Hydrogen Market Size, Share, Growth Analysis, By Sector(Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical), By Application(Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery), By Region - Industry Forecast 2024-2031

Global Hydrogen Market size was valued at USD 224.4 billion in 2022 and is poised to grow from USD 236.7 billion in 2023 to USD 409.3 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

The global hydrogen market can be described as highly competitive as major market players are continually increasing competition, technology, and joint ventures. The global market is made up of a few large producers like Air Liquide, Linde plc, Air Products and Chemicals, Inc.; the listed large manufacturers have advanced production capabilities and innovative technologies. The companies in this industry are establishing massive capital expenditures on exploration in the development of better technologies for hydrogen production such as electrolysis and natural gas reforming with a goal of attaining cut costs. There is also a rise in entries and small players and are also gaining ground in new opportunities such as hydrogen fuel cells and storage. The competitive pressure is also evident on the expansion of partnership and collaboration affiliation designed to create a comprehensive global hydrogen economy in terms of production or supply and consumption or application. 'Linde plc (Ireland) ', 'Air Products and Chemicals Inc. (US) ', 'Air Liquide (France) ', 'Chevron Corporation (US) ', 'Saudi Arabian Oil Co., (Saudi Arabia) ', 'Uniper SE (Germany) ', 'Worthington Industries (US) ', 'INOX India Limited (India) ', 'Cryolor (France) ', 'Pragma Industries (France) ', 'BNH Gas Tanks (India) ', 'Hexagon Purus (Norway) ', 'NPROXX (Netherlands) ', 'Oxygen Service Company, Inc. (OSC) (US) ', 'BayoTech (US) ', 'Luxfer Gas Cylinders (UK) ', 'Chart Industries (US) ', 'Quantum Fuel Systems LLC (US) ', 'AMS Composite Cylinders (UK) ', 'Weldship Corporation (US)'

The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

The need for energy-saving and consideration of global warming has been the key boost to hydrogen market around the world. Governments and organizations globally are increasingly putting their bets on hydrogen as an energy source, principal and above all, because at the point of use it is environmentally friendly in terms of not emitting greenhouse gases. Generally, hydrogen fuel cell applications are progressively being used in different segments such as transportation, electricity production and even in industries because of the many advantages that it has. For example, use of hydrogen vehicles is gradually increasing since their use provides an opportunity for a cleaner environment since cars do not use the traditional fossil fuel and therefore deplete the nation's stock of oil. I will also highlight the largely favorable policies regarding sustainable energy solutions, the appreciable level of investments in hydrogen infrastructure and research and development activities which foster hydrogen production and use. 

North America appears to be dominating the global hydrogen market which is steadily progressing in different regions of the world. Some factors to help North America lead the market include the rising use of fuel cells, which are crucial to enable the use of hydrogen as a clean energy. The rising demand for fuel cell vehicles is due to end-user preference as well as the uptick in industrial uses, enabling by increased pollution control norms and standards.