The global hydrogen market is forecast to reach $288.3 billion by 2031, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. Key drivers behind this growth include increasing demand for hydrogen in the chemicals industry, robust government initiatives promoting clean energy, and the rising use of hydrogen in power generation and Fuel Cell Electric Vehicles (FCEVs).
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Key Growth Drivers in the Hydrogen Market
The chemicals industry plays a pivotal role in the transition to a low-carbon economy but faces the challenge of achieving net-zero emissions. Hydrogen is essential for producing ammonia and methanol, critical inputs in the production of fertilizers and plastics. As the largest consumer of hydrogen, the chemicals sector is expanding its hydrogen infrastructure. For example, in July 2022, Shanghai Chemical Industry Park Industrial Gases Co., Ltd, a subsidiary of Air Products and Chemicals, Inc., launched two hydrogen production units in Shanghai, incorporating CO2 capture and recycling technologies to enhance environmental sustainability.
Progressive Government Initiatives
Governments worldwide are spearheading initiatives to promote hydrogen as a clean energy alternative. Hydrogen, especially green hydrogen produced from renewable sources, has the potential to decarbonize various sectors, including power generation, aviation, and marine transport. Notably, India’s National Green Hydrogen Mission, launched in January 2023, aims to make the country a global leader in green hydrogen production and utilization, targeting a production capacity of at least 5 MMT per annum with an associated renewable energy capacity addition of about 125 GW.
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Emerging Trends in the Hydrogen Market
Adoption of Carbon Capture, Utilization, and Storage (CCUS)
CCUS technology is pivotal in reducing CO2 emissions from industrial sources, including hydrogen production plants. By capturing and storing CO2, this technology supports the production of low-carbon hydrogen, which is more cost-effective than hydrogen produced via electrolysis. CCUS helps decarbonize industries such as steel, cement, and petrochemicals, contributing to the broader adoption of clean hydrogen.
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Geographic Market Analysis
Asia-Pacific is projected to hold the largest share of the hydrogen market in 2024, at approximately 37%, followed by Europe and North America. This region's dominance is due to its significant potential for carbon-free hydrogen production and substantial government support for renewable energy projects. Asia-Pacific is also expected to experience the highest CAGR of around 7.5% during the forecast period.
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