CHICAGO, July 26, 2023 /PRNewswire/ — Hydrogen Market is projected to reach USD 410.6 billion in 2030 from USD 242.7 billion in 2023 at a CAGR of 7.8% according to a new report by MarketsandMarkets™. Hydrogen is the lightest and most abundant element in the universe. Hydrogen gas has an excellent energy carrying capacity. It can be produced in large quantities and supplied to large-scale industries for various operations. It can be produced as a principal and by-product from various primary energy sources (such as wind, solar, coal, natural gas, and nuclear). Currently, hydrogen is produced in bulk for many value-added uses and chemical substances. It delivers power for various applications, including fuel cells and combined heat and power technologies. global push to reduce carbon emissions and combat climate change has led to an increased focus on clean and sustainable energy sources and drive the demand for Hydrogen Market.MarketsandMarkets_LogoBrowse in-depth TOC on &qu;Hydrogen Market"120 – Tables45 – Figures185 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=132975342 Hydrogen Market Scope:Report CoverageDetailsMarket SizeUSD 410.6 billion in 2030Growth Rate7.8% of CAGRLargest MarketNorth AmericaMarket DynamicsDrivers, Restraints, Opportunities & ChallengesForecast Period2023-2030Forecast UnitsValue (USD Million); Value (Thousand Metric Tons)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredHydrogen Market by sector, application, and regionGeographies CoveredAsia Pacific, North America, Europe, South America, and Middle East & AfricaReport HighlightsUpdated financial information / product portfolio of playersKey Market OpportunitiesIncreasing focus on promoting hydrogen economy developmentKey Market DriversIncreased greenhouse gas emissions regulations The generation type segment, by sector, is expected to have the largest market durigthe forecast period.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.Story continuesThe mobility segment, by application, is expected to be the fastest growing during the forecast periodThis report segments the Hydrogen Market based on application into three segments: energy, mobiliy,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.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=132975342 North America is expected to be the largest region in the Hydrogen IndustryNorth America is expected to be the largest Hydrogen Market 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 sstanable development is hydrogen, especially green hydrogen produced from renewable sources.Key Market Players:Some of the major players in the Hydrogen Companies 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.Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=132975342 Recent DevelopmentsIn July 2023, Air Products & Chemicals, Inc. announced that it has been chosen as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet by Edmonton International Airport. Air Products will deploy a mobile hydrogen refueler at the airport to deliver hydrogen for the Toyota Mirai hydrogen fuel cell vehicle fleetIn Jly 2023, Air Liquide and KBR collaborated to provide fully integrated low-carbon ammonia solutions based on Autothermal Reforming (ATR) technology. Air Liquide is a global leader in ATR technology, which is one of the best options for large-scale production of low-carbon hydrogen (H2), which is then mixed with nitrogen (N2) to make low-carbon ammonia (NH3).In April 2023, Linde plc has signed a long-term arrangement with Evonik, a well-known specialty chemicals firm, to supply green hydrogen. Linde will build, own, and operate a nine-megawatt alkaline electrolyzer facility on Jurong Island in Singapore under this arrangement. This plant's major output will be green hydrogen, which Evonik wants to employ in the synthesis of methionine, an essential element in animal feed.In April 2023, Air Liquide entered into an agreement with TotalEnergies to create an equally owned joint venture to develop a network of hydrogen stations. This initiative will help facilitate access to hydrogen enabing the development of its use for goods transportation and further strengthening the hydrogen sector.In October 2022, Hexagon Purus and Lhyfe collaborated for the production of green and renewable hydrogen for transportation and industrial applications.In May 2022, Air Products Inc, OQ, and ACWA Power jointly signed an agreement for the world's largest green hydrogen-based ammonia production powered by renewable energy.Browse Adjacent Markets: Energy and Power Market Research Reports & ConsultingRelated Reports:Green Ammonia Market – Global Forecast to 2030Hydrogen Generation Market – Global Forecast to 2027Fuel Cell Market – Global Forecast to 2027About MarketsandMarkets™:MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating upernomal growth for clients.The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.To find out mor, visitwww.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: sales@marketsandmarkets.comResearch Insight: https://www.marketsandmarkets.com/ResearchInsight/hydrogen-market.asp Visit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/hydrogen-market.aspLogo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg CisionView original content:https://www.prnewswire.com ews-releases/hydrogen-market-worth-410-6-billion-by-2030—exclusive-report-by-marketsandmarkets-301886077.htmlSOURCE MarketsandMarkets
