Hydrogen Market size is expected to cross USD 318 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising strong focus on the decarbonization of carbon-intensive sectors will augment hydrogen gas consumption globally. For example, in September 2022, the UOB (United Overseas Bank Limited) launched new solutions to finance companies looking to pivot their business models toward climate-friendly alternatives. There has also been a paradigm shift toward the innovation of efficient and cost-effective clean hydrogen technologies. Such advancements, alongside the rise of infrastructure development projects, will bolster the use of hydrogen for power generation and other low-carbon applications.
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Increase in low-carbon heating and fuel-cell vehicle sales to boost green hydrogen use
Green hydrogen market value is anticipated to reach over USD 50 billion by 2032. Green or renewable hydrogen can aid the transition of heavy industries to a carbon-neutral future. This energy source is becoming an essential element in lowering the carbon footprint of commercial and residential heating systems. With the escalating adoption of fuel-cell electric vehicles, the use of hydrogen as a clean power source will rise. Moreover, the rising government incentives to ensure the extensive availability of renewable energy sources will further contribute to product consumption.
High agricultural expenditure to promote hydrogen usage in chemical feedstock production
Hydrogen market from the chemical application segment is slated to register nearly 5% gains between 2022 and 2032 due to robust product usage in ammonia and methanol manufacturing and the growing emphasis on emission reduction from the chemical sector. Agricultural spending has also risen considerably in developed nations. Based on a USDA report, in 2021, expenditures of U.S. farms were recorded at over USD 392.9 billion in total, indicating a rise of 7.3% from 2020. This persistent rise in agricultural investment will spur the requirement for fertilizers and consequently fuel hydrogen consumption for the manufacture of chemical feedstocks.
Browse key industry insights spread across 330 pages with 484 market data tables & 36 figures & charts from the report, “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”, in detail along with the table of contents:
Favorable regulatory landscape to foster hydrogen production in North America
North America hydrogen market size is poised to record more than USD 21 billion by 2032. The introduction of favorable government programs, plans, and platforms to expand hydrogen infrastructure is one of the key reasons for the proliferating use of hydrogen in the region. Several tax credits, funding, and roadmaps have been initiated to promote the deployment of sustainable and clean technologies, thus supporting the progress of regional hydrogen suppliers.
The report further reveals that the introduction of strict carbon mitigation schemes across North America will influence industry dynamics. For example, in April 2022, the Federal Highway Administration of the U.S. Department of Transportation launched a Carbon Reduction Program, providing USD 6.4 million in funding over 5 years to address the climate crisis. These initiatives will propel the production of clean technologies, such as hydrogen fuel cell vehicles, as a part of low-carbon strategies in the transportation sector across the region.
Collaborative business expansion strategies to strengthen the industry outlook
Key participants operating in the hydrogen market are Air Products & Chemicals, Inc., Iwatani Corporation, Ally Hi-Tech Co., Ltd., Plug Power Inc., Ballard Power Systems, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, McPhy Energy S.A., Infinite Green Energy, and Linde plc, among others. These leaders are incorporating strategies such as collaborations and business expansions to reinforce their foothold in the industry.