Global Hydrogen Market Set for Significant Expansion: Projected Value of $761.3 Billion by 2040 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Hydrogen Market, By Technology; By Application; By Delivery Mode-Estimation & Forecast, 2017-2040” report has been added to ResearchAndMarkets.com’s offering.
The global Hydrogen market is on track to witness substantial expansion, with a value of US$ 206.6 billion in 2022, projected to soar to US$ 761.3 billion by 2040.
This growth trajectory represents a robust Compound Annual Growth Rate (CAGR) of 7.58%. Volume-wise, the market accounted for 73,844.6 tons in 2022 and is predicted to experience a CAGR of 7.15% during the forecast period from 2023 to 2040.
Growth Influencers:
The growth of the Hydrogen market is spurred by several key factors, including the increasing production of iron, steel, ammonia, and other valuable chemicals where hydrogen plays a vital role. Additionally, the rise in Steam Methane Reforming (SMR) technology contributes to market expansion. However, stringent government procurement policies might pose as a restraint to market growth.
Market Segmentation:
The Hydrogen market is segmented based on Technology, Application, and Delivery Mode.
Technology:
- Thermal Process
- Steam Methane Reforming
- Partial Oxidation
- Coal Gasification
- Biomass Gasification
- Electrolytic Process
- SOEC
- SOFC
- PEM
- AEM
The Electrolytic Process segment is witnessing the highest growth, boasting a CAGR of 9.38%.
Application:
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Heat Treatment
- Renewable Energy
- Hydrogen Fuel Cell
- Fuel Cell Vehicles
- Fuel Cell Ships
- Fuel Cell Battery
- Mobile Power Generation
- Others
The Ammonia Production segment led the market in 2022, holding over 50% of the total market share.
Delivery Mode:
- Captive
- Merchant
The Captive segment is projected to surpass US$ 231,866.3 million by 2037.
Regional Overview:
The market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
North America is witnessing the fastest growth, boasting a CAGR of over 7.7%. The Asia Pacific region is also noteworthy, with a projected revenue of US$ 209,017.9 million by 2027.
Competitive Landscape:
The Hydrogen market’s competitive landscape is diverse, featuring numerous prominent players. Key players in this sector include Air Liquide International S.A., Air Products and Chemicals, Inc., Aquahydrex, Atawey, Claind, Cummins, Ergousp, Fuel Cell Energy, Green Hydrogen Systems, Heliogen, Hydrogenics, HyTech Power, Inox, ITM Power, and Linde plc.
Additional significant contributors include McPhy Energy, Messer Group GmbH, NEL Hydrogen, Plug Power, PowerTap, Showa Denko, Starfire Energy, Taiyo Nippon, Uniper, Weldstar, Inc., Xebec Adsorption Inc., and others. The cumulative market share of the top four players is approximately 48.8%, indicating robust competition within the sector.
Report Insights:
The report offers insights such as:
- Hydrogen market poised to grow at a CAGR of 7.58% from 2023 to 2040.
- Key industrial sectors and Steam Methane Reforming (SMR) technology driving market growth.
- Electrolytic Process and Ammonia Production are promising segments.
- North America and Asia Pacific contributing significantly to market growth.
Questions Answered in the Report:
- What is the projected growth rate of the global Hydrogen market?
- What are the main drivers and potential restraints?
- Which market segments are expected to experience substantial growth?
- Who are the prominent players in the market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 690 |
| Forecast Period | 2022 – 2040 |
| Estimated Market Value (USD) in 2022 | $206.6 Billion |
| Forecasted Market Value (USD) by 2040 | $761.3 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/89h1ip
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Recent Posts
“One Earth Summit” 2025 Held Successfully Hong Kong Fully Leverages Its Role as an International Financial Center and Leader in Green Finance
Laying a Solid Foundation for the Development of ESG Investment and Green Innovation Calling for…
The Campaign “It’s Time for EU Beef” is coming to Cebu and Manila in April
The Philippine meat industry will be shown the quality and guarantees of European beef MANILA,…
European beef will continue to play aleading role in Singapore in the coming months of 2025
"It’s Time for European Beef" is a campaign led by Provacuno and co-funded by the…
Make Waves at Galaxy Macau: Dive into a Luxurious One-Stop Ultimate Holiday Escape with the Reopening of the Grand Resort Deck
MACAU SAR - Media OutReach Newswire - 27 March 2025 - The world-class luxurious Galaxy…
Diabetes Association Unveils T-CaReMe Taipei Declaration at the Asia Diabetes International Conference
In an effort to achieve a target of 80% of patients controlling the three highs…
Li Ning Company Limited Announces 2024 Annual Results
Strengthen the “Single Brand, Multi-Categories, Diversified Channels” Strategy | Solidify Brand and Product Competitiveness, Ensure…