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Report ID: SQMIG10A2019
Report ID:
SQMIG10A2019 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
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 hydrogen market has been on an upward trend over the recent past, because of the growing demand for cleaner energy solutions, and the move towards the de-carbonization of various economic sectors. Hydrogen has been described as a ‘blue sky’ fuel given its ability to do everything a fossil fuel can do including powering transportation, electricity and industrial processes. This potential has seen increased and serious investment from governments of nations and private entities in a bid to develop hydrogen technologies in order to achieve climate ambitions.
When it comes to the transportation sector, the hydrogen fuel cell vehicles known as FCVs are now expected to challenge the battery electric vehicle or BEVs. Toyota and other global automakers are now producing FCVs and a number of countries are introducing policies and subsidies for the hydrogen fuel infrastructure. This momentum is due to hydrogen’s provision of longer range and faster refueling times than those comparable to BEVs, particularly for HDVs like trucks, buses, and rail.
Industrial sector is another major consumer for hydrogen and plays the significant role in stimulating growth of the market. Cement and steel industries are among the worst offenders when it comes to carbon emissions that are difficult to combat using mainstream approaches. Hydrogen is an effective means for such industries since it contributes by cutting their emissions by a considerable extent. The energy sector is also using hydrogen in its operations, especially electricity generation and in storage. It also takes part in fuel cells to produce electricity, equally, it can be used to store excessive renewable energy, then utilize it when required, in this manner, it act as a tool in increasing the strength of the grid and energy security.
US Hydrogen Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQMIG10A2019