Hydrogen Market Size, Witness Highest Growth in near future by 2030

The Global Hydrogen Market size is estimated to be USD 145.51 billion in 2019 and is predicted to reach USD 270.54 billion by 2030 with a CAGR of 5.8% from 2020-2030.

Hydrogen is non metallic, odorless, colorless, lightweight element with highly flammable diatomic gas. It has wide application in various industries which makes it more useful and it has a very versatile nature as well. It can also be used as fuel and also used in the fuel generation. It is also used as the major component in the hydrogen fuel cell for power generation and various other properties of the element makes it highly useful for industrial purpose.

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Top Companies: Linde, Air Liquide, Praxair Inc., Air Products and Chemicals Inc., In Hyster-Yale Materials Handling Inc., Showa Denko K.K. (SDK), BASF SE, Universal Industrial Gases Inc., Messer Group GmbH and others.

Market Dynamics and Trends

There has been increase in the research and development activities over the period of time which has helps in the discovery of various new applications of the hydrogen. Furthermore, increase in technological advancement and presence of developed infrastructure is also expected to drive the growth of hydrogen market.

The other factors include wide application in different industries and presence of hydrogen in abundance and other characteristics are further expected to fuel the market growth. Furthermore, increase in chemical industry coupled with increased demand of fuel cells and increased demand of hydrogen based vehicles to reduce carbon emission is enhance the growth of hydrogen market. However, high cost of production and transportation of gas coupled with increased cost of liquefaction is also expected to hamper the growth of hydrogen market. Moreover, increased inclination towards the extensive use of hydrogen coupled with increase in strategic collaborations in the market is further expected to create lucrative opportunities in the hydrogen market over the forecast period.

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Market Segmentations and Scope of the Study:

The global hydrogen market share is analyzed on the basis of delivery mode, technology, end user, and geography. On the basis of delivery mode, the market is segmented into captive and merchant. Based on technology, the market is fragmented into Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Methanol Reforming, Ammonia Cracking, and Electrolysis of Water. On the basis of end user, the market is divided into Chemical, Petroleum Refining, Metal Processing, Glass Industry, Edible Fats and Oils, Energy, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to hold the major market share over the forecast period owing to the increased demand of hydrogen and wide applications. Furthermore, presence of developed infrastructure coupled with technological advancement is expected to augment the growth of hydrogen market.

Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the presence of developing economies. Furthermore, increased demand of fuel cells coupled with increased demand of hydrogen fuel vehicle to reduce carbon emission and increase in research and development are also expected to accelerate the growth of hydrogen market.

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