Industrial Hydrogen Market to total US$ 31,946.3 million by 2034, rising at a CAGR of 4.9% | Fact.MR Report
Fact.MR’s latest report on the Industrial Hydrogen Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights into various strategies employed by key market players to gain a competitive edge in the Industrial Hydrogen Market.
Rockville , Jan. 15, 2024 (GLOBE NEWSWIRE) — The global industrial hydrogen market is estimated at US$ 19,800 million in 2024, projected to grow steadily with a 4.9% CAGR through 2034. The market is projected to a valuation of US$ 31,946.3 million by 2034. One primary driver of the market is the escalating demand from critical sectors such as energy, refining, and electronics, where hydrogen plays a foundational role.
The heightened emphasis on cleaner energy sources globally contributes to the surge in demand, aligning with a broader industry shift towards sustainability. Hydrogen’s versatility positions it as a key player in meeting the energy requirements of these sectors while adhering to environmental priorities.
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Key Segments of Industrial Hydrogen Market Research Report
| By Product Method | By End Use | By Region |
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Moreover, technological advancements in hydrogen production further augment the positive trajectory of the market. Ongoing innovations, including advanced production methods like electrolysis and steam methane reforming, enhance efficiency, lower costs, and improve overall sustainability.
These developments not only boost the competitiveness of hydrogen as an energy carrier but also widen its applications across diverse industrial processes. The evolution of production technologies reflects the industry’s commitment to continuous improvement and adaptation to meet the evolving needs of the market.
As industries globally prioritize environmentally friendly practices, hydrogen emerges as a crucial component in the transition to sustainable solutions. Its clean and efficient characteristics make it integral to the pursuit of eco-friendly alternatives, contributing to the market’s sustained growth pattern.
The market’s trajectory is further influenced by governments worldwide implementing supportive policies to encourage the adoption of clean energy solutions. In conclusion, the market is poised for robust growth, driven by increasing demand, technological advancements, and a collective global focus on sustainable energy solutions.
| Report Attribute | Details |
| Value Projection (2034) | US$ 31,946.3 Million |
| Growth Rate (2024-2034) | 4.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from Market Study
- The global industrial hydrogen market is projected to expand at a CAGR of 4.9% through 2034.
- The East Asia market is expected to grow at a CAGR of 3.8% through 2034.
- The industrial hydrogen industry in the United States holds a dominant share of 77.4% in 2024.
- The industrial hydrogen industry in China is expected to rise at a CAGR of 3.6% through 2034.
- Based on the production method, electrolysis holds a 53.4% market share in 2024.
- The electronics segment dominates the end-user segment with a 16.5% share in 2024.
“An increase in global emphasis on transitioning to cleaner energy sources acts as a major driver for the industrial hydrogen market. As industries and economies seek more sustainable alternatives, hydrogen, known for its versatility and eco-friendly attributes, experiences rising demand across diverse sectors, driving the market’s growth,” says a Fact.MR analyst.
Key Companies Profiled in This Report:
- Taiyo Nippon Sanso
- Messer Group
- Air Products
- Yingde Gases
- Air Water
- Linde Group
- Air Liquide
- Reliance Industries Ltd.
- Mitsubishi Gas Chemical Company Inc.
- Evonik Industries AG
Competitive Analysis
The market is intensely competitive, characterized by key players striving for innovation and market share. Established companies focus on technological advancements, strategic collaborations, and diversified product offerings. New entrants often target niche markets or specialize in specific applications.
Rising demand for sustainable coating solutions, particularly in automotive and construction, intensifies competition. Factors such as cost-effectiveness, product performance, and environmental considerations play pivotal roles in shaping the competitive landscape of the powder coating equipment market.
Some of the recent developments are:
- In April 2023, Linde plc signed an agreement with Evonik to supply green hydrogen.
- In October 2022, Hexagon Purus and Lhyfe collaborated together for the green and renewable hydrogen production required for transportation and industrial applications.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the industrial hydrogen market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on By Production Method (Electrolysis, Conventional & Others), By End-Use (Chemicals, Electronics, Food & Beverages, Glass, Metal Production, Pharmaceuticals & Biotechnology, Welding & Fabrication, Others), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa)
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