Hydrogen Market – Global Forecast To 2030
수소시장 – 섹터(발전(그레이, 블루, 그린), 저장(물리적, 물질적), 수송(장기, 단기)), 용도(에너지(전력, 코제너레이션), 모빌리티, 화학·제유소(석유, 암모니아, 메탄올), 지역별 – 2030년까지의 세계 예측
Hydrogen Market by Sector (Generation (Gray, Blue, Green), Storage (Physical, Material), Transportation (Long, Short)), Application (Energy (Power, CHP), Mobility, Chemical & Refinery (Petroleum, Ammonia, Methanol), and Region – Global Forecast to 2030
| 조사회사 | MarketsandMarkets |
| 출판년월 | 2025년8월 |
| 페이지 수 | 278 |
| 도표 수 | 343 |
| 라이센스 | Single User License |
| 가격 | USD 4,950 |
| 구성 | 영문조사보고서 |
이 보고서는 수소 시장을 발전 유형(청색 수소, 회색 수소, 녹색 수소), 저장(물리적, 물질 기반), 운송(장거리, 단거리), 응용 분야(에너지, 화학 및 정유, 모빌리티 등), 지역(북미, 유럽, 아시아 태평양, 중동 및 아프리카, 남미)별로 정의, 설명 및 예측합니다. 보고서의 범위는 수소 시장 성장에 영향을 미치는 주요 요인(동인, 제약, 과제 및 기회 등)에 대한 자세한 정보를 다룹니다. 주요 업계 참여자에 대한 철저한 분석을 통해 사업 개요, 솔루션 및 서비스, 계약, 파트너십, 협정, 확장, 합작 투자, 협업 및 인수와 같은 주요 전략, 그리고 수소 시장과 관련된 최근 동향에 대한 통찰력을 제공했습니다. 이 보고서는 수소 시장 생태계에서 떠오르는 스타트업의 경쟁 분석을 다룹니다.
세계 수소 시장은 2025년 2,251억 2천만 달러에서 2030년 3,129억 달러로 성장하여 연평균 성장률 6.8%를 기록할 것으로 전망됩니다. 수소 시장은 운송, 발전, 산업 분야에서 저배출 및 지속 가능한 에너지 솔루션으로의 전환 추세가 증가함에 따라 성장 궤도에 있습니다. 현재 수소 시장을 지지하는 광범위한 정치 환경, 탈탄소화 목표, 그리고 수소 인프라는 수소 도입 확대를 가능하게 하고 있습니다. 전기분해, 연료 전지, 저장 기술의 발전은 특히 친환경 수소의 생산 비용을 꾸준히 절감하여 상업적 타당성을 높이고 확장 가능한 프로젝트를 가능하게 하고 있습니다. 정부, 민간 에너지 기업, 그리고 산업 기업 간의 파트너십을 통해 규모와 수출 잠재력이 확대되는 수소 공급망이 구축되고 있습니다.
The global hydrogen market is projected to reach USD 312.90 billion by 2030 from USD 225.12 billion in 2025, registering a CAGR of 6.8%. The hydrogen market is on a growth trajectory driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses. The current supportive broader political environment, decarbonization targets, and hydrogen infrastructure are enabling expansion in the level of adoption. Advances in electrolysis, fuel cells, and storage technology are steadily reducing production costs—especially for green hydrogen—improving its commercial viability and enabling more scalable projects. Partnerships between governments, private energy players, and industrial firms are creating hydrogen supply chains with growing scale and export potential.
“By application, the chemical & refinery segment accounted for the largest market share in 2024.”
The chemical and refinery segment holds the largest market share in the global hydrogen market, primarily driven by its extensive use in petroleum refining and chemical production processes. Hydrogen is a critical feedstock in hydrocracking and desulfurization in refineries, helping meet stringent fuel quality standards. In the chemical sector, it is extensively used in the production of ammonia, methanol, and other industrial chemicals. The continued demand for fertilizers, petrochemicals, and cleaner fuels sustains hydrogen consumption across this segment, making it the most dominant application area in the current hydrogen market landscape. With global efforts to decarbonize hard-to-abate sectors, this segment is expected to gradually transition from gray hydrogen to blue and green alternatives. Several refinery and chemical companies are already investing in low-carbon hydrogen solutions to comply with emissions targets.
“By transportation, the long distance segment accounted for the largest market in 2024.”
The long distance transportation segment has the largest market share in the hydrogen market due to the growing emphasis on cross-border hydrogen trade, particularly among regions with abundant renewable resources and high-demand centers. Countries in Asia, Europe, and the Middle East are actively investing in hydrogen corridors, pipelines, and liquefied hydrogen shipping infrastructure to enable large-scale, international hydrogen movement. This segment is further supported by government-backed export-import agreements, the development of ammonia as a hydrogen carrier, and rising demand from hydrogen-importing nations like Japan and South Korea. These trends collectively position long-distance transportation as a crucial enabler of global hydrogen supply chains, reinforcing its dominant share in the market.
“Europe is expected to register the second-highest CAGR for the hydrogen market over the forecast period.”
Europe is experiencing strong growth in the hydrogen market, driven by its ambitious decarbonization goals, energy transition strategies, and focus on reducing dependency on fossil fuels. The European Union has launched multiple funding programs, including the European Green Deal and the Hydrogen Strategy for a Climate-Neutral Europe, which aim to accelerate the adoption of clean hydrogen across industries such as transport, power generation, and heavy manufacturing. Several countries—Germany, France, the Netherlands, and Spain—have rolled out national hydrogen roadmaps, supporting electrolyzer deployment, infrastructure development, and cross-border hydrogen trade. Additionally, increasing investments in renewable energy sources are facilitating green hydrogen production, reinforcing Europe’s position as a key global hub in the hydrogen economy.
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 57%, Tier 2 – 29%, and Tier 3 – 14%
- By Designation: C-Level Executives – 35%, Directors – 20%, and Others – 45%
- By Region: North America – 20%, Europe – 15%, Asia Pacific – 30%, Middle East & Africa – 25%, and South America – 10%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: < USD 500 million. Others include sales managers, engineers, and regional managers.
Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK), Chevron Corporation (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chart Industries (US), OPmobility (US), Luxfer Holdings PLC (US), Faber Italy (Italy), FIBA Technologies, Inc. (US), Bayotech (US), BNH Gas Tanks (India), Cryofab, Inc. (US), WELDSHIP (US), Cryolor (France), Hexagon Purus (Norway), INOX India Limited (India), NPROXX (Netherlands), CALVERA Hydrogen (Spain), Uniper SE (Germany), Composite Advanced Technologies, LLC. (US), and Quantum Fuel Systems (US) are some of the key players in the Hydrogen market. The study includes an in-depth competitive analysis of these key players in the Hydrogen market, with their company profiles, recent developments, and key market strategies.
Study Coverage:
The report defines, describes, and forecasts the hydrogen market by Generation type (Blue Hydrogen, Gray Hydrogen, Green Hydrogen), Storage (Physical, Material-based), Transportation (Long distance, Short distance), Application (Energy, Chemical & Refinery, Mobility, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa and South America). The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the hydrogen market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, expansion, Joint ventures, collaborations, and acquisitions; and recent developments associated with the hydrogen market. This report covers the competitive analysis of upcoming startups in the hydrogen market ecosystem.
