Global Hydrogen Market to Reach USD 426.62 Billion by 2031 | CAGR of 7.5%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Hydrogen Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Hydrogen Market was valued at USD 240.10 billion in 2023 and is projected to grow at a CAGR of 7.5%, reaching USD 426.62 billion by 2031. Hydrogen, represented by H₂, is the lightest and most abundant element in the universe, playing a critical role in decarbonization and sustainability efforts. It serves as an energy carrier and a critical component in industrial processes like ammonia synthesis and petroleum refining. Categorized into gray, blue, and green hydrogen, the market addresses energy needs across power generation, transportation, and industrial sectors while supporting global net-zero targets.
The report comprises the Hydrogen Market Share, Size & Industry Analysis, based on Type (Green Hydrogen, Blue Hydrogen, Gray Hydrogen), Production Process (Steam-Methane Reforming, Biomass Gasification, Electrolytic Processes, Others), End-Use (Power Generation, Petroleum Refinery, Automotive Fuel, Chemicals, Edible Fats and Oil, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Hydrogen Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Segmental Analysis :
Based on type, the market is segmented into Green Hydrogen, Blue Hydrogen, and Gray Hydrogen.
- The gray hydrogen segment accounted for the largest market share of 58.75% in 2023, driven by its widespread use in industrial applications such as ammonia production and petroleum refining, supported by its cost-effectiveness.
- The green hydrogen segment is projected to grow at the fastest CAGR over the forecast period, driven by advancements in electrolysis technology and increasing global efforts toward decarbonization and renewable energy integration.
Based on production process, the market is divided into Steam-Methane Reforming, Biomass Gasification, Electrolytic Processes, and Others.
- The steam-methane reforming segment held the largest share in 2023, supported by its well-established industrial infrastructure and cost advantages for large-scale hydrogen production.
- The electrolytic processes segment is anticipated to grow at the fastest rate, driven by technological advancements and increased adoption of renewable energy for green hydrogen production.
Based on end-use, the market is segmented into Power Generation, Petroleum Refinery, Automotive Fuel, Chemicals, Edible Fats and Oil, and Others.
- The petroleum refinery segment dominated the market in 2023, driven by its essential role in desulfurization and improving fuel quality.
- The power generation segment is expected to grow at the highest CAGR, fueled by its adoption in grid stabilization and renewable energy storage solutions.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America: Held the largest market share of 38.75% in 2023, valued at USD 93.04 billion, driven by supportive government policies, advanced infrastructure, and significant investments in clean hydrogen projects.
- Asia-Pacific: Expected to grow at the fastest CAGR of 7.9%, supported by industrial expansion, renewable energy integration, and ambitious net-zero emission goals in countries like China and India.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 426.62 Billion |
| CAGR (2024-2031) | 7.5% |
| Type | Green Hydrogen, Blue Hydrogen, Gray Hydrogen |
| Production Process | Steam-Methane Reforming, Biomass Gasification, Electrolytic Processes, Others |
| End-Use | Power Generation, Petroleum Refinery, Automotive Fuel, Chemicals, Edible Fats and Oil, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Hydrogen Industry:
- Linde PLC (Ireland)
- Air Products and Chemicals, Inc. (U.S.)
- Air Liquide (U.S.)
- Uniper SE (France)
- Chevron Corporation (Germany)
- SABIC (Saudi Arabia)
- Shell Plc (Netherlands)
- Lhyfe (France)
- ENGIE (France)
- Messer Group (Germany)
Recent Industry Developments :
- May 2024: Equinor and Centrica announced a collaboration to establish a hydrogen production facility in Easington, UK, aimed at producing both blue and green hydrogen.
- June 2024: Wartsila launched the world’s first large-scale hydrogen-ready engine power plant, designed to support zero-carbon power generation.
