is expected to grow at a significant CAGR of 10.2% during the projection years. Advancements in SMR technology, including improvements in reactor design, catalyst technology, and heat recovery systems, have made SMR more efficient, reducing the cost and environmental impact of hydrogen production and leading to the growth of the segment.
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The compression segment is expected to dominate the market growth during the forecast period
Based on storage, the pressurized compression segment held the highest market share in 2022, accounting for more than three-fifths of the global hydrogen infrastructure market. It is also expected to grow at the fastest CAGR of 10.1% during the projection years. Hydrogen can be compressed using various methods such as reciprocating compressors, diaphragm compressors, and centrifugal compressors. The compression process consumes energy, so it is essential to use efficient compression technologies to minimize energy losses.
The transportation segment is expected to dominate the market growth during the forecast period
Based on delivery, the power generation segment held the highest market share in 2022, accounting for more than one-third of the global hydrogen infrastructure market revenue. However, the transportation segment is expected to grow at a significant CAGR of 10.3% during the projection years. Transportation and hydrogen infrastructure are closely interconnected, as hydrogen has the potential to revolutionize the way we power vehicles and transport goods.
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The Asia-Pacific region is expected to dominate the market growth during the forecast period
Based on region, the Asia-Pacific region held the highest market share in terms of revenue in 2022, accounting for nearly half of the global hydrogen infrastructure market revenue. The same region is also projected to cite the fastest CAGR of 10.3% from 2023 to 2032. Asia-Pacific region has been actively investing in hydrogen infrastructure development, recognizing the potential of hydrogen as a clean and sustainable energy carrier. Several countries in the region have formulated hydrogen strategies and initiatives to promote hydrogen production, distribution, and utilization.
Leading Market Players: -
- Air Liquide
- Linde plc
- Nel Hydrogen ASA
- Plug Power, Inc.
- Shell plc
- ITM Power plc
- Ballard Power Systems
- McPhy Energy
- Cummins, Inc.
- Engie SA
The report provides a detailed analysis of these key players in the global hydrogen infrastructure market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
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