Key Benefits of Buying the Report
- The report includes the analysis of key drivers (Government initiatives for developing hydrogen economy, Growing Demand of Ammonia in Agriculture Sector), restraints (High Flammability associated with the hydrogen, Limited Hydrogen Infrastructure), opportunities (Decarbonization targets and climate commitments, Growing demand for hydrogen vehicles) and challenges (High cost associated with renewable hydrogen production, High cost of composite-material based tanks).
- Product Development/Innovation: Hydrogen market players are rapidly advancing technologies across the value chain—generation, storage, and transportation—to improve efficiency, reduce costs, and enable large-scale deployment. In generation, innovations in electrolyzer design, such as high-efficiency solid oxide and anion exchange systems, are reducing energy consumption and boosting hydrogen yield. In storage and transport, companies are leveraging new materials for high-pressure tanks, cryogenic storage, and solid-state options, improving safety, density, and mobility across sectors. Digital technologies like AI-enabled system optimization, smart grid integration, and real-time monitoring platforms are being adopted to enhance performance and reliability.
- Market Development: In August 2024, Linde plc entered into a long-term agreement with Dow Inc. to supply clean hydrogen and other gases for Dow’s new Path2Zero project in Fort Saskatchewan, Alberta, Canada. Under this deal, Linde will invest over USD 2 billion to build, own, and operate a large hydrogen production facility that uses advanced technology to produce low-carbon hydrogen and capture over 2 million tonnes of CO₂ each year. The plant will also recycle hydrogen from Dow’s operations and provide nitrogen and other industrial gases. This facility, expected to start in 2028, will support Dow’s efforts to reduce emissions and will also supply other nearby industries looking to decarbonize. This report provides a detailed analysis of hydrogen solution provider strategies critical for project success, providing stakeholders with actionable insights into trends and opportunities for growth in the hydrogen market.
- Market Diversification: The report offers a comprehensive analysis of the strategies employed by hydrogen solutions provider players to facilitate market diversification. It outlines innovative products and operating models, as well as new partnership frameworks across various regions, which are underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.
- Competitive Assessment: The report provides in-depth assessment of market shares, growth strategies, and service offerings of leading players such as Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), Shell plc (UK), Uniper SE (Germany), Chevron Corporation (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chart Industries (US), OPmobility (US), Luxfer Holdings PLC (US), Faber Italy (Italy), FIBA Technologies, Inc. (US), Bayotech (US), among others, in the hydrogen market.
Table of Contents
1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED 26
1.3.2 INCLUSIONS AND EXCLUSIONS 27
1.3.3 YEARS CONSIDERED 28
1.4 CURRENCY CONSIDERED 28
1.5 UNIT CONSIDERED 28
1.6 LIMITATIONS 28
1.7 STAKEHOLDERS 29
1.8 SUMMARY OF CHANGES 29
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY DATA 32
2.1.1.1 List of key secondary sources 32
2.1.1.2 Key data from secondary sources 32
2.1.2 PRIMARY DATA 33
2.1.2.1 List of primary interview participants 33
2.1.2.2 Key industry insights 33
2.1.2.3 Breakdown of primaries 34
2.1.2.4 Key data from primary sources 34
2.2 MARKET SIZE ESTIMATION 35
2.2.1 BOTTOM-UP APPROACH 35
2.2.2 TOP-DOWN APPROACH 36
2.2.3 DEMAND-SIDE ANALYSIS 37
2.2.3.1 Assumptions for demand-side analysis 37
2.2.3.2 Calculations for demand-side analysis 38
2.2.4 SUPPLY-SIDE ANALYSIS 39
2.2.4.1 Assumptions and calculations for supply-side analysis 40
2.3 GROWTH FORECAST 41
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 42
2.5 RESEARCH LIMITATIONS 43
2.6 RISK ANALYSIS 43
3 EXECUTIVE SUMMARY 44
4 PREMIUM INSIGHTS 47
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN MARKET 47
4.2 HYDROGEN MARKET, BY REGION 47
4.3 HYDROGEN MARKET, BY SECTOR 48
4.4 HYDROGEN MARKET, BY APPLICATION 48
4.5 ASIA PACIFIC: HYDROGEN MARKET, BY APPLICATION & COUNTRY 49
5 MARKET OVERVIEW 50
5.1 INTRODUCTION 50
5.2 MARKET DYNAMICS 50
5.2.1 DRIVERS 51
5.2.1.1 Government initiatives for developing hydrogen economy 51
5.2.1.2 Growing demand for ammonia in agriculture sector 51
5.2.2 RESTRAINTS 52
5.2.2.1 High flammability associated with hydrogen 52
5.2.2.2 Limited hydrogen infrastructure 52
5.2.3 OPPORTUNITIES 53
5.2.3.1 Decarbonization targets and climate commitments 53
5.2.3.2 Growing demand for hydrogen vehicles 53
5.2.4 CHALLENGES 54
5.2.4.1 High costs associated with renewable hydrogen production 54
5.2.4.2 High cost of composite material-based tanks and strict regulatory approvals 54
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 55
5.4 PRICING ANALYSIS 55
5.4.1 AVERAGE SELLING PRICE TREND OF HYDROGEN GENERATION,
BY REGION, 2022–2024 55
5.4.2 INDICATIVE PRICING ANALYSIS OF HYDROGEN STORAGE, BY REGION, 2024 56
5.4.3 INDICATIVE PRICING ANALYSIS OF HYDROGEN TRANSPORTATION 57
5.5 SUPPLY CHAIN ANALYSIS 58
5.6 ECOSYSTEM ANALYSIS 59
5.7 TRADE ANALYSIS 60
5.7.1 EXPORT SCENARIO 60
5.7.2 IMPORT SCENARIO 62
5.8 TECHNOLOGY ANALYSIS 63
5.8.1 KEY TECHNOLOGIES 63
5.8.1.1 Steam methane reforming (SMR) 63
5.8.1.2 Partial oxidation 63
5.8.1.3 Coal gasification 63
5.8.1.4 Electrolysis 64
5.8.1.5 Hydrogen storage technologies 64
5.8.1.6 Hydrogen transport technologies 64
5.8.2 COMPLEMENTARY TECHNOLOGIES 64
5.8.2.1 Carbon capture, utilization, and storage (CCUS) 64
5.8.2.2 Renewable energy technologies 65
5.8.3 ADJACENT TECHNOLOGIES 65
5.8.3.1 Fuel cell technology 65
5.9 CASE STUDY ANALYSIS 65
5.9.1 HYBRIT INITIATIVE HELPED IN TRANSFORMING STEEL PRODUCTION WITH FOSSIL-FREE GREEN HYDROGEN IN SWEDEN 65
