HomeBusiness NewsIndustrial Hydrogen Market Size, Share, Growth, Report 2024-2034

Industrial Hydrogen Market Size, Share, Growth, Report 2024-2034

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The industrial hydrogen market is expected to reach US$ 19,800 million globally in 2024 and increase at a steady 4.9% CAGR through 2034. By 2034, the market is expected to be valued US$ 31,946.3 million. The market is primarily driven by the growing demand from vital industries including energy, electronics, and refining, where hydrogen is essential.

The increase in demand is a result of the increased focus on cleaner energy sources around the world, which is in line with a larger industry trend towards sustainability. Because of its adaptability, hydrogen may be used to meet various sectors’ energy needs while still upholding environmental goals.

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Key Segments of Industrial Hydrogen Market Research Report         

Furthermore, technological developments in the generation of hydrogen contribute to the market’s upward trajectory. Continuous innovations increase productivity, cut costs, and improve sustainability overall. Examples of these advancements include cutting-edge production techniques like electrolysis and steam methane reforming.

These advancements increase hydrogen’s competitiveness as an energy carrier and expand its uses in a variety of industrial processes. Production technology development is a reflection of the industry’s dedication to ongoing innovation and adjustment to satisfy changing consumer demands.

Hydrogen is emerging as a critical element in the shift to sustainable solutions as industries throughout the world pursue environmentally friendly operations. Because of its efficient and clean features, it is essential to the search for environmentally acceptable alternatives and supports the market’s steady expansion.

Governments throughout the world that are putting supportive policies in place to promote the adoption of renewable energy solutions have a further impact on the market’s trajectory. In summary, the market is expected to grow rapidly because to rising worldwide demand, technology breakthroughs, and an increased awareness of sustainable energy sources.

Key Takeaways from Market Study

  • Through 2034, the industrial hydrogen market is expected to grow at a compound annual growth rate (CAGR) of 4.9%.
  • Through2034, the East Asia market is anticipated to expand at a CAGR of 3.8%.
  • In 2024, the industrial hydrogen sector in the US maintains a commanding 77.4% share.
  • China’s industrial hydrogen market is predicted to grow at a compound annual growth rate (CAGR) of 3.6% until 2034.
  • As of 2024, electrolysis has a 53.4% market share based on the technique of production.
  • With a 16.5% share in 2024, the electronics segment will lead the end-user market.

 “The need for greener energy sources is becoming more and more important on a global scale, which is propelling the industrial hydrogen market. Due to its eco-friendliness and versatility, hydrogen is becoming more and more in demand across a wide range of industries and economies, which is propelling the market’s expansion,” says a Fact.MR analyst.

Key Companies Profiled in This Report:

  • Taiyo Nippon Sanso
  • Messer Group
  • Air Products
  • Yingde Gases
  • Air Water
  • Linde Group
  • Air Liquide
  • Reliance Industries Ltd.
  • Mitsubishi Gas Chemical Company Inc.
  • Evonik Industries AG

Competitive Analysis

The market is quite competitive, with major competitors vying for market share and innovation. Well-established businesses prioritize strategic alliances, varied product offers, and technology breakthroughs. Often, newcomers focus on specialized applications or niche markets.

Competition is getting more intense as demand for sustainable coating solutions rises, especially in the construction and automobile industries. Environmental concerns, product performance, and cost-effectiveness are some of the key elements that influence how the powder coating equipment industry is competitive.

Some of the recent developments are:

  • Linde plc and Evonik inked a contract in April 2023 for the delivery of green hydrogen.
  • Hexagon Purus and Lhyfe joined together in October 2022 to produce green, renewable hydrogen, which is needed for industrial and transportation uses.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the industrial hydrogen market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on By Production Method (Electrolysis, Conventional & Others), By End-Use (Chemicals, Electronics, Food & Beverages, Glass, Metal Production, Pharmaceuticals & Biotechnology, Welding & Fabrication, Others), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa)


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