HYDROGEN MARKET ANALYSIS

Hydrogen MarketSize and Trends

The global hydrogen market is estimated to be valued at US$ 141.59 Bn in 2022 and is expected to exhibit a CAGR of 7% over the forecast period (2023-2030).

Figure 1. Global Hydrogen Market Value (US$ Billion), by Region, 2022

Market Trends:

The development of eco-friendly production technologies such as photo biological, photo bioreactors, etc. is a major trend in the market. Moreover, various companies are undertaking initiatives to modify and develop the existing production process of hydrogen in a carbon-free method which is further projected to upsurge the hydrogen market growth in the near future.

Many companies are focusing on providing on-site hydrogen generation plants on rent. This is expected to be one of the major trends in the hydrogen market. According to the Coherent Market Insights, Australia-based Gas Generators International is offering rental plans for on-site hydrogen generators, which are used across various end-use sectors, in which, the company builds, installs, and maintains the complete Hydrogen generation plant while charging only the rental amount from its customers. These generators apply natural gas reforming technology for hydrogen generation.