5.9.2 KRAFT HEINZ DEPLOYS ELECTROLYZER TO PRODUCE GREEN HYDROGEN TO DECARBONIZE ITS KITT GREEN FACILITY 66
5.9.3 NPROXX HELPS ANGLO AMERICAN DEVELOP ZERO-EMISSION MINING VEHICLES AND STORE HYDROGEN COST-EFFECTIVELY 66
5.10 KEY CONFERENCES AND EVENTS, 2025–2026 67
5.11 PATENT ANALYSIS 68
5.11.1 LIST OF MAJOR PATENTS 69
5.12 REGULATORY LANDSCAPE 73
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
5.12.2 REGULATORY FRAMEWORK 76
5.12.2.1 Regulatory frameworks/policies in North America 76
5.12.2.2 Regulatory frameworks/policies in Asia Pacific 77
5.12.2.3 Regulatory frameworks/policies in Europe 77
5.12.2.4 Regulatory frameworks/policies in Middle East & Africa 78
5.12.2.5 Regulatory frameworks/policies in South America 78
5.13 PORTER’S FIVE FORCES ANALYSIS 79
5.13.1 THREAT OF NEW ENTRANTS 80
5.13.2 BARGAINING POWER OF SUPPLIERS 80
5.13.3 BARGAINING POWER OF BUYERS 80
5.13.4 THREAT OF SUBSTITUTES 80
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 80
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 81
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 81
5.14.2 BUYING CRITERIA 81
5.15 IMPACT OF AI/GENERATIVE AI ON HYDROGEN MARKET 82
5.15.1 IMPACT ON HYDROGEN GENERATION 82
5.15.2 IMPACT ON HYDROGEN STORAGE 83
5.15.3 IMPACT ON HYDROGEN TRANSPORTATION 83
5.15.4 IMPACT OF AI/GENERATIVE AI, BY APPLICATION 84
5.15.5 IMPACT OF AI/GENERATIVE AI, BY REGION 84
5.16 MACROECONOMIC OUTLOOK FOR HYDROGEN MARKET 85
5.16.1 ENERGY TRANSITION AND POLICY SHIFTS 85
5.16.2 R&D INVESTMENTS 85
5.16.3 INFRASTRUCTURE GROWTH 85
5.16.4 CLIMATE CHANGE 85
5.17 INVESTMENT AND FUNDING SCENARIO 86
5.18 IMPACT OF 2025 US TARIFF ON HYDROGEN MARKET 86
5.18.1 INTRODUCTION 86
5.18.2 KEY TARIFF RATES 87
5.18.3 PRICE IMPACT ANALYSIS 88
5.18.4 IMPACT ON COUNTRIES/REGIONS 88
5.18.4.1 US 88
5.18.4.2 Europe 89
5.18.4.3 Asia Pacific 90
5.18.5 IMPACT ON APPLICATIONS 90
6 HYDROGEN GENERATION MARKET, BY SECTOR 92
6.1 INTRODUCTION 93
6.2 GENERATION TYPE 94
6.2.1 GRAY HYDROGEN 96
6.2.1.1 Low cost of production to fuel demand for gray hydrogen 96
6.2.2 BLUE HYDROGEN 98
6.2.2.1 Rising demand for clean hydrogen to drive market growth 98
6.2.3 GREEN HYDROGEN 100
6.2.3.1 Increasing focus on achieving net-zero carbon emission targets to boost demand for green hydrogen 100
6.3 STORAGE 101
6.3.1 PHYSICAL 102
6.3.1.1 Increasing demand for stationary applications to drive market 102
6.3.2 MATERIAL-BASED 104
6.3.2.1 Greater reliability of material-based hydrogen storage technology to boost demand 104
6.4 TRANSPORTATION 104
6.4.1 LONG DISTANCE 106
6.4.1.1 Expanding hydrogen infrastructure to accelerate market development 106
6.4.2 SHORT DISTANCE 109
6.4.2.1 Rising demand for hydrogen for emergency responses to drive market 109
7 HYDROGEN MARKET, BY APPLICATION 111
7.1 INTRODUCTION 112
7.2 ENERGY 113
7.2.1 EFFORTS TO DECARBONIZE GLOBAL ENERGY SYSTEMS TO DRIVE MARKET 113
7.2.2 POWER GENERATION 114
7.2.2.1 Growing application of hydrogen in portable devices, backup power, and grid stabilization to support market 114
7.2.3 COMBINED HEAT AND POWER (CHP) 115
7.2.3.1 Offers efficient and sustainable approach to energy generation 115
7.3 MOBILITY 115
7.3.1 RAPID RISE IN DEMAND FOR FUEL CELL ELECTRIC VEHICLES TO DRIVE MARKET 115
7.4 CHEMICAL & REFINERY 116
7.4.1 INCREASING USE OF HYDROGEN IN REFINERIES TO LOWER SULFUR CONTENT OF DIESEL TO BENEFIT MARKET 116
7.4.2 PETROLEUM REFINERY 118
7.4.2.1 Growing need to reduce sulfur content in diesel to boost market 118
7.4.3 AMMONIA PRODUCTION 118
7.4.3.1 Increasing focus on sustainable ammonia production to fuel demand 118
7.4.4 METHANOL PRODUCTION 118
7.4.4.1 Increasing application of methanol for transportation fuel and wastewater denitrification to strengthen market 118
7.5 OTHERS 118
8 HYDROGEN MARKET, BY REGION 120
8.1 INTRODUCTION 121
8.2 NORTH AMERICA 123
8.2.1 US 127
8.2.1.1 Rising demand for hydrogen in petroleum refineries and availability of advanced storage solutions to drive demand 127
8.2.2 CANADA 128
8.2.2.1 Growing low-carbon initiatives and government-backed storage & transportation initiatives to fuel demand 128
8.2.3 MEXICO 129
8.2.3.1 Growing production of ammonia to drive market 129
8.3 ASIA PACIFIC 130
8.3.1 CHINA 135
8.3.1.1 Growing ammonia production and FCEV adoption to boost market 135
8.3.2 INDIA 136
8.3.2.1 Growing refining capacity to support market growth 136
8.3.3 JAPAN 137
8.3.3.1 Government plans and policies to boost market 137
8.3.4 AUSTRALIA 138
8.3.4.1 Strong natural gas reserves, infrastructure, and export-oriented storage and transport solutions to drive market 138
8.3.5 SOUTH KOREA 139
8.3.5.1 Expanding hydrogen infrastructure to drive market growth 139
8.3.6 REST OF ASIA PACIFIC 140
8.4 EUROPE 141
8.4.1 GERMANY 147
8.4.1.1 Growing adoption of fuel cell electric vehicles to augment market growth 147
8.4.2 FRANCE 148
8.4.2.1 Rising investments in renewable energy generation to support market growth 148
8.4.3 UK 149
8.4.3.1 Increasing focus on reducing natural gas imports to drive market 149
8.4.4 RUSSIA 150
8.4.4.1 Stringent government regulations to increase use of cleaner fuels to boost demand 150
8.4.5 REST OF EUROPE 151
8.5 MIDDLE EAST & AFRICA 152
8.5.1 GCC 157
8.5.1.1 Saudi Arabia 157
8.5.1.1.1 Rising demand for low-sulfur fuel in transportation to drive market 157
8.5.1.2 UAE 158
8.5.1.2.1 Increasing use of hydrogen fuel for electricity generation to support market growth 158
8.5.2 SOUTH AFRICA 159
8.5.2.1 Growing use of hydrogen in mining industry to boost demand 159
8.5.3 REST OF MIDDLE EAST & AFRICA 160
8.6 SOUTH AMERICA 161
8.6.1 BRAZIL 166
8.6.1.1 Rising demand for clean hydrogen in transportation sector to drive market 166
8.6.2 ARGENTINA 167
8.6.2.1 Increasing oil refining activities to drive market 167
8.6.3 REST OF SOUTH AMERICA 168
9 COMPETITIVE LANDSCAPE 170
9.1 OVERVIEW 170
9.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025 170
9.3 MARKET SHARE ANALYSIS, 2024 173
9.4 REVENUE ANALYSIS, 2020–2024 176
9.5 COMPANY VALUATION AND FINANCIAL METRICS 177
9.6 PRODUCT COMPARISON 178
