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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

  • Report ID: GMI5021
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Statistics

Hydrogen Market size exceeded USD 170 billion in 2021 and is projected to grow at more than 5.5% CAGR from 2022 to 2032. Shifting preference from fossil fuels to energy-efficient alternatives will boost the industry growth.

Hydrogen is emerging as a crucial and non-polluting energy source, considering its zero-carbon content. Globally, strict policies and norms have been introduced to mitigate greenhouse gas emissions. The EU, for example, proposed a regulation to curb carbon dioxide emissions from new vans and cars to achieve its climate goals. Such initiatives will drive the reliance on clean energy sources, including hydrogen fuel cells to power vehicle motors. Given its cumulative emission reduction benefits, hydrogen will also gain traction in industrial applications such as chemical, thereby influencing green hydrogen trends.

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Despite the favorable growth trajectory, challenges associated with the handling of hydrogen gas, including explosion and flammability issues, may limit its adoption. The high cost of clean hydrogen production is another factor hindering large-scale energy deployment. However, investments in the development of hydrogen technology, along with the rising application scope in ammonia and methanol manufacturing, will support the growth of green hydrogen developers.

Low-carbon emission regulations to propel blue hydrogen use in clean electricity generation

Blue hydrogen market is expected to register over 12 million metric tons between 2022 and 2032. This growth is attributed to the introduction of favorable government norms and the increasing replacement of traditional fuels with low-emission solutions. To comply with stringent government regulations, carbon capture and storage technologies are undergoing persistent evolution. These initiatives will contribute to the growth of existing hydrogen production facilities.

As compared to green hydrogen substitutes, blue hydrogen is capable of fuel generation at reduced costs, adding to its popularity. Additionally, it is touted as a low-carbon fuel for varied applications, including electricity generation, heating buildings, and powering vehicles. The rapid establishment of guidelines to address GHG emissions from coal-fired power plants will therefore accelerate the use of blue hydrogen-powered plants for electricity generation.

Advanced reforming tech development to foster hydrogen consumption in petroleum refinery plants

Hydrogen market from the petroleum refining application segment recorded 66 million metric tons in 2021, owing to the rise in revamping and restructuring projects for existing refineries. In adherence to government mandates focused on limiting emission levels, refineries have been shifting focus toward low-carbon hydrogen fuels. In addition, the rapid development of advanced reforming technologies will further encourage petroleum refining facilities to use hydrogen over diesel fuels to produce valuable products.

Strong storage facility networks to support hydrogen energy development in the MEA

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Middle East & Africa hydrogen market size is anticipated to depict nearly 6% growth rate through 2032. The strong presence of hydrogen storage facilities and the availability of resources in abundance are among the major drivers for hydrogen adoption. Regional players have also been entering closed collaborations with international developers to unlock hydrogen from potential economies. These strategies, alongside the escalating R&D projects to improve production technologies, will fuel hydrogen consumption across the region.

Strategic collaborations & product developments to define the industry landscape

Top companies operating in the hydrogen market are Air Liquide, Cummins Inc., Air Products & Chemicals, Inc., Iwatani Corporation, SHOWA DENKO K.K., Messer Group GmbH, Ally Hi-Tech Co., Ltd., TAIYO NIPPON SANSO CORPORATION, Mahler AGS GmbH, Xebec Adsorption Inc., Teledyne Technologies Incorporated, HyGear, Engie, Infinite Green Energy, Ballard Power Systems, and Linde plc. These firms are emphasizing increased product development and other key strategies to expand their businesses in the global market.

For instance, in June 2022, Xebec Adsorption Inc. and Haffner Energy entered a deal to supply its PSA technology as a support for the HYNOCA solution of Haffner. This cost-effective HYNOCA technology was intended to produce carbon-negative hydrogen and renewable gases through biomass thermolysis. This initiative was intended to strengthen the company’s position as a leading player in the green hydrogen industry.

Impact of COVID-19 outbreak on industry trends

The novel coronavirus pandemic has exacerbated climate concerns, with research studies revealing that exposure to air pollution can worsen respiratory infections and COVID-19 risks. Clean energy derived from sources such as hydrogen has thus emerged as an effective means to mitigate these climate issues through its replacement of gasoline and other fossil fuels. Moreover, SARS-CoV-2 has been reported to be sensitive to chemical disinfectants, including hydrogen peroxide, further contributing to product usage. This growing awareness about the role of disinfectants in virus transmission reduction will therefore create a strong outlook for industry development worldwide.

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

Market Insights, By Type

  • Grey
  • Blue
  • Green

Market Insights, 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


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of hydrogen crossed USD 170 billion in 2021 and is expected to exhibit more than 5.5% growth rate through 2032, due to the shifting preference from fossil fuels to energy-efficient alternatives.
The blue hydrogen segment is poised to register over 12 million metric tons by 2032, owing to the introduction of favorable government norms to support clean electricity production.
The Middle East & Africa market size is anticipated to depict over 6% CAGR through 2022-2032, given the strong presence of hydrogen storage facilities.
Air Liquide, Cummins Inc., Messer Group GmbH, Ally Hi-Tech Co., Ltd., Mahler AGS GmbH, Xebec Adsorption Inc., Engie, Infinite Green Energy, Ballard Power Systems, and Linde plc are some of the key companies operating in the market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 22
  • Tables & Figures: 520
  • Countries covered: 21
  • Pages: 330
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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