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Hydrogen Market worth $410.6 billion by 2030 - Exclusive Report by MarketsandMarkets™
Based on sector, the Hydrogen Market has been segmented into generation type, storage, and transportation. The generation type segment is expected to hold largest share during the forecast period. Governments and businesses are looking at low-carbon and zero-emission options as a result of the pressing need to slow down climate change and cut greenhouse gas emissions. Since it generates no carbon dioxide when used, green hydrogen generation offers a workable answer to the problem of decarbonization. Additionally, hydrogen is used as a feedstock or process fuel by many sectors, including chemical manufacture, refineries, and the production of steel. The demand for low-carbon and green hydrogen is rising as industry work to minimize their carbon footprint.
This report segments the Hydrogen Market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.
North America is expected to be the largest during the forecast period. The North America region, comprising of US, Canada , and Mexico . Governments are dedicated to combating climate change and lowering greenhouse gas emissions. One important clean energy carrier that can aid in achieving carbon neutrality and promoting sustainable development is hydrogen, especially green hydrogen produced from renewable sources.
Some of the major players in the are Linde plc ( Ireland ), Air products and Chemicals, Inc. (US), Air Liquide ( France ), Worthington Industries (US), Cryolor ( France ), Hexagon Purus ( Norway ), and NPROXX ( Netherlands ). The major strategies these players adopt include merger & acquisitions, contracts, agreements, partnerships, and investments & expansions.
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