9.7 COMPANY EVALUATION MATRIX: KEY HYDROGEN PRODUCERS, 2024 179
9.7.1 STARS 179
9.7.2 EMERGING LEADERS 179
9.7.3 PERVASIVE PLAYERS 179
9.7.4 PARTICIPANTS 179
9.7.4.1 Generation type footprint 181
9.8 COMPANY EVALUATION MATRIX: KEY HYDROGEN STORAGE PROVIDERS, 2024 181
9.8.1 STARS 181
9.8.2 EMERGING LEADERS 181
9.8.3 PERVASIVE PLAYERS 181
9.8.4 PARTICIPANTS 182
9.8.4.1 Storage footprint 183
9.9 COMPANY EVALUATION MATRIX: KEY HYDROGEN TRANSPORTATION PROVIDERS, 2024 184
9.9.1 STARS 184
9.9.2 EMERGING LEADERS 184
9.9.3 PERVASIVE PLAYERS 184
9.9.4 PARTICIPANTS 184
9.9.4.1 Transportation footprint 186
9.9.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 187
9.9.5.1 Company footprint 187
9.9.5.2 Region footprint 188
9.9.5.3 Application footprint 189
9.10 COMPANY EVALUATION MATRIX: STARTUPS/SMES (HYDROGEN PRODUCERS), 2024 190
9.10.1 PROGRESSIVE COMPANIES 190
9.10.2 RESPONSIVE COMPANIES 190
9.10.3 DYNAMIC COMPANIES 190
9.10.4 STARTING BLOCKS 190
9.10.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 192
9.10.5.1 Detailed list of key startups/SMEs 192
9.10.5.2 Competitive benchmarking of key startups/SMEs 193
9.11 COMPETITIVE SCENARIO 193
9.11.1 PRODUCT LAUNCHES 193
9.11.2 DEALS 194
9.11.3 EXPANSIONS 196
9.11.4 OTHER DEVELOPMENTS 197
10 COMPANY PROFILE 198
10.1 KEY HYDROGEN PRODUCERS 198
10.1.1 LINDE PLC 198
10.1.1.1 Business overview 198
10.1.1.2 Products/Solutions/Services offered 199
10.1.1.3 Recent developments 200
10.1.1.3.1 Deals 200
10.1.1.3.2 Expansions 203
10.1.1.4 MnM view 203
10.1.1.4.1 Key strengths 203
10.1.1.4.2 Strategic choices 203
10.1.1.4.3 Weaknesses and competitive threats 204
10.1.2 AIR LIQUIDE 205
10.1.2.1 Business overview 205
10.1.2.2 Products/Solutions/Services offered 206
10.1.2.3 Recent developments 207
10.1.2.3.1 Deals 207
10.1.2.3.2 Expansions 209
10.1.2.3.3 Other developments 210
10.1.2.4 MnM view 210
10.1.2.4.1 Key strengths 210
10.1.2.4.2 Strategic choices 210
10.1.2.4.3 Weaknesses and competitive threats 210
10.1.3 SAUDI ARABIAN OIL CO. 211
10.1.3.1 Business overview 211
10.1.3.2 Products/Solutions/Services offered 212
10.1.3.3 Recent developments 213
10.1.3.3.1 Deals 213
10.1.3.3.2 Expansions 213
10.1.4 AIR PRODUCTS AND CHEMICALS, INC. 214
10.1.4.1 Business overview 214
10.1.4.2 Products/Solutions/Services offered 215
10.1.4.3 Recent developments 216
10.1.4.3.1 Deals 216
10.1.4.3.2 Expansions 218
10.1.4.3.3 Other developments 219
10.1.4.4 MnM view 219
10.1.4.4.1 Key strategies 219
10.1.4.4.2 Strategic choices 219
10.1.4.4.3 Weaknesses and competitive threats 220
10.1.5 SHELL PLC 221
10.1.5.1 Business overview 221
10.1.5.2 Products/Solutions/Services offered 222
10.1.5.3 Recent developments 223
10.1.5.3.1 Deals 223
10.1.5.3.2 Expansions 223
10.1.5.3.3 Other developments 224
10.1.5.4 MnM View 224
10.1.5.4.1 Key strengths 224
10.1.5.4.2 Strategic choices 224
10.1.5.4.3 Weaknesses and competitive threats 224
10.1.6 CHEVRON CORPORATION 225
10.1.6.1 Business overview 225
10.1.6.2 Products/Solutions/Services offered 226
10.1.6.3 Recent developments 227
10.1.6.3.1 Deals 227
10.1.7 UNIPER SE 229
10.1.7.1 Business overview 229
10.1.7.2 Products/Solutions/Services offered 230
10.1.7.3 Recent developments 231
10.1.7.3.1 Deals 231
10.1.7.3.2 Other developments 233
10.1.8 EXXON MOBIL CORPORATION 234
10.1.8.1 Business overview 234
10.1.8.2 Products/Solutions/Services offered 235
10.1.8.3 Recent developments 236
10.1.8.3.1 Deals 236
10.1.9 BP P.L.C. 237
10.1.9.1 Business overview 237
10.1.9.2 Products/Solutions/Services offered 238
10.1.9.3 Recent developments 239
10.1.9.3.1 Deals 239
10.1.9.3.2 Other developments 240
10.2 HYDROGEN STORAGE PROVIDERS 241
10.2.1 INOX INDIA LIMITED 241
10.2.1.1 Business overview 241
10.2.1.2 Products/Solutions/Services offered 242
10.2.1.3 Recent developments 243
10.2.1.3.1 Deals 243
10.2.1.4 MnM view 243
10.2.1.4.1 Key strengths 243
10.2.1.4.2 Strategic choices 243
10.2.1.4.3 Weaknesses and competitive threats 243
10.2.2 CRYOLOR 244
10.2.2.1 Business overview 244
10.2.2.2 Products/Solutions/Services offered 244
10.2.2.3 MnM view 245
10.2.2.3.1 Key strengths 245
10.2.2.3.2 Strategic choices 245
10.2.2.3.3 Weaknesses and competitive threats 245
10.2.3 BNH GAS TANKS 246
10.2.3.1 Business overview 246
10.2.3.2 Products/Solutions/Services offered 246
10.2.4 FABER ITALY 248
10.2.4.1 Business overview 248
10.2.4.2 Products/Solutions/Services offered 248
10.2.5 OTHER HYDROGEN STORAGE PROVIDERS 249
10.2.5.1 Luxfer Holdings PLC 249
10.2.5.2 FIBA Technologies, Inc. 250
10.2.5.3 Cryofab, Inc. 250
10.2.5.4 Opmobility 251
10.3 HYDROGEN TRANSPORTATION TANK PROVIDERS 252
10.3.1 BAYOTECH 252
10.3.1.1 Business overview 252
10.3.1.2 Products/Solutions/Services offered 252
10.3.1.3 Recent developments 253
10.3.1.3.1 Deals 253
10.3.2 HEXAGON PURUS 254
10.3.2.1 Business overview 254
10.3.2.2 Products/Solutions/Services offered 255
10.3.2.3 Recent developments 256
10.3.2.3.1 Expansions 257
10.3.2.3.2 Other developments 257
10.3.2.4 MnM view 257
10.3.2.4.1 Key strategies 257
10.3.2.4.2 Strategic choices 257
10.3.2.4.3 Weaknesses and competitive threats 258
10.3.3 NPROXX 259
10.3.3.1 Business overview 259
10.3.3.2 Products/Solutions/Services offered 259
10.3.3.3 Recent developments 260
10.3.3.3.1 Product launches 260
10.3.3.3.2 Deals 260
10.3.4 CHART INDUSTRIES 261
10.3.4.1 Business overview 261
10.3.4.2 Products/Solutions/Services offered 262
10.3.4.3 Recent developments 263
10.3.4.3.1 Deals 263
10.3.4.3.2 Other developments 264
10.3.4.4 MnM view 264
10.3.4.4.1 Key strategies 264
10.3.4.4.2 Strategic choices 264
10.3.4.4.3 Weaknesses and competitive threats 264
10.3.5 OTHER HYDROGEN TRANSPORTATION TANK PROVIDERS 265
10.3.5.1 Quantum Fuel Systems 265
10.3.5.2 Composite Advanced Technologies, LLC 266
10.3.5.3 Weldship 267
10.3.5.4 CALVERA Hydrogen 268
11 APPENDIX 269
11.1 INSIGHTS OF INDUSTRY EXPERTS 269
11.2 DISCUSSION GUIDE 269
11.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 274
11.4 CUSTOMIZATION OPTIONS 276
11.5 RELATED REPORTS 276
11.6 AUTHOR DETAILS 277
LIST OF TABLES
