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Asia Pacific Hydrogen Market Size
Asia Pacific Hydrogen Market size was valued at USD 109.7 Billion in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. It is a colorless, odorless, and tasteless gas in its pure form which is highly reactive and forms compounds with various elements. In its molecular form, it is commonly used as a fuel and energy carrier in various industrial processes, transportation, and energy production. It plays a crucial role in numerous applications, including ammonia production, petroleum refining, and metallurgy.
Growing demand for energy coupled with concerns about energy security and dependence on fossil fuels will fuel the market growth. Rising advancement in hydrogen production, storage, transportation, and utilization technologies coupled with innovation in electrolysis, steam methane reforming, and carbon capture and storage technologies will expand its application across industries. Rising energy security concerns, driving nations to diversify their energy mix and reduce reliance on fossil fuels will support create opportunities leading to market growth.
What factors are contributing to the rising demand for hydrogen chemicals in APAC?
The chemical segment is estimated to secure 6% CAGR through 2032, attributed to the significant demand in various chemical processes, such as ammonia production and petroleum refining.
What is the size of the Asia Pacific hydrogen market?
The market size for hydrogen in Asia Pacific was worth USD 109.7 billion in 2023 and will expand at a 5.8% CAGR during 2024 and 2032, due to increasing energy demand across industries, coupled with the strong focus on reducing carbon emissions.
How big is the hydrogen industry in India?
India market is poised to cross USD 36.8 billion by 2032, driven by its renewable energy goals, significant investments in hydrogen production and government initiatives promoting hydrogen adoption.
Which are the leading players operating in the Asia Pacific hydrogen market?
Key firms operating in market are Air Liquide, Air Products & Chemicals Inc, Ballard Power Systems, Cummins Inc, H2U Technologies, Iwatani Corporation, Kawasaki Heavy Industries, Ltd., Linde plc., Messer Group GmbH, Nel ASA, Plug Power Inc, Resonac Holdings Corporation, Taiyo Nippon Sanso Corporation, Teledyne Technologies Incorporated, Toshiba Energy Systems & Solutions Corporation.