Hydrogen is being increasingly utilized as an efficient and clean energy carrier in numerous industries and applications. It can be used as fuel in vehicles to reduce emissions and dependence on fossil fuels. Hydrogen fuel cell technology provides an emission-free mode of transport with zero tailpipe emissions.
The global Hydrogen Market is estimated to be valued at US$ 151.5 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing deployment of hydrogen as a clean energy carrier has been a major trend shaping the global hydrogen market. Hydrogen is viewed as a potential replacement for fossil fuels and emit almost no pollution. Several countries and organizations are actively investing in building a hydrogen economy to store and utilize renewable energy through hydrogen technologies. Large scale production and distribution infrastructure for hydrogen is being developed worldwide. Widespread use of hydrogen for applications in industries, transportation, buildings and power generation is expected to drive the hydrogen market over the coming years.
Swot analysis
Strength: Hydrogen has a high energy value and produces only water when used as a fuel. It can be used across various industries like transportation, power generation, petrochemicals which gives it an edge.
Weakness: Production and transportation of hydrogen involves high costs. The infrastructure for hydrogen supply is still at a developing stage. It also has safety issues when stored and handled.
Opportunity: Increasing demand for clean energy coupled with supportive government policies and regulations is boosting the hydrogen market. Developing hydrogen powered vehicles presents a large opportunity. Growing adoption in industries like refineries is anticipated to drive the market.
Threats: Availability of low-cost alternatives remains a challenge. Issues regarding public acceptance of hydrogen as a fuel may impact the market adoption. Technological challenges around production and storage need to be addressed for large scale use.
Key Takeaways
The Global Hydrogen Market Size is expected to witness high growth. The market size is projected to reach US$ 151.5 Billion by 2024, growing at a CAGR of 23% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the hydrogen market and is expected to maintain its lead position over the forecast period. Growing energy demand from countries like China and India along with government focus on clean energy is boosting the regional market. Countries in Europe are also steadily adopting hydrogen technologies to reduce carbon emissions.
Key players analysis: Key players operating in the hydrogen market are IBM Corporation, Informatica LLC,Riversand Technologies, Inc.,SAP SE,Salsify Inc.. Major players are investing in renewable hydrogen production technologies and partnering with automakers for supply of hydrogen fuel cells. They are also exploring opportunities in emerging applications to strengthen their market position.
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