Abstract
Summary
The global hydrogen market is estimated to grow from USD 242.7 Billion in 2025 to USD 410.6 Billion by 2032; it is expected to record a CAGR of 7.8% during the forecast period. Governments a are enacting favourable regulations and offering financial incentives to boost the adoption of hydrogen technologies. These programmes include funding for research and development, subsidies for hydrogen production and infrastructure, and legislation that encourage the use of hydrogen in various industries. These type of initiatives attributed to the growth of hydrogen market.
“Gray Hydrogen: The largest segment in generation type of the hydrogen market, by sector “
Based on sector, the hydrogen market has been split into three segments: generation type, storage and transportation. These segmentes are bifurcated into the subsegments. By generation type, it offers gray hydrogen, blue hydrogen and green hydrogen. Blue hydrogen is expected to be the second largest segment followed by gray hydrogen. As countries and companies seek to decrease their carbon footprints, blue hydrogen provides a bridge solution that allows them to continue using current natural gas infrastructure while transitioning to a more sustainable energy source.
“Physical storage segment is expected to be the fastest growing segment during forecast period based on storage in by sector”
By storage, the hydrogen market has been bifurcated into physical and material-based storage. The physica storage segment is expected to lead the hydrogen market during the forecast period owing to increasing demand for for gaseous hydrogen storage tanks due to stringent regulations for cleaner fuel in oil refineries and rising demand for hydrogen in the fertilizer, chemical, and steel industries. Physical hydrogen storage is widely used in transportation, chemicals, oil refineries, and other end-use industries. South Korea, Japan, the US, France, and China have launched a roadmap for alternative fuels in the automotive & transportation industry. This is supported by increasing FCEVs and composite hydrogen storage tanks for transporting hydrogen via tankers and tube trailers.
“By application, the chemical & refinery segment is expected to be the largest segment during the forecast period.”
Based on application, the hydrogen market is segmented into energy, mobility, chemical & refinery and others. The chemical & refinery segment is expected to be the largest segment the hydrogen market during the forecast period owing to the rise in demand from the fertilizer industry. Also, The emerging hydrogen economy in the chemical industry is supported by policymaker initiatives at the European and country level, estimating a required investment of € 430 billion by 2032. In North America, a significant rise is expected in methanol production. North American companies are forming strategic relations to strengthen methane and ammonia production. For instance, CF Industries Holdings, Inc. acquired a Waggaman ammonia production facility from Incitec Pivot Limited.
"Asia Pacific": The second-largest in the hydrogen market"
Asia Pacific is expected to have the second-largest market share in the hydrogen market between 2025–2032, followed by Europe and North America. Asia Pacific is one of the key markets for green technology adoption in order to satisfy government targets for lowering GHG emissions. Because of the commercial deployment of Japanese fuel cell micro-CHP products, Japan and South Korea have been significantly investing in fuel cell adoption since 2009. Over the last five years, investments in the energy sector have increased significantly, which is likely to benefit the hydrogen generation market. China and India are the world's most populous countries, and agricultural operations continue to play an important part in their economy.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 55%, Tier 2- 25%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Levels- 30%, and Others- 35%
By Region: North America- 25%, Europe- 35%, Asia-Pacific - 25 %, South America – 10%, Middle East & Africa – 5%.
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The hydrogen market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen market are Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global hydrogen market by sector, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydrogen market.
Key Benefits of Buying the Report
• Increasing regulations concerning greenhouse gas emissions is the main factor driving the hydrogen market. Moreover, increasing efforts by governments for installation of hydrogen fueling stations and rising focus of government on achiveing net zero emissions targets by 2050 in the hydrogen market. Even though high production cost of green hydrogen is the major challenge faced by countries under hydrogen market.
• Product Development/ Innovation: The hydrogen market is witnessing significant product development and innovation, driven by the growing demand for hydrogen from industries. Companies are investing in the development of advanced hydrogen production technology that are specifically designed for the unique requirements of industry.
• Market Development: Linde plc has signed a long-term arrangement with Evonik, a well-known specialty chemicals firm, to supply green hydrogen. Linde will build, own, and operate a nine-megawatt alkaline electrolyzer facility on Jurong Island in Singapore under this arrangement. This plant's major output will be green hydrogen, which Evonik wants to employ in the synthesis of methionine, an essential element in animal feed.