TABLE 1 LIST OF PRIMARY INTERVIEW PARTICIPANTS 33
TABLE 2 HYDROGEN MARKET SNAPSHOT 44
TABLE 3 AVERAGE SELLING PRICE TREND OF HYDROGEN GENERATION,
BY REGION, 2022–2024 (USD/KG) 56
TABLE 4 INDICATIVE PRICING ANALYSIS OF HYDROGEN STORAGE, BY REGION, 2024 56
TABLE 5 HYDROGEN MARKET: ROLE OF PLAYERS IN ECOSYSTEM 60
TABLE 6 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 61
TABLE 7 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 62
TABLE 8 HYDROGEN MARKET: LIST OF CONFERENCES AND EVENTS, 2025–2026 67
TABLE 9 HYDROGEN MARKET: MAJOR PATENTS RELATED TO HYDROGEN GENERATION, STORAGE, AND TRANSPORTATION 69
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 74
TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 75
TABLE 13 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 76
TABLE 14 HYDROGEN MARKET: PORTER’S FIVE FORCES ANALYSIS 79
TABLE 15 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
IN TOP THREE APPLICATIONS 81
TABLE 16 KEY BUYING CRITERIA, BY APPLICATION 82
TABLE 17 US-ADJUSTED RECIPROCAL TARIFF RATES 87
TABLE 18 EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END-USE
MARKETS DUE TO TARIFF 88
TABLE 19 HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 93
TABLE 20 HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 93
TABLE 21 GENERATION TYPE: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 94
TABLE 22 GENERATION TYPE: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 94
TABLE 23 GENERATION TYPE: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 95
TABLE 24 GENERATION TYPE: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 95
TABLE 25 GENERATION TYPE: HYDROGEN MARKET, BY TYPE,
2021–2024 (THOUSAND METRIC TONS) 95
TABLE 26 GENERATION TYPE: HYDROGEN MARKET, BY TYPE,
2025–2030 (THOUSAND METRIC TONS) 96
TABLE 27 GENERATION TYPE: HYDROGEN MARKET, BY TYPE, 2021–2024 (USD MILLION) 96
TABLE 28 GENERATION TYPE: HYDROGEN MARKET, BY TYPE, 2025–2030 (USD MILLION) 96
TABLE 29 GRAY HYDROGEN: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 97
TABLE 30 GRAY HYDROGEN: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 97
TABLE 31 GRAY HYDROGEN: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 97
TABLE 32 GRAY HYDROGEN: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 98
TABLE 33 BLUE HYDROGEN: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 98
TABLE 34 BLUE HYDROGEN: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 99
TABLE 35 BLUE HYDROGEN: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 99
TABLE 36 BLUE HYDROGEN: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 99
TABLE 37 GREEN HYDROGEN: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 100
TABLE 38 GREEN HYDROGEN: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 100
TABLE 39 GREEN HYDROGEN: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 101
TABLE 40 GREEN HYDROGEN: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 101
TABLE 41 STORAGE: HYDROGEN MARKET, 2021–2024 (USD MILLION) 101
TABLE 42 STORAGE: HYDROGEN MARKET, 2025–2030 (USD MILLION) 102
TABLE 43 PHYSICAL: HYDROGEN MARKET, BY REGION, 2021–2024 (UNITS) 102
TABLE 44 PHYSICAL: HYDROGEN MARKET, BY REGION, 2025–2030 (UNITS) 103
TABLE 45 PHYSICAL: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 103
TABLE 46 PHYSICAL: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 103
TABLE 47 TRANSPORTATION: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 104
TABLE 48 TRANSPORTATION: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 104
TABLE 49 TRANSPORTATION: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 105
TABLE 50 TRANSPORTATION: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 105
TABLE 51 TRANSPORTATION: HYDROGEN MARKET, BY TYPE,
2021–2024 (THOUSAND METRIC TONS) 105
TABLE 52 TRANSPORTATION: HYDROGEN MARKET, BY TYPE,
2025–2030 (THOUSAND METRIC TONS) 105
TABLE 53 TRANSPORTATION: HYDROGEN MARKET, BY TYPE, 2021–2024 (USD MILLION) 106
TABLE 54 TRANSPORTATION: HYDROGEN MARKET, BY TYPE, 2025–2030 (USD MILLION) 106
TABLE 55 LONG DISTANCE: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 107
TABLE 56 LONG DISTANCE: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 107
TABLE 57 LONG DISTANCE: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 107
TABLE 58 LONG DISTANCE: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 108
TABLE 59 LONG DISTANCE: HYDROGEN MARKET, BY TYPE,
2021–2030 (THOUSAND METRIC TONS) 108
TABLE 60 LONG DISTANCE: HYDROGEN MARKET, BY TYPE,
2025–2030 (THOUSAND METRIC TONS) 108
TABLE 61 LONG DISTANCE: HYDROGEN MARKET, BY TYPE, 2021–2024 (USD MILLION) 108
TABLE 62 LONG DISTANCE: HYDROGEN MARKET, BY TYPE, 2025–2030 (USD MILLION) 109
TABLE 63 SHORT DISTANCE: HYDROGEN MARKET, BY REGION,
2021–2024 (THOUSAND METRIC TONS) 109
TABLE 64 SHORT DISTANCE: HYDROGEN MARKET, BY REGION,
2025–2030 (THOUSAND METRIC TONS) 110
TABLE 65 SHORT DISTANCE: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 110
TABLE 66 SHORT DISTANCE: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 110
TABLE 67 HYDROGEN MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 112
TABLE 68 HYDROGEN MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 112
TABLE 69 ENERGY: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 113
TABLE 70 ENERGY: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 114
TABLE 71 ENERGY: HYDROGEN MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 114
TABLE 72 ENERGY: HYDROGEN MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 114
TABLE 73 MOBILITY: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 115
TABLE 74 MOBILITY: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 116
TABLE 75 CHEMICAL & REFINERY: HYDROGEN MARKET, BY REGION,
2021–2024 (USD MILLION) 116
TABLE 76 CHEMICAL & REFINERY: HYDROGEN MARKET, BY REGION,
2025–2030 (USD MILLION) 117
TABLE 77 CHEMICAL & REFINERY: HYDROGEN MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 117
TABLE 78 CHEMICAL & REFINERY: HYDROGEN MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 117
TABLE 79 OTHERS: HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 119
