Home > Energy & Power > Emerging Energy Technologies > Hydrogen > Hydrogen Market

Hydrogen Market Trends

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

Download Free Sample

Hydrogen Market Trends

Governments are playing a central role in accelerating the adoption of hydrogen through favorable policies, financial incentives, and strategic roadmaps. Several countries have developed or are in the process of developing national hydrogen strategies to achieve decarbonization and energy security goals. Many governments are offering grants, subsidies, and tax incentives to lower the costs of building hydrogen production facilities, refueling stations, and storage infrastructure, contributing to the business momentum. In addition, industries will have an economic incentive to switch to low-carbon technologies to reduce emissions, driving the market growth.

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.