Latest News- Hydrogen Market: Chemical industry is expected to lead the Application segment during 2024-2028

The Hydrogen Market is being driven by Increasing government focus on adoption of clean hydrogen

The Hydrogen Market is expected to grow at a CAGR of 7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 92.35 billion. Air Liquide and TotalEnergies have signed a Memorandum of Understanding on September 14, 2023, for the supply of renewable and low-carbon hydrogen to TotalEnergies refinery in Gonfreville, Normandy, France. In response, Air Liquide announced an investment of over USD456 million for constructing the Normand Hy electrolyzer, which will have a capacity of 200 MW. This strategic partnership is a significant milestone in the expansion of the renewable and low-carbon hydrogen sector along the Axe Seine. The Air Liquide Normand Hy electrolyzer, with an initial electrolysis capacity of 100 MW, is scheduled to commence delivering hydrogen to TotalEnergies Gonfreville refinery in the second half of 2026. This collaboration is expected to contribute significantly to the decarbonization of industries in the Normandy region. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Chemical industry
  • Refinery industry
  • Metal processing industry
  • Others
• Type
  • Grey
  • Green
  • Blue
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • France
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing government focus on adoption of clean hydrogen
• Growing emphasis on using renewable energy sources
• Increasing demand for hydrogen in various end-user industries

However, the market also witnesses some limitations, which are as follows:

• High costs associated with production of green and blue hydrogen
• Need for extensive infrastructure development
• Energy-intensive nature of hydrogen production

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Market Scope in Hydrogen Market Research Report

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Research Analysis Overview

The hydrogen market is experiencing significant growth as energy companies shift towards climate-neutral targets and a net-zero carbon economy. Hydrogen production, primarily through alkaline electrolysis using green electricity from renewable sources, is crucial for meeting these goals. However, production costs and safety concerns remain challenges. Hydrogen is becoming an essential transportation fuel and industrial operation input, with decarbonization potential outpacing climate-disrupting carbon dioxide emissions from fossil fuels. Demand for hydrogen is increasing, driven by energy transformation and the production of green ammonia from sources like wind energy. CO2 emissions from grey hydrogen production must be addressed to ensure the hydrogen economy remains sustainable. Hydrogen stations and infrastructure are being developed to support this transition, with the ultimate goal of reducing global emissions and contributing to a cleaner future.

Market Research Overview

The global hydrogen market, identified as a segment of the larger renewable electricity market within the independent power and renewable electricity sector, encompasses businesses involved in the generation and distribution of hydrogen as a low-carbon, clean energy alternative. This market is driven by the increasing adoption of renewable energy sources and the subsequent need for efficient energy storage and transportation solutions. Key growth factors include supportive policies and targets for renewable power deployment, the expansion of fuel cell infrastructure, and the integration of carbon capture technologies. Hydrogen production methods and distributed energy systems are also gaining traction as industrial energy consumption shifts towards carbon-neutral power generation and zero-emission transportation becomes a priority. The market size includes revenues generated by independent power producers, energy merchants, and renewable electricity manufacturers, as well as those involved in the production and distribution of hydrogen and related equipment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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