Global Hydrogen Market Report and Forecast 2024-2032

Global Hydrogen Market Size

The global hydrogen market reached 98.42 million tons in 2023. The market is projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching almost 135.31 million tons by 2032.

Global Hydrogen Market Outlook

• By 2050, hydrogen is expected to account for 12% of the world’s total energy consumption.

• The green hydrogen capacity of Europe is expected to reach 2.7 GW by 2025.

• South Korea is expected to meet nearly 30% of its energy needs through hydrogen by 2040.

Global Hydrogen Market Growth

China is the world’s leading producer and consumer (at 24 million tons) of hydrogen. Since 2019, China has announced the establishment of 30 new plants for green hydrogen generation. By 2030, green hydrogen is expected to account for 15% of the total output of the market in China, while the cost of production is expected to reduce to 20 yuan per kilogram. By 2027, the scale of hydrogen energy production is expected to reach 300 billion.

As Japan lacks critical natural resources for hydrogen production, it is partnering and agreements aimed at importing hydrogen. By 2030, the Japanese government aims to establish 900 hydrogen refuelling stations to promote the adoption of electric vehicles.

In 2021, India launched the National Green Hydrogen Mission with the objective of achieving energy independence by 2047. Under the plan, it invested19,744 crore rupees to install 60-100 GW of hydrogen electrolyser capacity and expand the domestic production capabilities to 5 MMT by 2030. This is expected to result in 1 lakh crore of savings on the import bill and reduce annual carbon dioxide emissions by 50 MMT by 2030.

Global Hydrogen Industry Segmentation

Global Hydrogen Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Sector

• Generation Type
  • Gray Hydrogen
  • Blue Hydrogen
  • Green Hydrogen
• Storage
  • Physical
  • Material Based
• Transportation
  • Long Distance
  • Short Distance

Market Breakup by Application

• Energy

• Mobility

• Chemical and Refinery

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Hydrogen Market Share

Based on application, the market is divided into energy, mobility, and chemical and refinery, among others. Over the forecast period, mobility is expected to emerge as one of the leading segments, as the adoption of electric vehicles scales up globally and the demand for clean energy transportation increases.

Leading Companies in the Global Hydrogen Market

Major market players are expected to boost their capacity for hydrogen generation and storage. This essential fuel is expected to find widespread application in the chemical and refinery, and mobility industries.

• Linde Plc

• Shell Plc

• Chevron Corporation

• Air Products and Chemicals Inc.

• Air Liquide S.A.

• Saudi Arabian Oil Co.

• Uniper SE

• Others

Key Highlights of the Report