April 21, 2024

The Global Hydrogen Market Growth Accelerated By Rising Demand From Transportation Sector

Hydrogen is a zero-emission fuel that when burned produces only water, making it a very clean alternative fuel. It can be produced from various domestic resources such as natural gas and renewables like solar and wind making it attractive for energy security reasons. Hydrogen can power fuel cells for mobility including cars, trucks, trains, and ships. It is gaining prominence as an alternative fuel for transportation sector owing to stringent emission norms.

The global Hydrogen Market is estimated to be valued at US$ 151.5 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Various countries and auto manufacturers are making investments in development of hydrogen fuel cell vehicles. Japan, South Korea, Germany and California have ambitious targets for deployment of hydrogen vehicles and establishing hydrogen refueling stations. Auto makers like Toyota, Hyundai and Honda are ramping up production of Fuel Cell Electric Vehicles (FCEVs). Buses and trucks are also emerging as commercially viable options for hydrogen since they allow for larger payloads of fuel with their bigger frames. Rising deployment of FCEVs is expected to increase the demand for low-carbon hydrogen from both domestic and imported sources, thereby accelerating the market growth over the forecast period.

Segment Analysis
The global hydrogen market is segmented by production and delivery mode, application, and geography. Under production and delivery mode, the electrolysis segment dominated the market in 2024 and is expected to continue its dominance during the forecast period. This is owing to the increasing demand for green hydrogen production using water electrolysis.

Key Takeaways
The Global Hydrogen Market Size is expected to witness high growth. The global Hydrogen Market is estimated to be valued at US$ 151.5 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030.

Regional analysis related content comprises: North America currently dominates the market and is expected to grow at a high CAGR during the forecast period. This is due to the presence of major hydrogen producers and increasing investments in the development of hydrogen infrastructure in the region. Europe is the second fastest growing region owing to government policies and initiatives supporting hydrogen development projects. Several EU member countries have released hydrogen roadmaps and strategies aiming to develop hydrogen valleys and economies.

Key players related content comprises: Key players operating in the hydrogen market include IBM Corporation, which offers AI-powered solutions to optimize hydrogen production and distribution. Informatica LLC provides data management solutions for hydrogen project data. Riversand Technologies, Inc. offers a SaaS-based product information management solution to hydrogen producers for managing content across channels.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it