Hydrogen Market to Reach $292 Billion, Globally, by 2032 at 6.5% CAGR: Allied Market Research

The global hydrogen market is driven by the rising use of hydrogen in fuel cell electric vehicles coupled with increase in adoption of hydrogen in power generation.

PORTLAND, Ore., July 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Market By Delivery Mode (Captive, Merchant), By Type (Blue Hydrogen, Grey Hydrogen, Green Hydrogen), By End Use (Refining, Power Generation, Transportation, Food Processing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydrogen industry generated $155.9 billion in 2022, and is anticipated to generate $292.0 billion by 2032, witnessing a CAGR of 6.5% from 2023 to 2032.

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Prime determinants of growth

The global hydrogen market is driven by the rising demand for hydrogen in fuel cell electric vehicles coupled with surge in adoption of hydrogen in power generation. However, high cost associated with hydrogen production is anticipated to hamper the market growth. Nevertheless, the rise in demand for clean energy is expected to offer lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Russia-Ukraine War impact analysis on the Hydrogen Market

• Russia is a significant exporter of natural gas, and Ukraine serves as a transit country for Russian gas supplies to Europe. The conflict could potentially disrupt energy supplies, including natural gas, which may increase the interest in alternative energy sources such as hydrogen. Countries reliant on Russian gas might seek to diversify their energy imports and explore options such as hydrogen to reduce dependence on fossil fuel imports from the region.
• The conflict highlights the geopolitical risks associated with energy dependence on a specific region or country. This could drive increased focus on enhancing regional energy security and diversifying energy sources. Hydrogen, with its potential to be produced from various feedstocks and through renewable energy, could be viewed as a means to enhance energy independence and security in affected regions.
• The conflict may impact the development of infrastructure for hydrogen production, storage, and transportation in the region. Investment and deployment of hydrogen infrastructure may be affected due to geopolitical uncertainties and potential disruptions in trade routes and supply chains. This could slow down the growth of the hydrogen market in affected areas.
• The conflict may prompt affected countries to reevaluate their energy policies and strategies. Governments might prioritize the development and deployment of domestic hydrogen production technologies and renewable energy sources to reduce dependence on fossil fuel imports and enhance energy security. This could lead to increased support and incentives for the hydrogen sector.
• The conflict could potentially impact international cooperation and collaboration in the hydrogen sector. Collaboration between countries and regions might be affected due to strained diplomatic relations, leading to potential disruptions in joint R&D projects, technology sharing, and harmonization of standards. However, it is possible that stakeholders may recognize the need for energy diversification and sustainability, leading to increased collaboration efforts to accelerate the adoption of hydrogen technologies.

The captive segment to maintain its lead position during the forecast period

Based on delivery mode, the captive segment accounted for the largest share in 2022, contributing to more than 90% of the global hydrogen market revenue, and is projected to maintain its lead position during the forecast period. Captive hydrogen can be utilized as a fuel source for fuel cells. Fuel cells convert the chemical energy of hydrogen into electricity through an electrochemical reaction. They are commonly used in stationary power generation, transportation, and portable power applications. The merchant segment is projected to grow at a CAGR of 6.8% from 2023 to 2032. Merchant-generated hydrogen can be utilized across a wide range of applications, including industrial processes, fuel cell vehicles, power generation, heating, and more. It serves as a versatile energy carrier and feedstock for various industries.

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The grey hydrogen segment to maintain its lead position during the forecast period

Based on type, the grey hydrogen segment accounted for the largest share in 2022, contributing to more than four-fifths of the global hydrogen market revenue, and is projected to maintain its lead position during the forecast period. Grey hydrogen is currently the dominant form of hydrogen production due to its relatively low cost and widespread availability of natural gas. Many existing industrial processes and applications rely on grey hydrogen as a feedstock or fuel. The green hydrogen segment is projected to grow at a CAGR of 6.9% from 2023 to 2032. Green hydrogen production does not produce direct carbon emissions, making it a sustainable alternative to grey hydrogen, which relies on fossil fuels. It helps reduce greenhouse gas emissions and mitigates the environmental impact of hydrogen use.

The refining segment to maintain its leadership status throughout the forecast period

Based on end-use, the refining segment held the highest market share in 2022, accounting for more than two-fifths of the global hydrogen market revenue and is estimated to maintain its leadership status throughout the forecast period. Hydrogen plays a crucial role in the refining industry, particularly in petroleum refining, where it is used for various purposes to improve the quality of refined products. The power generation segment is projected to grow at a CAGR of 6.8% from 2023 to 2032. Hydrogen can be used as a fuel source in power generation, offering a potential pathway toward cleaner and more sustainable energy production. Its use in power generation offers the potential for reduced greenhouse gas emissions, improved air quality, and enhanced energy flexibility.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around half of the global hydrogen market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 6.7% from 2023 to 2032. The Asia-Pacific region presents significant opportunities for the hydrogen market due to its large energy demand, renewable energy potential, and strong government support. The region's focus on hydrogen as a clean energy solution is driving investments, research, and innovation to unlock the full potential of hydrogen across various sectors.

Leading Market Players: -

• AIR LIQUIDE S.A.
• MESSER GROUP GMBH.
• PLUG POWER INC.
• NEL ASA
• LINDE PLC
• FUELCELL ENERGY, INC.
• AIR PRODUCTS AND CHEMICALS, INC.
• SHELL PLC.
• RELIANCE INDUSTRIES LTD
• INDIAN OIL CORPORATION LTD.

The report provides a detailed analysis of these key players in the global hydrogen market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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