• Market Diversification: Air Products & Chemicals, Inc. announced that it has been chosen as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet by Edmonton International Airport. Air Products will deploy a mobile hydrogen refueler at the airport to deliver hydrogen for the Toyota Mirai hydrogen fuel cell vehicle fleet.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like include Linde plc (Ireland), Air products and Chemicals, Inc. (US), Air Liquide (France), Worthington Industries (US), Cryolor (France), Hexagon Purus (Norway), and NPROXX (Netherlands).
Table of Contents
1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION 28
1.3 STUDY SCOPE 28
1.3.1 INCLUSIONS AND EXCLUSIONS 28
1.3.2 MARKETS COVERED 29
1.3.3 GEOGRAPHICAL SCOPE 29
1.3.4 YEARS CONSIDERED 30
1.4 CURRENCY CONSIDERED 30
1.5 LIMITATIONS 30
1.6 STAKEHOLDERS 31
1.7 IMPACT OF RECESSION 31
2 RESEARCH METHODOLOGY 32
2.1 RESEARCH DATA 32
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 34
2.2.1 SECONDARY DATA 35
- 2.2.1.1 Key data from secondary sources 35
2.2.2 PRIMARY DATA 35
- 2.2.2.1 Key data from primary sources 36
- 2.2.2.2 Breakdown of primaries 36
2.3 MARKET SIZE ESTIMATION 37
2.3.1 BOTTOM-UP APPROACH 38
2.3.2 TOP-DOWN APPROACH 39
2.3.3 DEMAND-SIDE ANALYSIS 40
- 2.3.3.1 Assumptions for demand-side analysis 40
- 2.3.3.2 Calculations for demand-side analysis 41
2.3.4 SUPPLY-SIDE ANALYSIS 42
- 2.3.4.1 Assumptions and calculations for supply-side analysis 43
2.4 GROWTH FORECAST 44
2.5 IMPACT OF RECESSION 44
3 EXECUTIVE SUMMARY 45
4 PREMIUM INSIGHTS 48
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN MARKET 48
4.2 HYDROGEN MARKET, BY REGION 48
4.3 HYDROGEN MARKET, BY SECTOR 49
4.4 HYDROGEN MARKET, BY APPLICATION 49
4.5 NORTH AMERICA: HYDROGEN MARKET, BY APPLICATION & COUNTRY 50
5 MARKET OVERVIEW 51
5.1 INTRODUCTION 51
5.2 MARKET DYNAMICS 51
5.2.1 DRIVERS 52
- 5.2.1.1 Tightening greenhouse gas emission regulations 52
- 5.2.1.2 Rising demand for low-emission fuel 52
- 5.2.1.3 Increased applications of hydrogen in fuel cell electric vehicles (FECVs) 53
- 5.2.1.4 Growing R&D related to green hydrogen production technologies 53
5.2.2 RESTRAINTS 53
- 5.2.2.1 High flammability associated with hydrogen 53
- 5.2.2.2 Availability of substitutes 54
5.2.3 OPPORTUNITIES 54
- 5.2.3.1 Rising focus of governments on achieving net zero emission targets by 2050 54
- 5.2.3.2 Development of low-weight storage tanks for transportation 55
- 5.2.3.3 Government-led initiatives for developing hydrogen economy 55
- 5.2.3.4 Government-led efforts for increasing installation of hydrogen fueling stations 56
5.2.4 CHALLENGES 56
- 5.2.4.1 Energy loss of hydrogen across value chain 56
- 5.2.4.2 High cost of composite material-based tanks and strict regulatory approvals 56
- 5.2.4.3 High cost associated with green hydrogen production 57
