Hydrogen Market

Global Market Study on Hydrogen: Emission Reduction Requirements to Create Increased Demand for Hydrogen

Hydrogen Market Segmented By Pipeline, Truck, Cylinder as Centralized Production and Distributed Production by Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Water Electrolysis Production Method for Petroleum Refining, Metal Processing, Automotive Fuel, Glass Industry, Edible Fats and Oils


Diversity in production sources makes hydrogen a promising energy carrier, which includes biomass, hydro, wind, solar, geothermal, nuclear, carbon capture, use and storage coal, and natural gas. Key technologies in the hydrogen sector are gradually reaching a moderate stage.

Scaling up can furthermore facilitate the necessary cost reductions needed for the technology. Hydrogen is regarded as a possible paradigm shifter. Over the forecast era, hydrogen is anticipated to account for a prominent role alongside electricity, with the versatility to provide mobility, power systems, and heat and industrial services.

Reduction in renewable energy and fuel cell prices, combined with stringent regulations concerning climate change, are factors projected to lead to the growth of the hydrogen market over the forecast period. The combination of these factors gives practical prospects for the hydrogen market in energy transition.

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  • Air Liquide S.A.
  • The Linde Group
  • Air Products and Chemicals, Inc.
  • Iwatani Corporation
  • Showa Denko K.K.
  • Teledyne Technologies Inc.
  • Messer Group GmbH
  • Hydrogenics Corp.
  • Nel ASA
  • Southern Industrial Gas Sdn Bhd
  • Hy.Gear B.V.
  • Xebec Adsorption Inc.
  • Ellenbarrie Industrial Gases Ltd.
  • CLAIND Srl
  • Bristol Gases – Concorde Corodex Group
  • Taiyo Nippon Sanso Corporation
  • Yateem Oxygen
  • Nuvera Fuel Cells, LLC
  • Gulf Cryo Holding C.S.C

Hydrogen Significantly Contributes toward a Booming Downstream Renewable Power Market

The hydrogen market is gradually growing in direct relevance for energy transition, which forms a potential link in the chain. Renewable electricity can be used to produce hydrogen, which, in turn, can provide access to industries otherwise hard to decarbonize by electrification.

Hydrogen holds the potential to reduce the exposure of renewable electricity generators to the risk of power price volatility. Hydrogen is counted as a reliable alternative for meeting climate goals and compliance with local emission regulations.

Developing economies are focused on promoting hydrogen as an energy carrier and reducing emissions due to the consumption of hydrocarbon fuels through the ongoing development of technologies in both, public and private sectors such as fuel cells developed for motor vehicles and power generation, infrastructure, and safety codes related to hydrogen energy.

The primary cause is attributed to the growth of the petroleum refining industry, where hydrogen consumption is primarily driven by low sulfur production and cleaner-burning fuels. In the transport sector, electric vehicles powered by hydrogen fuel cells hold the capacity to replace current vehicles, wherein, water would be the only exhaust. This can revolutionize the automotive industry, which currently solely relies on fossil fuel.

There are noticeable emerging prospects for the hydrogen market, for which developing economies are well-positioned. Total de-carbonization requires a multidimensional approach that has sparked revived interest in the hydrogen market.

Alternatives to steam methane reforming and coal gasification come from commercially feasible and less carbon-intensive processes. Long-term energy policies being implemented and cross-sector cooperation determine the operative use of hydrogen across various industries.

global hydrogen market production

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Hydrogen Market: Structure Analysis

  • The hydrogen market is building upon vast experience, with an array of established global players, along with mature technologies and processes. Moreover, manufacturers are also emphasizing on expanding their geographical reach and manufacturing capabilities through research & development, in order to ensure a prominent position in the competitive global hydrogen market.
  • Major players in the hydrogen market include Air Liquide S.A., The Linde Group, Air Products and Chemicals Inc., Iwatani Corporation, Showa Denko K.K., Messer Group GmbH, and Teledyne Technologies Inc., among others.
  • Effective adoption of hydrogen along with its global marketing and real-time energy transitions are focused on strategically-designed solutions for infrastructure and storage. Production points, transmission and distribution systems, and refueling station networks form a vital part of the hydrogen infrastructure. On a global scale, there are growing opportunities for the international hydrogen market in terms of production and trade.

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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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Analysts’ Viewpoint

Continued funding for R&D and current or expanded programs to reduce the cost of hydrogen, along with its storage and compression through the development of advanced materials, as well as improve the durability of commercial applications, are some of the factors contributing to the growth of the hydrogen market. Increased emphasis on the development and demonstration of solutions, which is not feasible in battery electrical systems for heavy duty transit, marine, and aviation applications, gives the hydrogen market an added edge over other renewable sources.

Key Segments of Hydrogen Market

PMR’s study on the hydrogen market is divided into four significant segments – delivery mode, production method, end-use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.

Delivery Mode

  • Centralized Production
    • Pipelines
    • Trucks
    • Cylinders
  • Distributed Production

Production Method

  • Steam Methane Reforming
  • Partial Oxidation of Oil
  • Coal Gasification
  • Water Electrolysis
  • Others

End Use

  • Chemicals
    • Ammonia
    • Methanol
    • Resin
    • Polymer
  • Petroleum Refining
  • Metal Processing
  • Automotive Fuel
  • Glass Industry
  • Edible Fats & Oils
  • Energy
  • Others


  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Questions Answered in PMR’s Hydrogen Market Report

  • Which region is anticipated to hold a prominent share in the global hydrogen market over the forecast period?
  • What will be the key driving factors propelling the demand for hydrogen during the forecast period?
  • How will current trends impact the hydrogen market?
  • Who are significant market participants in the hydrogen market?
  • What are the crucial strategies of prominent players in the hydrogen market to upscale their positions in this landscape?

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