WESTFORD, Mass., July 30, 2024 /PRNewswire/ -- According to SkyQuest, the global Hydrogen Market size was valued at USD 225.15 billion in 2022 and is poised to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031).
The move towards decarbonization has led to a high demand for clean energy thereby creating a lucrative scenario for hydrogen suppliers. Development of new engines working on hydrogen and rising popularity of hydrogen-powered transportation will also help hydrogen market growth in the future. Increasing investments in the establishment of new hydrogen generation plants around the world is also expected to boost revenue generation for market players going forward. The global hydrogen market is segmented into sectors, application, and region.
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Hydrogen Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 242.71 Billion |
Estimated Value by 2031 | $ 442.63 Billion |
Growth Rate | Poised to grow at a CAGR of 7.8% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Sector, Application, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. |
Report Highlights | Emphasis on green hydrogen generation |
Key Market Opportunities | Development of hydrogen-powered vehicles |
Key Market Drivers | High demand for clean energy and rising focus on sustainability |
Segments covered in Hydrogen Market are as follows:
- Sector
- Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen), Storage (Physical, Material-based), and Transportation (Long Distance, Short Distance)
- Application
- Energy (Power Generation, Combined Heat & power (CHP)), Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia Production, Methanol Production)
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Streamlining Hydrogen Generation Remains Top Priority for Most Hydrogen Companies
Generation of hydrogen in the most sustainable way possible is the prime focus of most hydrogen companies. This is why the generation segment is projected to bring in the most revenue for hydrogen providers across the forecast period and beyond. Rising investments in the research and development of novel hydrogen generation technologies and processes are also expected to help this segment maintain a dominant market share. Green hydrogen generation is forecasted to spearhead hydrogen market development in the long run.
On the other hand, the hydrogen storage segment is projected to expand at a notable CAGR over the coming years. As hydrogen use increases around the world, so is the need for better storage solutions. Safe storage solutions for hydrogen are witnessing a robust hike in demand and this is why investing in this segment could pay off big time for new as well as leading hydrogen companies. Liquefaction and compression are projected to be popular means of storage for hydrogen in the future.
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Energy Applications are Slated to Spearhead Revenue Generation for Hydrogen Providers
The surge in demand for clean energy is pushing energy companies away from the use of fossil fuels to generate energy. Hydrogen is emerging as a clean source of energy for multiple applications including electricity generation. Integration of other clean energy sources such as solar, wind, and hydroelectric with hydrogen is projected to revolutionize the future of energy industry. Rising investments in development of clean and renewable energy generation plants will also help this segment bolster market growth in the long run.
Mobility is another key application where the demand for hydrogen is projected to surge at an impressive pace over the coming years. Development and adoption of hydrogen-powered vehicles around the world is forecasted to help this segment generate new opportunities for hydrogen providers in the future. High use of hydrogen fuel cells and better driving range of hydrogen vehicles as compared to electric vehicles will also play a key role in bolstering market growth going forward.
The global hydrogen market is rife with opportunities and investing in almost any segment will offer good return on investments for companies.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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