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Hydrogen Market size is set to grow by USD 92.35 bn from 2024-2028, increasing government focus on adoption of clean hydrogen to boost the market growth, Technavio

NEW YORK, May 15, 2024 -- The global hydrogen market  size is estimated to grow by USD 92.35 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7%  during the forecast period. 

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Forecast period


Base Year


Historic Data

2018 - 2022

Segment Covered

Application (Chemical industry, Refinery industry, Metal processing industry, and Others), Type (Grey, Green, and Blue), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)

Region Covered

APAC, Europe, North America, Middle East and Africa, and South America

Key companies profiled

Air Liquide SA, Air Products and Chemicals Inc., BayoTech Inc., Caloric Anlagenbau GmbH, Ceres Power Holdings plc, Chart Industries Inc., Chevron Corp., Iwatani Corp., Linde Plc, Mahler AGS GmbH, Messer SE and Co. KGaA, Nel ASA, Orsted AS, Oxygen Service Co., Plug Power Inc., Resonac Holdings Corp., Saudi Arabian Oil Co., Shell plc, Siemens AG, and Uniper SE

Key Market Trends Fueling Growth

The hydrogen market is experiencing significant growth, as evidenced by Air Liquide's USD456 million investment in the Normand Hy electrolyzer, with a capacity of 200 MW. This collaboration with TotalEnergies is a crucial step towards expanding the renewable and low-carbon hydrogen sector along the Axe Seine. The electrolyzer, which commences operation in 2026, will deliver hydrogen to TotalEnergies refinery, reducing greenhouse gas emissions and promoting clean fuels. The hydrogen generated will be utilized in various applications, including mobility, energy, chemical & refinery processes, and fuel cell applications. The Biden-Harris Administration's focus on low emission fuels and pollution control rules further emphasizes the importance of this development in the hydrogen market. 

Market Challenges

  • The hydrogen market encompasses various hydrogen types, with green and blue hydrogen produced through renewable energy experiencing high production costs. Green hydrogen's levelized cost ranges from USD3 to USD6 per kilogram, making it economically unviable. Production costs are influenced by electrolyzer CAPEX, capacity utilization, and renewable electricity procurement costs. CAPEX covers expenses for the electrolyzer system, balance of plant components, and grid connection. OPEX includes variable and fixed costs. Infrastructure investments, infrared radiation, greenhouse gases, grey hydrogen, generation types, storage and transportation, mobility applications, energy applications, chemical & refinery applications, fuel cell applications, pollution control rules, clean fuels, and the Biden-Harris Administration are significant factors in the hydrogen market landscape.

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Segment Overview 

This hydrogen market report extensively covers market segmentation by

  1. Application 
    • 1.1 Chemical industry
    • 1.2 Refinery industry
    • 1.3 Metal processing industry
    • 1.4 Others
  2. Type 
    • 2.1 Grey
    • 2.2 Green
    • 2.3 Blue
  3. Geography 
    • 3.1 APAC
    • 3.2 Europe
    • 3.3 North America
    • 3.4 Middle East and Africa
    • 3.5 South America

1.1 Chemical industry-  Hydrogen, a vital preliminary supply in the chemical industry, assumes significance as a low emission fuel in various applications. In the context of infrastructure development, hydrogen is employed for generating electricity through infrared radiation, thereby reducing greenhouse gas emissions. The hydrogen market can be segmented into different application areas. Grey hydrogen, derived from natural gas, dominates the chemical & refinery application sector. In contrast, fuel cell applications and mobility applications are witnessing a surge due to stringent pollution control rules and the push for clean fuels under the Biden-Harris Administration. Hydrogen's role extends to energy applications, storage and transportation, and other miscellaneous uses. The generation type of hydrogen, whether through steam methane reforming, electrolysis, or other methods, influences its application and market dynamics.

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Research Analysis

The Hydrogen market is experiencing significant growth due to the increasing demand for low emission fuels as part of the global efforts to reduce greenhouse gas emissions. Hydrogen, as a clean fuel, is gaining traction in various applications, including mobility and energy. The Biden-Harris Administration has announced its support for hydrogen infrastructure development, recognizing its potential in decarbonizing industries and transportation. Grey hydrogen, derived from natural gas, is currently the most produced form of hydrogen, but research and development are focusing on producing hydrogen through renewable energy sources. Fuel cell applications are a key area of growth for hydrogen, offering efficient and clean energy solutions.

Market Research Overview

The hydrogen market encompasses the production, storage, and utilization of hydrogen as an energy carrier. This clean energy source is primarily generated through steam methane reforming, electrolysis, and biomass gasification processes. Hydrogen is used in various industries, including transportation, chemicals, and power generation, due to its high energy density and zero carbon emissions. The global hydrogen market is driven by increasing demand for clean energy and stringent environmental regulations. Furthermore, advancements in hydrogen storage and transportation technologies are expected to boost market growth. The application areas of hydrogen include fuel cells for transportation, ammonia production, and steam methane reforming for the production of synthetic natural gas. The market is also influenced by government initiatives and investments in hydrogen infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

  • Application
    • Chemical Industry
    • Refinery Industry
    • Metal Processing Industry
    • Others
  • Type
    • Grey
    • Green
    • Blue
  • Geography
    • APAC
    • Europe
    • North America
    • Middle East And Africa
    • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research
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SOURCE Technavio