TABLE 80 OTHERS: HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 119
TABLE 81 HYDROGEN MARKET, BY REGION, 2021–2024 (USD MILLION) 122
TABLE 82 HYDROGEN MARKET, BY REGION, 2025–2030 (USD MILLION) 122
TABLE 83 NORTH AMERICA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 123
TABLE 84 NORTH AMERICA: HYDROGEN MARKET, BY SECTOR, 2025–2030(USD MILLION) 123
TABLE 85 NORTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (THOUSAND METRIC TONS) 123
TABLE 86 NORTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (THOUSAND METRIC TONS) 124
TABLE 87 NORTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (USD MILLION) 124
TABLE 88 NORTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (USD MILLION) 124
TABLE 89 NORTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (THOUSANDS METRIC TONS) 125
TABLE 90 NORTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (THOUSAND METRIC TONS) 125
TABLE 91 NORTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (USD MILLION) 125
TABLE 92 NORTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (USD MILLION) 125
TABLE 93 NORTH AMERICA: HYDROGEN MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 126
TABLE 94 NORTH AMERICA: HYDROGEN MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 126
TABLE 95 NORTH AMERICA: HYDROGEN MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 126
TABLE 96 NORTH AMERICA: HYDROGEN MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 127
TABLE 97 US: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 127
TABLE 98 US: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 128
TABLE 99 CANADA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 128
TABLE 100 CANADA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 129
TABLE 101 MEXICO: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 129
TABLE 102 MEXICO: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 129
TABLE 103 ASIA PACIFIC: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 131
TABLE 104 ASIA PACIFIC: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 132
TABLE 105 ASIA PACIFIC: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (THOUSAND METRIC TONS) 132
TABLE 106 ASIA PACIFIC: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (THOUSAND METRIC TONS) 132
TABLE 107 ASIA PACIFIC: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (USD MILLION) 132
TABLE 108 ASIA PACIFIC: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (USD MILLION) 133
TABLE 109 ASIA PACIFIC: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (THOUSAND METRIC TONS) 133
TABLE 110 ASIA PACIFIC: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (THOUSAND METRIC TONS) 133
TABLE 111 ASIA PACIFIC: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (USD MILLION) 133
TABLE 112 ASIA PACIFIC: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (USD MILLION) 134
TABLE 113 ASIA PACIFIC: HYDROGEN MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 134
TABLE 114 ASIA PACIFIC: HYDROGEN MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 134
TABLE 115 ASIA PACIFIC: HYDROGEN MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 135
TABLE 116 ASIA PACIFIC: HYDROGEN MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 135
TABLE 117 CHINA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 136
TABLE 118 CHINA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 136
TABLE 119 INDIA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 137
TABLE 120 INDIA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 137
TABLE 121 JAPAN: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 138
TABLE 122 JAPAN: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 138
TABLE 123 AUSTRALIA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 139
TABLE 124 AUSTRALIA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 139
TABLE 125 SOUTH KOREA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 140
TABLE 126 SOUTH KOREA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 140
TABLE 127 REST OF ASIA PACIFIC: HYDROGEN MARKET, BY SECTOR,
2021–2024 (USD MILLION) 141
TABLE 128 REST OF ASIA PACIFIC: HYDROGEN MARKET, BY SECTOR,
2025–2030 (USD MILLION) 141
TABLE 129 EUROPE: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 142
TABLE 130 EUROPE: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 143
TABLE 131 EUROPE: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (THOUSAND METRIC TONS) 143
TABLE 132 EUROPE: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (THOUSAND METRIC TONS) 143
TABLE 133 EUROPE: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (USD MILLION) 144
TABLE 134 EUROPE: HYDROGEN MARKET, BY GENERATION TYPE, 2025–2030 (USD MILLION) 144
TABLE 135 EUROPE: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (THOUSAND METRIC TONS) 144
TABLE 136 EUROPE: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (THOUSAND METRIC TONS) 144
TABLE 137 EUROPE: HYDROGEN MARKET, BY TRANSPORTATION, 2021–2024 (USD MILLION) 145
TABLE 138 EUROPE: HYDROGEN MARKET, BY TRANSPORTATION, 2025–2030 (USD MILLION) 145
TABLE 139 EUROPE: HYDROGEN MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 145
TABLE 140 EUROPE: HYDROGEN MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 146
TABLE 141 EUROPE: HYDROGEN MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 146
TABLE 142 EUROPE: HYDROGEN MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 146
TABLE 143 GERMANY: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 147
TABLE 144 GERMANY: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 147
TABLE 145 FRANCE: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 148
TABLE 146 FRANCE: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 149
TABLE 147 UK: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 149
TABLE 148 UK: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 150
TABLE 149 RUSSIA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 151
TABLE 150 RUSSIA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 151
TABLE 151 REST OF EUROPE: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 152
