Hydrogen is a chemical element with atomic number 1 that can be used as an energy carrier. It has a high energy content by weight and is one of the most abundant elements on earth; however, hydrogen does not occur naturally as a gas on Earth but needs to be produced. Key advantages of hydrogen include high energy content, versatility, renewability, and non-toxicity. With the growing environmental concerns worldwide, the demand for clean energy technologies is increasing rapidly. Hydrogen has potential to play a major role in decarbonizing the transportation and industrial sectors.

The Global hydrogen market is estimated to be valued at US$ 174.53 Bn in 2024 and is expected to exhibit a CAGR of 23.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the hydrogen market are IBM Corporation,,Informatica LLC,,Riversand Technologies, Inc.,,SAP SE,,Salsify Inc. These companies have been investing heavily in developing hydrogen production technologies and setting up hydrogen infrastructure to cater to the rising demand. Some of the major opportunities in the market include increasing adoption of hydrogen for transportation especially in buses, cars and commercial vehicles. Many countries are providing subsidies and incentives for production and usage of hydrogen. Several companies are also expanding their hydrogen business globally and entering into strategic partnerships with international players to build global hydrogen value chains.

Market Drivers
Rising demand for clean and green energy is a major driver for the Hydrogen Market Trends. Many regions and countries have formulated policies and set targets to reduce reliance on fossil fuels and curb carbon emissions. This is encouraging growth in production and usage of hydrogen which is seen as one of the most viable options for decarbonization across industries. Stringent emission norms by regulatory bodies is another factor boosting the adoption of hydrogen technologies.

Get More Insights on- Hydrogen Market