- 5.2.4.4 Integration of hydrogen into natural gas networks 57
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR MANUFACTURERS 58
5.4 TRADE ANALYSIS 58
5.4.1 EXPORT SCENARIO 58
5.4.2 IMPORT SCENARIO 59
5.5 KEY CONFERENCES AND EVENTS, 2025-2026 60
5.6 ECOSYSTEM MAPPING 62
5.7 SUPPLY CHAIN ANALYSIS 63
5.8 TECHNOLOGY ANALYSIS 64
5.8.1 HYDROGEN GENERATION TECHNOLOGIES 64
5.8.2 HYDROGEN STORAGE TECHNOLOGIES 64
5.8.3 HYDROGEN TRANSPORTATION TECHNOLOGIES 65
5.9 PRICING ANALYSIS 65
5.9.1 INDICATIVE PRICING ANALYSIS, BY HYDROGEN GENERATION 65
5.9.2 INDICATIVE PRICING ANALYSIS, BY HYDROGEN STORAGE 66
5.9.3 PRICING ANALYSIS, BY HYDROGEN TRANSPORTATION 67
5.10 PATENT ANALYSIS 67
5.10.1 LIST OF MAJOR PATENTS 67
5.11 TARIFFS AND REGULATORY FRAMEWORK 69
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
5.11.2 HYDROGEN GENERATION MARKET: REGULATIONS 71
5.12 CASE STUDY ANALYSIS 71
5.12.1 ASAHI KASEI CORPORATION USES SAP LEONARDO FOR GREEN HYDROGEN PRODUCTION 71
5.12.2 NATIONAL RENEWABLE ENERGY LABORATORY AND ELECTRIC HYDROGEN COLLABORATE TO DEVELOP HIGH-PERFORMANCE ELECTROLYZER COMPONENTS 72
5.12.3 NPROXX HELPS ANGLO AMERICAN DEVELOP ZERO-EMISSION MINING VEHICLES AND STORE HYDROGEN COST-EFFECTIVELY 72
5.13 PORTER’S FIVE FORCES ANALYSIS 73
5.13.1 THREAT OF NEW ENTRANTS 74
5.13.2 BARGAINING POWER OF SUPPLIERS 74
5.13.3 BARGAINING POWER OF BUYERS 74
5.13.4 THREAT OF SUBSTITUTES 74
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 74
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 75
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 75
5.14.2 BUYING CRITERIA 75
5.15 HYDROGEN TRANSPORTATION TECHNOLOGY VS. DISTANCE 76
5.16 ROLE OF HYDROGEN IN ENERGY TRANSITION 76
6 HYDROGEN MARKET, BY SECTOR 77
6.1 INTRODUCTION 78
6.2 GENERATION TYPE 79
6.2.1 GRAY HYDROGEN 80
- 6.2.1.1 Low cost of production to fuel demand for gray hydrogen 80
6.2.2 BLUE HYDROGEN 81
- 6.2.2.1 Rising demand for clean hydrogen to drive market 81
6.2.3 GREEN HYDROGEN 82
- 6.2.3.1 Increasing focus on achieving net zero carbon emission targets to boost demand for green hydrogen 82
6.3 STORAGE 83
6.3.1 PHYSICAL 84
- 6.3.1.1 Increasing demand for stationary applications to drive market 84
6.3.2 MATERIAL-BASED 85
- 6.3.2.1 Greater reliability of material-based hydrogen storage technology to boost demand 85
6.4 TRANSPORTATION 85
6.4.1 LONG DISTANCE 86
- 6.4.1.1 Growing hydrogen infrastructure to strengthen market 86
6.4.2 SHORT DISTANCE 87
- 6.4.2.1 Rising demand for hydrogen for emergency responses to drive market 87
7 HYDROGEN MARKET, BY APPLICATION 89
7.1 INTRODUCTION 90
7.2 ENERGY 90
7.2.1 EFFORTS TO DECARBONIZE GLOBAL ENERGY SYSTEMS TO DRIVE MARKET 90
7.2.2 POWER GENERATION 91
- 7.2.2.1 Growing application of hydrogen in portable devices, backup power, and grid stabilization to benefit market 91