TABLE 152 REST OF EUROPE: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 152
TABLE 153 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY SECTOR,
2021–2024 (USD MILLION) 153
TABLE 154 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY SECTOR,
2025–2030 (USD MILLION) 153
TABLE 155 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (THOUSAND METRIC TONS) 153
TABLE 156 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (THOUSAND METRIC TONS) 154
TABLE 157 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (USD MILLION) 154
TABLE 158 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (USD MILLION) 154
TABLE 159 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (THOUSAND METRIC TONS) 155
TABLE 160 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (THOUSAND METRIC TONS) 155
TABLE 161 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (USD MILLION) 155
TABLE 162 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (USD MILLION) 156
TABLE 163 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 156
TABLE 164 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 156
TABLE 165 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 157
TABLE 166 MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 157
TABLE 167 SAUDI ARABIA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 158
TABLE 168 SAUDI ARABIA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 158
TABLE 169 UAE: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 159
TABLE 170 UAE: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 159
TABLE 171 SOUTH AFRICA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 160
TABLE 172 SOUTH AFRICA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 160
TABLE 173 REST OF MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY SECTOR,
2021–2024 (USD MILLION) 161
TABLE 174 REST OF MIDDLE EAST & AFRICA: HYDROGEN MARKET, BY SECTOR,
2025–2030 (USD MILLION) 161
TABLE 175 SOUTH AMERICA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 162
TABLE 176 SOUTH AMERICA: HYDROGEN MARKET, BY SECTOR, 2025–2030(USD MILLION) 162
TABLE 177 SOUTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (THOUSAND METRIC TONS) 162
TABLE 178 SOUTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (THOUSAND METRIC TONS) 163
TABLE 179 SOUTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2021–2024 (USD MILLION) 163
TABLE 180 SOUTH AMERICA: HYDROGEN MARKET, BY GENERATION TYPE,
2025–2030 (USD MILLION) 163
TABLE 181 SOUTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (THOUSAND METRIC TONS) 164
TABLE 182 SOUTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (THOUSAND METRIC TONS) 164
TABLE 183 SOUTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2021–2024 (USD MILLION) 164
TABLE 184 SOUTH AMERICA: HYDROGEN MARKET, BY TRANSPORTATION,
2025–2030 (USD MILLION) 165
TABLE 185 SOUTH AMERICA: HYDROGEN MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 165
TABLE 186 SOUTH AMERICA: HYDROGEN MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 165
TABLE 187 SOUTH AMERICA: HYDROGEN MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 166
TABLE 188 SOUTH AMERICA: HYDROGEN MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 166
TABLE 189 BRAZIL: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 167
TABLE 190 BRAZIL: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 167
TABLE 191 ARGENTINA: HYDROGEN MARKET, BY SECTOR, 2021–2024 (USD MILLION) 168
TABLE 192 ARGENTINA: HYDROGEN MARKET, BY SECTOR, 2025–2030 (USD MILLION) 168
TABLE 193 REST OF SOUTH AMERICA: HYDROGEN MARKET, BY SECTOR,
2021–2024 (USD MILLION) 168
TABLE 194 REST OF SOUTH AMERICA: HYDROGEN MARKET, BY SECTOR,
2025–2030 (USD MILLION) 169
TABLE 197 HYDROGEN MARKET: GENERATION TYPE FOOTPRINT 181
TABLE 198 HYDROGEN MARKET: STORAGE FOOTPRINT 183
TABLE 199 HYDROGEN MARKET: TRANSPORTATION FOOTPRINT 186
TABLE 200 HYDROGEN MARKET: REGION FOOTPRINT 188
TABLE 201 HYDROGEN MARKET: APPLICATION FOOTPRINT 189
TABLE 202 HYDROGEN MARKET: DETAILED LIST OF KEY STARTUPS/SMES 192
TABLE 203 HYDROGEN MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 193
TABLE 204 HYDROGEN MARKET: PRODUCT LAUNCHES, JANUARY 2020–JUNE 2025 193
TABLE 205 HYDROGEN MARKET: DEALS, JANUARY 2020–JUNE 2025 194
TABLE 206 HYDROGEN MARKET: EXPANSIONS, JANUARY 2020–JUNE 2025 196
TABLE 207 HYDROGEN MARKET: OTHER DEVELOPMENTS, JANUARY 2020–JUNE 2025 197
TABLE 208 LINDE PLC: COMPANY OVERVIEW 198
TABLE 209 LINDE PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 199
TABLE 210 LINDE PLC: DEALS 200
TABLE 211 LINDE PLC: EXPANSIONS 203
TABLE 212 AIR LIQUIDE: COMPANY OVERVIEW 205
TABLE 213 AIR LIQUIDE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 206
TABLE 214 AIR LIQUIDE: DEALS 207
TABLE 215 AIR LIQUIDE: EXPANSIONS 209
TABLE 216 AIR LIQUIDE: OTHER DEVELOPMENTS 210
TABLE 217 SAUDI ARABIAN OIL CO.: COMPANY OVERVIEW 211
TABLE 218 SAUDI ARABIAN OIL CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 212
TABLE 219 SAUDI ARABIAN OIL CO.: DEALS 213
TABLE 220 SAUDI ARABIAN OIL CO.: EXPANSIONS 213
TABLE 221 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY OVERVIEW 214
TABLE 222 AIR PRODUCTS AND CHEMICALS, INC.: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 215
TABLE 223 AIR PRODUCTS AND CHEMICALS, INC.: DEALS 216
TABLE 224 AIR PRODUCTS AND CHEMICALS, INC.: EXPANSIONS 218
TABLE 225 AIR PRODUCTS AND CHEMICALS, INC.: OTHER DEVELOPMENTS 219
TABLE 226 SHELL PLC: COMPANY OVERVIEW 221
TABLE 227 SHELL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 222
TABLE 228 SHELL PLC: DEALS 223
TABLE 229 SHELL PLC: EXPANSIONS 223
TABLE 230 SHELL PLC: OTHER DEVELOPMENTS 224
TABLE 231 CHEVRON CORPORATION: COMPANY OVERVIEW 225
TABLE 232 CHEVRON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 226
TABLE 233 CHEVRON CORPORATION: DEALS 227
TABLE 234 UNIPER SE: COMPANY OVERVIEW 229
TABLE 235 UNIPER SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230
TABLE 236 UNIPER SE: DEALS 231
TABLE 237 UNIPER SE: OTHER DEVELOPMENTS 233
TABLE 238 EXXON MOBIL CORPORATION: COMPANY OVERVIEW 234
