Hydrogen Market Size By Type (Grey, Blue, Green), By Application (Petroleum Refining, Chemicals), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Hydrogen Market size surpassed USD 183 billion in 2022 and is expected to expand at 5.5% CAGR from 2023 to 2032 owing to the growing consumer inclination towards sustainable and energy-efficient technologies.
 

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Ongoing energy transition and aggressive initiatives driving emphasis on energy-efficient fuels will offer lucrative prospects for the adoption of hydrogen as an alternative to conventional fuels. Developed and developing economies worldwide are also ramping up efforts to encourage the use of clean energy solutions and accelerate climate control initiatives.
 

Various government authorities and agencies have introduced favorable initiatives, investments, funds, and incentives to spur hydrogen production and meet ambitious climate-neutral targets. For instance, in September 2022, the U.S. Department of Energy (DOE) announced USD 7 billion worth of funding to support clean hydrogen hubs (H2Hubs) across the nation for achieving a net-zero carbon economy by 2050.  Furthermore, significant technological advancements are helping energy companies increase hydrogen production capacities, adding impetus to hydrogen market expansion.
 

Privacy concerns associated with hydrogen gas may hamper industry development

High production costs and growing safety concerns are emerging as key roadblocks to large-scale hydrogen production. Hydrogen gas exposure during production, handling, and transportation can elevate risks associated with explosion and flammability. Additionally, the production costs required to run large-scale clean hydrogen facilities are very high, limiting market scope across developing and underdeveloped regions. However, the surging demand for hydrogen across hard-to-abate applications involving steel reduction, and methanol & ammonia manufacturing will complement the hydrogen industry growth.
 

Rising consumption of crude oil to propel demand for hydrogen across petroleum refineries

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The industry share from petroleum refining reached 100 MMT in 2022. The surging demand for hydrogen across refineries due to extensive carbon footprint reduction efforts will positively influence the industry outlook. Refineries use hydrogen to reduce the amount of sulfur in diesel fuel and gasoline produced from crude oil. Several refineries worldwide are utilizing green hydrogen to achieve net-zero emission targets. However, in February 2023, the Indian Oil Corporation (IOC), one of India’s largest oil firms announced plans to establish green hydrogen plants across all of its refineries by 2047.
 

Easy & affordable large-scale production of grey hydrogen

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The grey hydrogen market is projected to observe 3% growth rate during 2023-2032. The increasing crude oil consumption and favorable efforts toward the refurbishment of existing refining facilities will proliferate the product demand. Additionally, processes such as steam methane reformation (SMR) are widely used to produce grey hydrogen. However, these processes are relatively carbon-intensive and are therefore driving preference toward green hydrogen, which may impact the business dynamics by 2032.
 

Supportive government investments to augment APAC market progression

Asia Pacific hydrogen industry is estimated to amass USD 11 billion by 2032. The region is set to emerge as a lucrative hotspot for the development of the global market with significant efforts by multiple government agencies. Moreover, in January 2023, the Union Cabinet of India rolled out the National Green Hydrogen Mission with an initial outlay of USD 2.38 billion to create a green hydrogen production capacity of 5 MMT per annum along with a renewable energy capacity expansion of 125 GW in the country. Hence, the growing demand for hydrogen across refineries, and chemical sectors, and supportive government policies and funding will enhance the regional sector growth.
 

New deals & agreements to boost the industry’s competitive landscape

Some of the leading companies in the hydrogen market are Air Liquide, Air Products & Chemicals, Inc., Cummins Inc., Iwatani Corporation, Messer Group GmbH, SHOWA DENKO K.K., Ally Hi-Tech Co., Ltd., CALORIC, NUVERA FUEL CELLS, LLC, Plug Power Inc., Nel ASA, TAIYO NIPPON SANSO CORPORATION, Ballard Power Systems, Mahler AGS GmbH, Teledyne Technologies Incorporated, and Linde plc. These firms are foraying into strategic alliances to boost innovation and hydrogen production.
 

This market research report on hydrogen includes in-depth coverage of the industry with estimates & forecast in terms of “USD Billion” from 2019 to 2032 for the following segments:

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Market, By Type

• Grey
• Blue
• Green

Market, By Application

• Petroleum Refining
• Chemicals
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • South Africa
  • Qatar
  • Kuwait
• Latin America
  • Brazil
  • Argentina
  • Chile