Hydrogen Market Emerging Players May Yields New Opportunities
Hydrogen Market Emerging Players
Captive segment: Accounted for over 90% of the global hydrogen market revenue in 2022 and is projected to maintain its lead position.
WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- Allied Market Research presents a comprehensive report titled "Hydrogen Market1 Analysis and Forecast (2023-2032)" detailing the trends and projections shaping the global hydrogen industry.
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Market Overview:
The global hydrogen market generated $155.9 billion in 2022, with projections indicating growth to $292.0 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
Prime Growth Drivers:
- Increasing demand for hydrogen in fuel cell electric vehicles.
- Surge in adoption of hydrogen in power generation.
- Opportunities arising from the growing demand for clean energy.
- Restraint due to the high cost associated with hydrogen production.
Report Coverage:
- Forecast Period: 2023–2032
- Base Year: 2022
- Market Size in 2022: $155.9 billion
- Market Size in 2032: $292.0 billion
- CAGR: 6.5%
- No. of Pages in Report: 300
- Segments Covered: Delivery Mode, Type, End-Use, Region
Impact of Russia-Ukraine War on the Hydrogen Market:
The conflict highlights the geopolitical risks associated with energy dependence on specific regions, potentially driving increased focus on enhancing regional energy security and diversifying energy sources, including hydrogen.
Segment Analysis:
Delivery Mode:
- Captive segment: Accounted for over 90% of the global hydrogen market revenue in 2022 and is projected to maintain its lead position.
- Merchant segment: Projected to grow at a CAGR of 6.8% from 2023 to 2032, serving as a versatile energy carrier across various industries.
Type:
- Grey hydrogen segment: Accounted for over four-fifths of the global hydrogen market revenue in 2022 and is expected to maintain its lead position.
- Green hydrogen segment: Projected to grow at a CAGR of 6.9% from 2023 to 2032, offering a sustainable alternative with reduced carbon emissions.
End-Use:
- Refining segment: Held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period.
- Power generation segment: Projected to grow at a CAGR of 6.8% from 2023 to 2032, offering cleaner and more sustainable energy production.
Region:
- Asia-Pacific: Held the highest market share in 2022 and is likely to dominate the market during the forecast period, driven by significant opportunities and strong government support.
Leading Market Players:
- AIR LIQUIDE S.A.
- MESSER GROUP GMBH.
- PLUG POWER INC.
- NEL ASA
- LINDE PLC
- FUELCELL ENERGY, INC.
- AIR PRODUCTS AND CHEMICALS, INC.
- SHELL PLC.
- RELIANCE INDUSTRIES LTD
- INDIAN OIL CORPORATION LTD.
These key players have adopted various strategies to increase their market share, including new product launches, collaborations, expansions, and agreements.
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