Hydrogen Market Size By Type (Grey, Blue, Green), By Application (Petroleum Refining, Chemicals), COVID- 19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2032

Hydrogen Market Size By Type (Grey, Blue, Green), By Application (Petroleum Refining, Chemicals), COVID- 19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2032

The global hydrogen market is expected to grow exponentially through 2032 owing to the large investments made by the government authorities to offer cost-effective solutions for producing hydrogen.

Stringent government regulations, mandates, and norms pertaining to the development of the hydrogen industry across emerging nations, as well as the continuous expansion of numerous research and development centers, predominantly for advanced manufacturing processes, will drive business growth. Furthermore, growing concern about reducing emissions from refining operations has prompted the deployment of low-carbon hydrogen, which is expected to boost the industry landscape.

Strategic partnerships, mergers, and collaboration among major players, as well as aggressive development of hydrogen projects in emerging economies, will influence the business scenario. For instance, in February 2021, HyGear signed a contract with RIJNGAS, a gas sales and distribution company. The company intends to supply hydrogen to fuel stations operated by OrageGas in Amsterdam.

The hydrogen market has been divided in terms of type, application, and region.

Based on type, the grey segment is slated to grow steadily through the forecast period. Burgeoning crude oil consumption, combined with continuous refinery facility upgrades, has paved the way for increased hydrogen deployment, stimulating the business growth. Increasing efforts in the private and public sectors to commercialize advanced manufacturing technologies are likely to accelerate the industry landscape.

With respect to application, the chemicals segment is set to proliferate exceptionally over the review years. The extensive utilization of hydrogen as a feedstock across ammonia and methanol production, in tandem with the growing shift to reduce emissions from these applications, is anticipated to encourage hydrogen adoption. Extensive investments across government entities to support the development of improved hydrogen production technologies, in conjunction with extensive R&D activities to develop sustainable solutions, will further boost business growth.

From the regional perspective, the Europe hydrogen market is estimated to garner sizable growth by the end of the forthcoming years. Ongoing projects aimed at cost-effective hydrogen deployment along with the emergence of government subsidies and legislation aimed at expanding the hydrogen ecosystem, will foster the business trend. Furthermore, a shift toward clean renewable energy forms, combined with ongoing investments throughout the private and public sectors to meet energy needs would further propel the regional industry expansion.

Meanwhile, the Latin America hydrogen industry is projected to grow at 7% CAGR from 2022 to 2032. The industry dynamics will improve as more people become aware of the benefits of adopting hydrogen and establish long-term objectives and strategies to enable effective hydrogen production. The ongoing implementation of several plans, as well as the paradigm shift toward renewable energy solutions will promote market expansion.