7.2.3 COMBINED HEAT AND POWER (CHP) 92
- 7.2.3.1 Efficient and sustainable approach to energy generation to strengthen market 92
7.3 MOBILITY 92
7.3.1 RAPID RISE IN DEMAND FOR FUEL CELL ELECTRIC VEHICLES TO DRIVE MARKET 92
7.4 CHEMICAL & REFINERY 93
7.4.1 INCREASING DEMAND FOR HYDROGEN IN REFINERIES TO LOWER SULFUR CONTENT OF DIESEL TO BENEFIT MARKET 93
7.4.2 PETROLEUM REFINERY 94
- 7.4.2.1 Growing need to reduce sulfur content in diesel to boost market 94
7.4.3 AMMONIA PRODUCTION 94
- 7.4.3.1 Increasing focus on sustainable ammonia production to fuel demand for hydrogen 94
7.4.4 METHANOL PRODUCTION 94
- 7.4.4.1 Rising application of methanol for transportation fuel and wastewater denitrification to strengthen market 94
7.5 OTHERS 95
8 HYDROGEN MARKET, BY REGION 96
8.1 INTRODUCTION 97
8.1.1 RECESSION IMPACT: INTRODUCTION 98
8.2 NORTH AMERICA 99
8.2.1 NORTH AMERICA: RECESSION IMPACT 100
8.2.2 BY SECTOR 100
- 8.2.2.1 By generation type 100
- 8.2.2.2 By transportation 101
8.2.3 BY APPLICATION 101
8.2.4 BY COUNTRY 101
- 8.2.4.1 US 101
- 8.2.4.1.1 Rising demand for hydrogen in petroleum refineries and fertilizer production to boost demand 101
- 8.2.4.2 Canada 102
- 8.2.4.2.1 Growing focus on developing sustainable hydrogen economy to benefit market 102
- 8.2.4.3 Mexico 103
- 8.2.4.3.1 Growing usage of alternative energy sources to drive market 103
- 8.2.4.1 US 101
8.3 ASIA PACIFIC 103
8.3.1 ASIA PACIFIC: RECESSION IMPACT 105
8.3.2 BY SECTOR 105
- 8.3.2.1 By generation type 105
- 8.3.2.2 By transportation 105
8.3.3 BY APPLICATION 106
8.3.4 BY COUNTRY 106
- 8.3.4.1 China 106
- 8.3.4.1.1 Favorable government initiatives to boost market 106
- 8.3.4.2 India 107
- 8.3.4.2.1 Growing ammonia consumption to strengthen market 107
- 8.3.4.3 Japan 108
- 8.3.4.3.1 National hydrogen strategies for emission reduction to boost market 108
- 8.3.4.4 Australia 109
- 8.3.4.4.1 Growing government investment in hydrogen plants to benefit market 109
- 8.3.4.5 South Korea 109
- 8.3.4.5.1 Increasing deployment of FCEVs to drive market 109
- 8.3.4.6 Rest of Asia Pacific 110
- 8.3.4.1 China 106
8.4 EUROPE 111
8.4.1 EUROPE: RECESSION IMPACT 111
8.4.2 BY SECTOR 111
- 8.4.2.1 By generation type 111
- 8.4.2.2 By transportation 112
8.4.3 BY APPLICATION 112
8.4.4 BY COUNTRY 112
- 8.4.4.1 Germany 113
- 8.4.4.1.1 Growing adoption of fuel cell electric vehicles to augment market size 113
- 8.4.4.2 France 113
- 8.4.4.2.1 Rising investments in renewable energy generation to benefit market 113
- 8.4.4.3 UK 114
- 8.4.4.3.1 Increasing focus on reducing natural gas imports to drive market 114
- 8.4.4.4 Russia 115
- 8.4.4.4.1 Stringent government regulations to increase use of cleaner fuels to boost demand 115
- 8.4.4.5 Rest of Europe 115
- 8.4.4.1 Germany 113
8.5 MIDDLE EAST & AFRICA 116
