WESTFORD, Mass., July 30, 2024 /PRNewswire/ -- According
to SkyQuest, the global Hydrogen Market size was valued
at USD 225.15 billion in 2022 and is
poised to grow from USD 242.71
billion in 2023 to USD 442.63
billion by 2031, growing at a CAGR of 7.8% during the
forecast period (2024-2031).
The move towards decarbonization has led to a high demand for
clean energy thereby creating a lucrative scenario for hydrogen
suppliers. Development of new engines working on hydrogen and
rising popularity of hydrogen-powered transportation will also help
hydrogen market growth in the future. Increasing investments in the
establishment of new hydrogen generation plants around the world is
also expected to boost revenue generation for market players going
forward. The global hydrogen market is segmented into sectors,
application, and region.
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overview:
https://www.skyquestt.com/sample-request/hydrogen-market
Hydrogen Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 242.71
Billion
|
Estimated Value by
2031
|
$ 442.63
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.8%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Sector, Application,
and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Emphasis on green
hydrogen generation
|
Key Market
Opportunities
|
Development of
hydrogen-powered vehicles
|
Key Market
Drivers
|
High demand for clean
energy and rising focus on sustainability
|
Segments covered in Hydrogen Market are as
follows:
- Sector
-
- Generation Type (Gray Hydrogen, Blue Hydrogen, Green Hydrogen),
Storage (Physical, Material-based), and Transportation (Long
Distance, Short Distance)
- Application
-
- Energy (Power Generation, Combined Heat & power (CHP)),
Mobility, and Chemical & Refinery (Petroleum Refinery, Ammonia
Production, Methanol Production)
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report:
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Streamlining Hydrogen Generation Remains Top Priority for
Most Hydrogen Companies
Generation of hydrogen in the most sustainable way possible is
the prime focus of most hydrogen companies. This is why the
generation segment is projected to bring in the most revenue for
hydrogen providers across the forecast period and beyond. Rising
investments in the research and development of novel hydrogen
generation technologies and processes are also expected to help
this segment maintain a dominant market share. Green hydrogen
generation is forecasted to spearhead hydrogen market development
in the long run.
On the other hand, the hydrogen storage segment is projected to
expand at a notable CAGR over the coming years. As hydrogen use
increases around the world, so is the need for better storage
solutions. Safe storage solutions for hydrogen are witnessing a
robust hike in demand and this is why investing in this segment
could pay off big time for new as well as leading hydrogen
companies. Liquefaction and compression are projected to be popular
means of storage for hydrogen in the future.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/hydrogen-market
Energy Applications are Slated to Spearhead Revenue
Generation for Hydrogen Providers
The surge in demand for clean energy is pushing energy companies
away from the use of fossil fuels to generate energy. Hydrogen is
emerging as a clean source of energy for multiple applications
including electricity generation. Integration of other clean energy
sources such as solar, wind, and hydroelectric with hydrogen is
projected to revolutionize the future of energy industry. Rising
investments in development of clean and renewable energy generation
plants will also help this segment bolster market growth in the
long run.
Mobility is another key application where the demand for
hydrogen is projected to surge at an impressive pace over the
coming years. Development and adoption of hydrogen-powered vehicles
around the world is forecasted to help this segment generate new
opportunities for hydrogen providers in the future. High use of
hydrogen fuel cells and better driving range of hydrogen vehicles
as compared to electric vehicles will also play a key role in
bolstering market growth going forward.
The global hydrogen market is rife with opportunities and
investing in almost any segment will offer good return on
investments for companies.
Related Report:
Surface Disinfectant Market
Blue Hydrogen Market
Hydrogen Fuel Cell Vehicle Market
Hydrogen Energy Storage Market
Hydrogen Peroxide Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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