Hydrogen Market by Sector (Storage, Transportation, Generation Type), Application (Mobility, Energy, Chemical & Refinery), and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Hydrogen Market by Sector (Storage, Transportation, Generation Type), Application (Mobility, Energy, Chemical & Refinery), and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Hydrogen Market Size

The global hydrogen market size was valued at $262.12 billion in 2024 and is projected to reach $415.95 billion by 2030, growing at a CAGR of 8.0% during the forecast period.

Hydrogen Market Overview

Hydrogen is the lightest and most abundant chemical element in the universe, represented by the symbol H and atomic number 1. It is a colorless, odorless, non-toxic gas at standard temperature and pressure, consisting of diatomic molecules (H₂). As the simplest element, hydrogen is composed of one proton and one electron. It plays a crucial role in the universe's chemistry, forming stars and powering the sun through nuclear fusion. Hydrogen is also a key component in water (H₂O) and organic compounds, making it essential for life on Earth. In industrial applications, hydrogen is used in refining, chemical production, and as a potential clean fuel source for fuel cells, which produce electricity with water as the only byproduct, offering a promising solution to reducing carbon emissions.

Hydrogen Market Dynamics

• The hydrogen market is expected to witness significant growth in the future due to the increasing demand for clean and sustainable energy, development of green hydrogen from renewable sources, and the rising government regulations and policies promoting hydrogen use.
• Additionally, the technological advancements in hydrogen production and storage and the growing investments in hydrogen infrastructure are the prominent factors driving the growth of the hydrogen market.
• However, the High production and storage costs and the limited hydrogen refueling infrastructure are restraining the market growth.
• On the contrary, the expansion of hydrogen use in transportation, increasing industrial applications for hydrogen in sectors like chemicals and steel, and the increasing collaboration and partnerships for advancing hydrogen technologies are creating opportunities for market growth.

By Application, the Mobility Segment is projected to be the Largest Segment in the Hydrogen Market

The mobility segment emerges as the largest segment in the hydrogen market during the forecast period due to the rising need to reduce greenhouse gas emissions and dependence on fossil fuels. Hydrogen fuel cells offer a clean, efficient, and sustainable alternative to traditional internal combustion engines, producing only water vapor as a byproduct. This makes them an attractive solution for addressing environmental concerns and regulatory pressures for lower emissions. Additionally, hydrogen fuel cell vehicles (FCVs) provide longer driving ranges and faster refueling times compared to battery electric vehicles (BEVs), making them particularly suitable for heavy-duty transportation, public transit, and long-haul trucking. The advancement in hydrogen production and storage technologies, along with increasing investments in hydrogen refueling infrastructure, further supports the growth of hydrogen as a viable and scalable energy source for the mobility sector. As automotive manufacturers and energy companies collaborate to develop and commercialize hydrogen-powered vehicles, the market sees significant growth potential, positioning hydrogen as a key player in the transition to cleaner transportation solutions.

By Geography, North America Region Holds the Dominant Position in the Market Revenue

North America region maintains a commanding lead in market revenue due to a combination of governmental policies, technological advancements, and the region's commitment to reducing carbon emissions. North American countries, particularly the United States and Canada, are investing heavily in clean energy solutions to combat climate change, with hydrogen playing a central role in their strategies. Government incentives, funding programs, and stringent environmental regulations encourage the adoption of hydrogen technologies. Furthermore, North America has a well-established industrial base that can leverage hydrogen for various applications, including refining, chemicals, and steel production. The region's push towards decarbonizing the transportation sector also fuels demand, with initiatives promoting hydrogen fuel cell vehicles and the development of robust refueling infrastructure. Additionally, North America's technological leadership and innovation in hydrogen production, storage, and distribution contribute to the growing market, making hydrogen a key component in the region's sustainable energy transition.

Key Target Audience:

• Government and Regulatory Bodies
• Hydrogen Production Companies
• Automotive Manufacturers
• Technology and Engineering Firms
• Research and Academic Institutions
• Investors and Financial Institutions
• Environmental Organizations

List of the Key Players Profiled in the Report Includes:

• Air Liquide
• Air Products and Chemicals, Inc
• BNH Gas Tanks
• Chevron Corporation
• Cummins Inc
• Hexagon Purus
• INOX India Limited
• Linde plc
• Pragma Industries
• Saudi Arabian Oil Co
• Uniper SE
• Worthington Industries

Recent Developments:

• In May 2024, Air Products announced its plans to construct a network of permanent, commercial-scale, multi-modal hydrogen refueling stations spanning from Northern to Southern California. The announcement was made by Eric Guter, Air Products’ Vice President of Hydrogen for Mobility, during his keynote address at the California Hydrogen Convention held at the Los Angeles Convention Center.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Sector:

• Storage
• Transportation
• Generation Type

Market by, Application:

• Mobility
• Energy
• Chemical & Refinery
• Other Applications

Market by, Geography:

The hydrogen market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report “Global Hydrogen Market: Industry Analysis, Opportunities and Forecast up to 2030” by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.
• Analysis of the market structure by identifying various segments and sub-segments of the market.
• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.
• Understand major player profiles in the market and analyze their business strategies.
• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.