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, with 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, contributing to the decarbonization of industries in the Normandy region. The Air Liquide Normand Hy electrolyzer, scheduled to begin operations in the second half of 2026, will deliver 100 MW of renewable hydrogen to TotalEnergies Gonfreville refinery.
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The market is segmented based on segments_for_ai.nslist
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2024-2028 |
USD 92.35 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.5 |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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In the context of the energy transition, hydrogen production emerges as a key solution for achieving climate-neutral targets and a net-zero carbon economy. Energy companies are focusing on reducing hydrogen production costs while addressing safety concerns. The growing demand for hydrogen as a transportation fuel and industrial operations' feedstock is driven by the need to decarbonize various sectors and reduce CO2 and greenhouse gas emissions from fossil fuels. Renewable sources such as wind energy and green electricity are increasingly used in hydrogen production through methods like alkaline electrolysis and energy transformation. Green hydrogen, produced from renewable sources, offers significant decarbonization potential, contrasting the climate-disrupting carbon dioxide emissions from grey hydrogen derived from fossil fuels. The expansion of hydrogen stations and the integration of hydrogen into transportation and industrial processes are crucial steps towards a sustainable energy future.
The hydrogen market is a significant segment of the global renewable electricity market, encompassing businesses involved in hydrogen production for energy transition purposes. This market is driven by the global independent power and renewable electricity market, which includes companies specializing in the generation and distribution of renewable energy. Factors fueling market growth include climate-neutral targets and the shift towards a net-zero carbon economy. Energy companies are increasingly investing in hydrogen production to reduce their carbon footprint and meet safety concerns. Hydrogen can be produced through various methods, including methanol and ammonia manufacturing. The global renewable electricity market's expansion is influenced by supportive policies and targets for renewable power deployment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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