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Hydrogen Market Size

Report ID: GMI5021
Published Date: Apr 2023
Report Format: PDF

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Hydrogen Market Size

Hydrogen Market size surpassed USD 183 billion in 2022 and is expected to expand at 5.5% CAGR from 2023 to 2032 owing to the growing consumer inclination towards sustainable and energy-efficient technologies.

Hydrogen Market

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Ongoing energy transition and aggressive initiatives driving emphasis on energy-efficient fuels will offer lucrative prospects for the adoption of hydrogen as an alternative to conventional fuels. Developed and developing economies worldwide are also ramping up efforts to encourage the use of clean energy solutions and accelerate climate control initiatives.

Global Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2022
Global Hydrogen Market Size in 2022:	USD 183 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.6%
2032 Value Projection:	USD 317 Billion
Historical Data for:	2019 & 2021
No. of Pages:	330
Tables, Charts & Figures:	521
Segments covered:	Type, Application
Growth Drivers:	Global Favorable government regulations Increasing focus toward clean energy Technological advancements U.S. Growing demand for clean fuel Rising investments, new policy development and innovations
Pitfalls & Challenges:	Safety Concerns Lack of stringent regulations in emerging economies

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Various government authorities and agencies have introduced favorable initiatives, investments, funds, and incentives to spur hydrogen production and meet ambitious climate-neutral targets. For instance, in September 2022, the U.S. Department of Energy (DOE) announced USD 7 billion worth of funding to support clean hydrogen hubs (H2Hubs) across the nation for achieving a net-zero carbon economy by 2050. Furthermore, significant technological advancements are helping energy companies increase hydrogen production capacities, adding impetus to hydrogen market expansion.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of hydrogen surpassed USD 183 billion in 2022 and is expected to witness about 5.5% CAGR from 2023 to 2032, explains GMI study.

The industry share from petroleum refining reached 100 MMT in 2022 owing to surging crude oil consumption and stringent emission reduction norms.

Asia Pacific hydrogen industry size is estimated to amass USD 11 billion by 2032 backed by the favorable government initiatives to build a green economy.

Air Liquide, Cummins Inc., Messer Group GmbH, CALORIC, Plug Power Inc., Nel ASA, TAIYO NIPPON SANSO CORPORATION, and Linde plc are some of the major producers of hydrogen.