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Asia Pacific Hydrogen Market Trends

Report ID: GMI8866
Published Date: Apr 2024
Report Format: PDF

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Asia Pacific Hydrogen Market Trends

Strategic collaborations between governments, industry leaders, and research institutions will foster a vibrant ecosystem of innovation, driving the commercialization and deployment of hydrogen technology. Rising industrial demand from sectors including refining, chemicals, and transportation will power the transition toward sustainable practices and bolster the economic growth. Moreover, ongoing shift toward sustainable energy along with the implementation of proactive initiatives will highlight the importance of energy-efficient fuels thereby leading to widespread adoption of viable alternatives.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.