TABLE 239 EXXON MOBIL CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 235
TABLE 240 EXXON MOBIL CORPORATION: DEALS 236
TABLE 241 BP P.L.C.: COMPANY OVERVIEW 237
TABLE 242 BP P.L.C.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 238
TABLE 243 BP P.L.C.: DEALS 239
TABLE 244 BP P.L.C.: OTHER DEVELOPMENTS 240
TABLE 245 INOX INDIA LIMITED: COMPANY OVERVIEW 241
TABLE 246 INOX INDIA LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 242
TABLE 247 INOX INDIA LIMITED: DEALS 243
TABLE 248 CRYOLOR: COMPANY OVERVIEW 244
TABLE 249 CRYOLOR: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
TABLE 250 BNH GAS TANKS: COMPANY OVERVIEW 246
TABLE 251 BNH GAS TANKS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 246
TABLE 252 FABER ITALY: COMPANY OVERVIEW 248
TABLE 253 FABER ITALY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 248
TABLE 254 LUXFER HOLDINGS PLC: COMPANY OVERVIEW 249
TABLE 255 FIBA TECHNOLOGIES, INC.: COMPANY OVERVIEW 250
TABLE 256 CRYOFAB, INC.: COMPANY OVERVIEW 250
TABLE 257 OPMOBILITY: COMPANY OVERVIEW 251
TABLE 258 BAYOTECH: COMPANY OVERVIEW 252
TABLE 259 BAYOTECH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 252
TABLE 260 BAYOTECH: DEALS 253
TABLE 261 HEXAGON PURUS: COMPANY OVERVIEW 254
TABLE 262 HEXAGON PURUS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255
TABLE 263 HEXAGON PURUS: DEALS 256
TABLE 264 HEXAGON PURUS: EXPANSIONS 257
TABLE 265 HEXAGON PURUS: OTHER DEVELOPMENTS 257
TABLE 266 NPROXX: COMPANY OVERVIEW 259
TABLE 267 NPROXX: PRODUCTS/SOLUTIONS/SERVICES OFFERED 259
TABLE 268 NPROXX: PRODUCT LAUNCHES 260
TABLE 269 NPROXX: DEALS 260
TABLE 270 CHART INDUSTRIES: COMPANY OVERVIEW 261
TABLE 271 CHART INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 262
TABLE 272 CHART INDUSTRIES: DEALS 263
TABLE 273 CHART INDUSTRIES: OTHER DEVELOPMENTS 264
TABLE 274 QUANTUM FUEL SYSTEMS: COMPANY OVERVIEW 265
TABLE 275 COMPOSITE ADVANCED TECHNOLOGIES, LLC: COMPANY OVERVIEW 266
TABLE 276 WELDSHIP: COMPANY OVERVIEW 267
TABLE 277 CALVERA HYDROGEN: COMPANY OVERVIEW 268
LIST OF FIGURES
FIGURE 1 HYDROGEN MARKET: SEGMENTATION AND REGIONAL SCOPE 26
FIGURE 2 HYDROGEN MARKET: RESEARCH DESIGN 31
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 32
FIGURE 4 KEY INDUSTRY INSIGHTS 33
FIGURE 5 BREAKDOWN OF PRIMARIES 34
FIGURE 6 KEY DATA FROM PRIMARY SOURCES 34
FIGURE 7 HYDROGEN MARKET: BOTTOM-UP APPROACH 35
FIGURE 8 HYDROGEN MARKET: TOP-DOWN APPROACH 36
FIGURE 9 METRICS CONSIDERED TO ANALYZE DEMAND FOR HYDROGEN 37
FIGURE 10 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF HYDROGEN 39
FIGURE 11 HYDROGEN MARKET: SUPPLY-SIDE ANALYSIS 40
FIGURE 12 HYDROGEN MARKET SHARE ANALYSIS, 2024 41
FIGURE 13 HYDROGEN MARKET: DATA TRIANGULATION 42
FIGURE 14 HYDROGEN MARKET: RESEARCH LIMITATIONS 43
FIGURE 15 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF HYDROGEN MARKET IN 2024 45
FIGURE 16 CHEMICAL & REFINERY SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 45
FIGURE 17 GENERATION TYPE TO DOMINATE HYDROGEN MARKET DURING
FORECAST PERIOD 46
FIGURE 18 GROWING NEED TO REDUCE GREENHOUSE GAS EMISSIONS TO FUEL
MARKET GROWTH DURING FORECAST PERIOD 47
FIGURE 19 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 47
FIGURE 20 GENERATION TYPE TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 48
FIGURE 21 CHEMICAL & REFINERY SEGMENT TO BE DOMINANT APPLICATION DURING FORECAST PERIOD 48
FIGURE 22 CHINA DOMINATED ASIA PACIFIC HYDROGEN MARKET IN 2024 49
FIGURE 23 HYDROGEN MARKET: MARKET DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 50
FIGURE 24 DEMAND FOR AMMONIA, BY END USE, 2024 52
FIGURE 25 GREENHOUSE GAS EMISSIONS, BY SECTOR, 2023 53
FIGURE 26 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 55
FIGURE 27 AVERAGE SELLING PRICE TREND OF HYDROGEN GENERATION,
BY REGION, 2022–2024 56
FIGURE 28 INDICATIVE PRICING OF HYDROGEN TRANSPORTATION, BY TRANSPORTATION MODE, USD MILLION 57
FIGURE 29 HYDROGEN MARKET: SUPPLY CHAIN ANALYSIS 58
FIGURE 30 HYDROGEN MARKET: ECOSYSTEM ANALYSIS 59
FIGURE 31 EXPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 61
FIGURE 32 IMPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 62
FIGURE 33 NUMBER OF PATENTS GRANTED IN HYDROGEN MARKET, 2014–2024 68
FIGURE 34 HYDROGEN MARKET: PORTER’S FIVE FORCES ANALYSIS 79
FIGURE 35 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS IN TOP THREE APPLICATIONS 81
FIGURE 36 BUYING CRITERIA FOR TOP THREE APPLICATIONS 81
FIGURE 37 IMPACT OF AI/GENERATIVE AI, BY APPLICATION 84
FIGURE 38 INVESTMENT AND FUNDING SCENARIO 86
FIGURE 39 HYDROGEN MARKET, BY SECTOR, 2024 93
FIGURE 40 HYDROGEN MARKET, BY APPLICATION, 2024 112
FIGURE 41 ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 121
FIGURE 42 HYDROGEN MARKET SHARE, BY REGION, 2024 122
FIGURE 44 EUROPE: HYDROGEN MARKET SNAPSHOT 142
FIGURE 45 MARKET SHARE ANALYSIS OF COMPANIES OFFERING HYDROGEN
SOLUTIONS, 2024 174
FIGURE 46 HYDROGEN MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2020–2024 176
FIGURE 47 COMPANY VALUATION 177
FIGURE 48 FINANCIAL METRICS (EV/EBITDA) 177
FIGURE 49 PRODUCT COMPARISON 178
FIGURE 50 HYDROGEN MARKET: COMPANY EVALUATION MATRIX
(KEY HYDROGEN PRODUCERS), 2024 180
FIGURE 51 HYDROGEN MARKET: COMPANY EVALUATION MATRIX (KEY HYDROGEN
STORAGE PROVIDERS), 2024 182
FIGURE 52 HYDROGEN MARKET: COMPANY EVALUATION MATRIX (KEY HYDROGEN TRANSPORTATION PROVIDERS), 2024 185
FIGURE 53 HYDROGEN MARKET: COMPANY FOOTPRINT 187
FIGURE 54 HYDROGEN MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 191
FIGURE 55 LINDE PLC: COMPANY SNAPSHOT 199
FIGURE 56 AIR LIQUIDE: COMPANY SNAPSHOT 206
FIGURE 57 SAUDI ARABIAN OIL CO.: COMPANY SNAPSHOT 212
FIGURE 58 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY SNAPSHOT 215
FIGURE 59 SHELL PLC: COMPANY SNAPSHOT 222
FIGURE 60 CHEVRON CORPORATION: COMPANY SNAPSHOT 226
FIGURE 61 UNIPER SE: COMPANY SNAPSHOT 230
FIGURE 62 EXXON MOBIL CORPORATION: COMPANY SNAPSHOT 235
FIGURE 63 BP P.L.C.: COMPANY SNAPSHOT 238
FIGURE 64 INOX INDIA LIMITED: COMPANY SNAPSHOT 242
FIGURE 65 HEXAGON PURUS: COMPANY SNAPSHOT 255
FIGURE 66 CHART INDUSTRIES: COMPANY SNAPSHOT 262