8.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT 116
8.5.2 BY SECTOR 116
- 8.5.2.1 By generation type 117
- 8.5.2.2 By transportation 117
8.5.3 BY APPLICATION 117
8.5.4 BY COUNTRY 118
- 8.5.4.1 Saudi Arabia 118
- 8.5.4.1.1 Rising demand for low sulfur fuel in transportation to drive market 118
- 8.5.4.2 UAE 119
- 8.5.4.2.1 Increasing use of hydrogen fuel for electricity generation to benefit market 119
- 8.5.4.3 South Africa 119
- 8.5.4.3.1 Growing use of hydrogen in mining industry to boost market 119
- 8.5.4.4 Rest of Middle East & Africa 120
- 8.5.4.1 Saudi Arabia 118
8.6 SOUTH AMERICA 120
8.6.1 SOUTH AMERICA: RECESSION IMPACT 121
8.6.2 BY SECTOR 121
- 8.6.2.1 By generation type 121
- 8.6.2.2 By transportation 121
8.6.3 BY APPLICATION 122
8.6.4 BY COUNTRY 122
- 8.6.4.1 Brazil 122
- 8.6.4.1.1 Rising demand for clean hydrogen in transportation sector to benefit market 122
- 8.6.4.2 Argentina 123
- 8.6.4.2.1 Increasing oil refining activities to drive market 123
- 8.6.4.3 Rest of South America 124
- 8.6.4.1 Brazil 122
9 COMPETITIVE LANDSCAPE 125
9.1 OVERVIEW 125
9.2 MARKET SHARE ANALYSIS, 2024 126
9.3 MARKET EVALUATION FRAMEWORK, 2020-2025 126
9.4 FIVE-YEAR REVENUE ANALYSIS OF TOP COMPANIES, 2020-2024 127
9.5 COMPETITIVE SCENARIOS AND TRENDS 128
9.5.1 DEALS 128
9.5.2 OTHERS 129
9.6 HYDROGEN GENERATION MARKET: COMPANY EVALUATION MATRIX, 2024 130
9.6.1 STARS 130
9.6.2 EMERGING LEADERS 130
9.6.3 PERVASIVE PLAYERS 130
9.6.4 PARTICIPANTS 130
9.7 HYDROGEN STORAGE MARKET: COMPANY EVALUATION MATRIX, 2024 132
9.7.1 STARS 132
9.7.2 EMERGING LEADERS 132
9.7.3 PERVASIVE PLAYERS 132
9.7.4 PARTICIPANTS 132
9.8 HYDROGEN TRANSPORTATION TANK: COMPANY EVALUATION MATRIX, 2024 134
9.8.1 STARS 134
9.8.2 EMERGING LEADERS 134
9.8.3 PERVASIVE PLAYERS 134
9.8.4 PARTICIPANTS 134
10 COMPANY PROFILES 138
10.1 HYDROGEN PRODUCERS 138
10.1.1 LINDE PLC 138
10.1.2 SHELL PLC 142
10.1.3 AIR PRODUCTS AND CHEMICALS, INC 145
10.1.4 CHEVRON CORPORATION 150
10.1.5 AIR LIQUIDE 153
10.1.6 SAUDI ARABIAN OIL CO 157
10.1.7 UNIPER SE 159
10.2 HYDROGEN STORAGE PROVIDERS 161
10.2.1 WORTHINGTON INDUSTRIES INC 161
10.2.2 INOX INDIA LIMITED 165
10.2.3 CRYOLOR 167
10.2.4 PRAGMA INDUSTRIES 168
10.2.5 BNH GAS TANKS 169
10.3 OTHER HYDROGEN STORAGE PLAYERS 170
10.3.1 OXYGEN SERVICE COMPANY, INC.(OSC) 170
10.4 HYDROGEN TRANSPORTATION TANK PROVIDERS 171
10.4.1 BAYOTECH 171
10.4.2 HEXAGON PURUS 172
10.4.3 NPROXX 175
10.4.4 LUXFER GAS CYLINDERS 178
10.4.5 CHART INDUSTRIES 180
10.4.6 QUANTUM FUEL SYSTEMS LLC 181
10.5 OTHER HYDROGEN TRANSPORTATION TANK PLAYERS 183
10.5.1 AMS COMPOSITE CYLINDERS 183
10.5.2 WELDSHIP CORPORATION 183
11 APPENDIX 184
11.1 INSIGHTS FROM INDUSTRY EXPERTS 184
11.2 DISCUSSION GUIDE 185
11.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 188
11.4 CUSTOMIZATION OPTIONS 190
11.5 RELATED REPORTS 190
11.6 AUTHOR DETAILS 191