Hydrogen Industry: Global Report 2023 Predicts Market Revenue to Reach US$328 Bn in 2030
Fairfield Market Research Indicates Strong Growth in Hydrogen Uptake by Transport Sector Despite Dominance of Refining Segment
London, July 17, 2023 (GLOBE NEWSWIRE) — A host of potential application areas account for the extraordinarily bright future prospects of the global hydrogen industry. Opportunities will more likely flood the hydrogen space in the upcoming decades, and research reports several investors showcasing interest in the same over the recent past. As suggested by the latest released report of Fairfield Market Research, the worldwide hydrogen market size currently equals US$185 Bn and is poised to hit the revenue of US$328 Bn toward the end of 2030. During the years of forecast, 2023 and 2030, the role of governments in industry’s expansion will be significant.
Key Research Insights
- Between 2023 and 2030, the global hydrogen market is projected for a CAGR of 7.6%.
- The on-site captive production segment constitutes over 3/4th of the overall market size in terms of value.
- The Asia Pacific hydrogen industry leads with over 40% share of the global market.
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Insights into Segmentation Analysis
Based on the market analysis by source, the report presents analysis for the three key segments, viz., green hydrogen, blue hydrogen (with CCS), and grey hydrogen (without CCS). Grey hydrogen brings in about 90% of the revenue to market. The report however forecasts strong growth projections for the rest two. The blue hydrogen category is poised to display over 24% growth, whereas the green hydrogen segment will witness 17.8% growth in revenue through 2030-end.
Application-wise, the global hydrogen market report has been classified as methanol, ammonia, refining, chemical, iron & steel, and transport. The refining category was dominant in 2022, accounting for nearly 48% of the overall market valuation.
“As the participants in hydrogen industry are keen on the mainstreaming of hydrogen as a fuel alternative for fuel cell vehicles, they must also understand the fact that hydrogen generation still has a long way to go as this is just the beginning,” says the company analyst, adding further, “While the transport segment will register strong uptake over the coming decade, the refining segment, and industrial sector currently lead hydrogen consumption. There has been a promising rise in the demand for hydrogen-based fuel cell vehicles recently. The future looks bright”.
Among the market segments based on the generation type, the captive segment will continue to dominate over onsite and by-product segments, with approximately 75% value share.
Key Report Highlights
- The worldwide hydrogen demand crossed 100 MT in 2022.
- With the cost of renewable electricity witnessing a consistent drop, electrolytic hydrogen continues to garner interest worldwide.
- The market will significantly gain from sustainability drive, especially across the transport sector.
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Insights into Regional Analysis
The world’s top three hydrogen consumers are China, the Middle East, and the US. China leads the Asia Pacific market when it comes to hydrogen consumption, and the region currently accounts for over 40% of the overall market size, of which 60% is contributed by China. The US has been the leading producer, marks the report.
North America, and Europe have some feasible, planned projects in the pipeline, which points to strong growth prospects for the hydrogen market across these regions till the end of 2030 and beyond.
Investments in hydrogen generation have been multiplied rapidly over the recent past, and Fairfield Market Research reports more than 3x growth in the same since the year 2021. The industrial sector leads here. Although investments are pouring in, they remain scattered across multiple end-use sectors, especially refining, mobility, and ammonia.
An important observation shows that the fuel costs will be the key influential factor when it comes to large-scale hydrogen generation. This cost can account for up to 75% of the overall pricing. This continues to be a major impediment facing the hydrogen market players; however, there are some markets that enable hydrogen production at the lowest possible costs. Such regions prominently include North America, Russia, and the Middle East. “It is obvious across these regions as the petrol prices are exceptionally cheaper than any other regional markets,” states the analyst.
|Forecast Year||2023 – 2030|
|Market Size in 2022||US$185 Bn|
|Estimated Market Size in 2030||US$328 Bn|
|Key Players||Royal Dutch Shell, Chevron Hydrogen Company LLC, Bloom Energy Corp., FuelCell Energy, Inc., Air Liquide, Totalenergies, Adani Green, Linde plc|
Global Hydrogen Market is Segmented as Below:
By Application Coverage
- Iron & Steel
By Source Coverage
- Grey Hydrogen (without CCS)
- Natural Gas
- Blue Hydrogen (With CCS)
- Green Hydrogen
By Generation Type Coverage
By Geographical Coverage
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- Air Liquide
- Air Products
- Royal Dutch Shell
- Bloom Energy Corp.
- CTP Hydrogen
- Chevron Hydrogen Company LLC
- Doosan Fuel Cell
- Adani Green Energy
- FuelCell Energy, Inc.
- Linde Plc
- Plug Power, Inc.
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