Hydrogen Market Size, Share, Growth Analysis, By Sector (Generation, Storage), By Application (Energy, Mobility), By Region - Industry Forecast 2024-2031

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. 

Further, the region comprises of progressive policies and contains massive governmental support hence offering an outstanding indication of the progressive use of cleaner fuels in North America. For example, in March 2023, that is, in its first year of the Biden-Harris Administration, the United States committed a significant amount of USD 750 million for R&D as well as demonstration programs that are focused on furthering the goal of lowering the cost of clean hydrogen. This funding, administered through the US Department of Energy (DOE), is a perfect example of the region’s active activity in strategically supporting research and development efforts in the hydrogen technology sector and its scale-up potential. Such endeavours are especially important for meeting the energy needs of different segments of the transport, manufacturing and electricity generation industries, which would further strengthen North America’s position of being the world’s leading market for the production and distribution of hydrogen.

On the other hand, although the most widespread market of hydrogen is in North America, the Asia-Pacific region has since been identified as the most rapidly developing market in the hydrogen industry. The strong improvement of such a form of business can be attributed to the following dynamic factors peculiar to the region. The Asia-Pacific that is moving faster towards industrialization and urbanization is depicting a higher level of demand for green energy to tackle pollution as well as increasing energy demands. With the world’s leading countries such as China, Japan and South Korea leading the way by committing themselves to corporate hydrogen strategies in addition to investing greatly in the creation of adequate hydrogen networks. Not only are these nations working toward developing a sustainable domestic hydrogen production but also are promoting international partnerships for a secure hydrogen supply chain.