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Hydrogen Market Size

Report ID: GMI5021
Published Date: Nov 2024
Report Format: PDF

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Hydrogen Market Size

The global hydrogen market size was valued at USD 204.5 billion in 2024 and is estimated to grow at a CAGR of 12.3% from 2025 to 2034. Hydrogen is the lightest and most abundant chemical element in the universe. It is a colorless, odorless, non-toxic, and highly flammable gas under standard temperature and pressure. It is a versatile and clean fuel, holds promise across various applications.

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Growing trend to decarbonize these industries by switching to low-carbon hydrogen production methods coupled with utilization of hydrogen in the production of ammonia, methanol, and other chemicals is set to stimulate the product penetration. Further, many companies are focusing on blue hydrogen, which uses natural gas but incorporates carbon capture and storage (CCS) to reduce emissions, thereby augmenting the industry landscape. Ongoing energy transition is driving emphasis on energy-efficient fuels which will offer lucrative prospects for the adoption of hydrogen as an alternative to conventional fuels.

Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2024
Hydrogen Market Size in 2024:	USD 204.5 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	12.3%
2034 Value Projection:	USD 611.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Type, Application, and Region
Growth Drivers:	Favorable government regulations Increasing focus toward clean energy Technological advancements
Pitfalls & Challenges:	Safety Concerns

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Growing interest in hydrogen fuel cell vehicles (FCVs) for commercial and industrial applications along with growing adoption of hydrogen buses and trains, especially in Europe and Asia will contribute to the product demand. Hydrogen-powered trains are gaining traction as an alternative to diesel-powered trains, particularly in regions like Europe, where electrification of rail networks is costly or impractical is set to augment the business landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of hydrogen reached USD 204.5 billion in 2024 and is set to grow at a 12.3% CAGR from 2025 to 2034, driven by favorable government regulations and increasing focus on clean energy.

The petroleum refinery segment is anticipated to surpass USD 409 billion by 2034, propelled by the increasing demand for hydrogen to reduce sulfur levels in diesel and gasoline.

The U.S. market is expected to cross USD 36 billion by 2034, led by significant efforts from government agencies and the adoption of hydrogen fuel cell vehicles.

The key players in the industry include Air Liquide, Air Products & Chemicals, Ally Hi Tech, Ballard Power Systems, Caloric, Claind, Cummins, ENGIE, HyGear, Infinite Green Energy, Iwatani Corporation, Linde, Mahler AGS, Mcphy Energy, Messer, Nel ASA, Nuvera Fuel Cells, Plug Power, Resonac Holdings Corporation, Taiyo Nippo Sanso Corporation, Teledyne Technologies Incorporated, and Xebec Adsorption.