Hydrogen Market size is likely to surpass USD 317 billion by 2032, according to recent research report by Global Market Insights Inc.
Strict climate-neutral targets implemented by environmental agencies and governments worldwide will complement the hydrogen industry outlook. Due to growing concerns associated with climate change caused by massive carbon and GHG emissions, several economies are undertaking aggressive measures to curb the climate impact. The growing inclination toward alternative fuels has encouraged companies to develop cost-effective and high-performance clean hydrogen technologies to support the expanding hydrogen infrastructure.
Extensive private & public investments in green hydrogen to augment industry growth
Green hydrogen market revenue is estimated to reach USD 55 billion by the end of 2032. Green hydrogen has gained exponential momentum over the past decade with massive investments and large-scale projects. According to the Ministry of New & Renewable Energy (MNRE), India has launched a series of green hydrogen pilot projects in line with its goal to achieve a green hydrogen capacity of 8 million tons by 2030.
Governments across the globe are investing heavily in renewable power generation along with favorable incentives to build a low-carbon economy. Additionally, several tech giants and private entities are foraying into the space of green hydrogen to achieve sustainability. For instance, in July 2022, Amazon’s Climate Pledge Fund disclosed new investments in Sunfire, and Electric hydrogen, leading developers of electrolyzers in Europe and the U.S. The investment aims to boost the production of green hydrogen with renewable electricity and water.
Browse key industry insights spread across 330 pages with 484 market data tables & 37 figures & charts from the report, “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”, in detail along with the table of contents:
Strict net-zero emission targets drive chemical manufacturers toward hydrogen as a fuel
Hydrogen market value the chemical application is projected to expand at over 6% CAGR between 2023 and 2032. The surging demand for hydrogen in the chemical sector can be attributed to the increasing use of hydrogen as feedstock for manufacturing ammonia and methanol for the reduction of emissions.
Chemical companies are also using hydrogen as a sustainable fuel to achieve ambitious net-zero emission targets placed by several governments. However, in January 2023, Tata Chemicals Europe signed a deal with Vertex Hydrogen, a joint venture between Progressive Energy and Essar Oil UK, for the supply of more than 200 MW of low-carbon hydrogen. Vertex is also working on the first low-carbon hydrogen production plant in the UK.
Increasing focus on carbon mitigation to propel North America industry expansion
North America hydrogen market is poised to reach over USD 21 billion by 2032. Countries such as the U.S., and Canada have stringent environmental emission control norms and aggressive decarbonization objectives, making them lucrative hubs for hydrogen production. Government agencies across the region are also promoting multiple incentives, tax credits, funding, and carbon mitigation action plans to promote the adoption of clean energy solutions.
For example, in August 2022, the U.S. government passed the Inflation Reduction Act (IRA) as a strong action against the current climate crisis with USD 370 billion worth of incentives for the reduction of carbon emissions. The policy emphasizes the development of carbon capture, utilization & storage (CCUS) technologies along with green hydrogen, EVs, and heat pumps, further fueling regional business statistics.
Strategic alliances to boost hydrogen market growth
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 are some of the leading companies in the global hydrogen industry. These companies are entering strategic alliances to expand production and distribution.
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