Global Hydrogen Market Set for Significant Expansion: Projected Value of $761.3 Billion by 2040 –


The global Hydrogen market is on track to witness substantial expansion, with a value of US$ 206.6 billion in 2022, projected to soar to US$ 761.3 billion by 2040.

This growth trajectory represents a robust Compound Annual Growth Rate (CAGR) of 7.58%. Volume-wise, the market accounted for 73,844.6 tons in 2022 and is predicted to experience a CAGR of 7.15% during the forecast period from 2023 to 2040.

Growth Influencers:

The growth of the Hydrogen market is spurred by several key factors, including the increasing production of iron, steel, ammonia, and other valuable chemicals where hydrogen plays a vital role. Additionally, the rise in Steam Methane Reforming (SMR) technology contributes to market expansion. However, stringent government procurement policies might pose as a restraint to market growth.

Market Segmentation:

The Hydrogen market is segmented based on Technology, Application, and Delivery Mode.


  • Thermal Process

    • Steam Methane Reforming
    • Partial Oxidation
    • Coal Gasification
    • Biomass Gasification
  • Electrolytic Process

    • SOEC
    • SOFC
    • PEM
    • AEM

The Electrolytic Process segment is witnessing the highest growth, boasting a CAGR of 9.38%.


  • Methanol Production
  • Ammonia Production
  • Petroleum Refinery
  • Heat Treatment
  • Renewable Energy
  • Hydrogen Fuel Cell
  • Fuel Cell Vehicles
  • Fuel Cell Ships
  • Fuel Cell Battery
  • Mobile Power Generation
  • Others

The Ammonia Production segment led the market in 2022, holding over 50% of the total market share.

Delivery Mode:

  • Captive
  • Merchant

The Captive segment is projected to surpass US$ 231,866.3 million by 2037.

Regional Overview:

The market is divided into North America, Europe, Asia Pacific, and the Rest of the World.

North America is witnessing the fastest growth, boasting a CAGR of over 7.7%. The Asia Pacific region is also noteworthy, with a projected revenue of US$ 209,017.9 million by 2027.

Competitive Landscape:

The Hydrogen market’s competitive landscape is diverse, featuring numerous prominent players. Key players in this sector include Air Liquide International S.A., Air Products and Chemicals, Inc., Aquahydrex, Atawey, Claind, Cummins, Ergousp, Fuel Cell Energy, Green Hydrogen Systems, Heliogen, Hydrogenics, HyTech Power, Inox, ITM Power, and Linde plc.

Additional significant contributors include McPhy Energy, Messer Group GmbH, NEL Hydrogen, Plug Power, PowerTap, Showa Denko, Starfire Energy, Taiyo Nippon, Uniper, Weldstar, Inc., Xebec Adsorption Inc., and others. The cumulative market share of the top four players is approximately 48.8%, indicating robust competition within the sector.

Report Insights:

The report offers insights such as:

  • Hydrogen market poised to grow at a CAGR of 7.58% from 2023 to 2040.
  • Key industrial sectors and Steam Methane Reforming (SMR) technology driving market growth.
  • Electrolytic Process and Ammonia Production are promising segments.
  • North America and Asia Pacific contributing significantly to market growth.

Questions Answered in the Report:

  1. What is the projected growth rate of the global Hydrogen market?
  2. What are the main drivers and potential restraints?
  3. Which market segments are expected to experience substantial growth?
  4. Who are the prominent players in the market?

Key Attributes:

Report Attribute Details
No. of Pages 690
Forecast Period 2022 – 2040
Estimated Market Value (USD) in 2022 $206.6 Billion
Forecasted Market Value (USD) by 2040 $761.3 Billion
Compound Annual Growth Rate 7.5%
Regions Covered Global

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