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Hydrogen Market Size
- Report ID: GMI5021
- Published Date: Apr 2023
- Report Format: PDF
Hydrogen Market Size
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.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Global Hydrogen Market Size in 2022: | USD 183 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.6% |
| 2032 Value Projection: | USD 317 Billion |
| Historical Data for: | 2019 & 2021 |
| No. of Pages: | 330 |
| Tables, Charts & Figures: | 521 |
| Segments covered: | Type, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Global Hydrogen Market Scope
