Hydrogen Market Size, Share and Growth Analysis 2034
Hydrogen Market Size - By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Jul-2025 | Report ID: POAE25113 | Pages: 1 - 253 | Formats*: |
| Category : Power & Energy | |||
Hydrogen Market Introduction and Overview
According to SPER Market Research, the Global Hydrogen Market is estimated to reach USD 662.9 billion by 2034 with a CAGR of 12.48%.
The report includes an in-depth analysis of the Global Hydrogen Market, including market size and trends, product mix, Applications, and supplier analysis. The Global Hydrogen market was valued at USD 204.5 billion in 2024 and is projected to increase at a compound annual growth rate (CAGR) of 12.48% between 2025 and 2034. The push to decarbonize industries through low-carbon hydrogen use, especially in producing chemicals like ammonia and methanol, is boosting hydrogen adoption. Investments in blue hydrogen with carbon capture further support market growth as energy-efficient fuels gain importance in the transition from traditional fuels.
By Type Insights:
Grey hydrogen continues to dominate the hydrogen market due to its widespread use in oil refining and the affordability of steam methane reforming, despite being carbon-intensive. Its production supports ongoing industrial processes, especially in regions modernizing refining infrastructure. Blue hydrogen is expected to grow steadily as governments push for low-emission alternatives. Adoption of carbon capture and storage (CCS) technologies and investments by major energy companies, like ExxonMobil, are boosting its appeal as a cleaner option. Green hydrogen is also gaining momentum, driven by global efforts to cut carbon emissions and transition to cleaner energy. Agreements and investments in large-scale green hydrogen production and international trade are expected to support its long-term growth.
By Application Insights:
The hydrogen market is growing across multiple applications, with petroleum refineries being a major user for reducing sulphur in fuels. Many refineries, like Indian Oil Corporation, are shifting to green hydrogen to meet net-zero goals. Agricultural and chemical industries also drive demand, especially for ammonia and methanol production, supported by renewable energy projects like MadoquaPower2X. Other important uses include steel production, transportation, power generation, and buildings. For example, India’s Ministry of Steel started pilot projects using 100% hydrogen for steelmaking, showing increasing efforts to adopt clean hydrogen across industries.
Regional Insights:
Asia Pacific leads the global hydrogen market, driven by strong government policies, heavy investments, and rapid industrial growth. Countries like China, Japan, and South Korea are actively developing hydrogen infrastructure, promoting fuel cell vehicles, and integrating hydrogen into national energy plans. Their focus on clean energy and decarbonization is accelerating market growth in the region.
Market Competitive Landscape:
Leading companies in the hydrogen market are focusing on innovation, expanding production capacity, and forming strategic alliances to accelerate clean hydrogen adoption. Their efforts aim to support global decarbonization goals and strengthen their position in the growing green energy space. Some key players are- Air Liquide, Air Products & Chemicals, Ally Hi Tech, Ballard Power Systems, Caloric, Claind, Cummins, ENGIE, HyGear, and Infinite Green Energy.
Recent Developments:
In February 2024, Linde collaborated with Daimler Truck to develop advanced sLH2 technology for liquid hydrogen handling. This innovation improved energy conversion, storage capacity, refueling speed, and cost efficiency. The system allows a 40-tonne truck to refuel in 10–15 minutes and travel over 1,000 kilometers, while reducing hydrogen station costs.
In February 2024, BP signed a license agreement with BASF SE to use OASE white technology at its H2Teesside plant for carbon capture during hydrogen production. This proven gas treatment technology enhances energy efficiency and will support BP’s efforts in boosting its blue hydrogen capabilities.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Type, By Application |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Air Liquide, Air Products & Chemicals, Ally Hi Tech, Ballard Power Systems, Caloric, Claind, Cummins, ENGIE, HyGear, and Infinite Green Energy |
- Global Hydrogen Market Size (FY 2021-FY 2034)
- Overview of Global Hydrogen Market
- Segmentation of Global Hydrogen Market By Type (Grey, Blue, Green)
- Segmentation of Global Hydrogen Market By Application (Petroleum Refinery, Chemical, Others)
- Statistical Snap of Global Hydrogen Market
- Expansion Analysis of Global Hydrogen Market
- Problems and Obstacles in Global Hydrogen Market
- Competitive Landscape in the Global Hydrogen Market
- Details on Current Investment in Global Hydrogen Market
- Competitive Analysis of Global Hydrogen Market
- Prominent Players in the Global Hydrogen Market
- SWOT Analysis of Global Hydrogen Market
- Global Hydrogen Market Future Outlook and Projections (FY 2025-FY 2034)
- Recommendations from Analyst
1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPERs internal database
- 2.1.4. Premium insight from KOLs
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTERs Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
6. Competitive Landscape
- 6.1. Global Hydrogen Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Hydrogen Market
7. Global Hydrogen Market, By Type (USD Million) 2021-2034
- 7.1. Grey
- 7.2. Blue
- 7.3. Green
8. Global Hydrogen Market, By Application (USD Million) 2021-2034
- 8.1. Petroleum Refinery
- 8.2. Chemical
- 8.3. Others
9. Global Hydrogen Market, (USD Million) 2021-2034
- 9.1. Global Hydrogen Market Size and Market Share
10. Global Hydrogen Market, By Region, (USD Million) 2021-2034
- 10.1. Asia-Pacific
- 10.1.1. Australia
- 10.1.2. China
- 10.1.3. India
- 10.1.4. Japan
- 10.1.5. South Korea
- 10.1.6. Rest of Asia-Pacific
- 10.2. Europe
- 10.2.1. France
- 10.2.2. Germany
- 10.2.3. Italy
- 10.2.4. Spain
- 10.2.5. United Kingdom
- 10.2.6. Rest of Europe
- 10.3. Middle East and Africa
- 10.3.1. Kingdom of Saudi Arabia
- 10.3.2. United Arab Emirates
- 10.3.3. Qatar
- 10.3.4. South Africa
- 10.3.5. Egypt
- 10.3.6. Morocco
- 10.3.7. Nigeria
- 10.3.8. Rest of Middle-East and Africa
- 10.4. North America
- 10.4.1. Canada
- 10.4.2. Mexico
- 10.4.3. United States
- 10.5. Latin America
- 10.5.1. Argentina
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
11. Company Profile
- 11.1. Air Liquide
- 11.1.1. Company details
- 11.1.2. Financial outlook
- 11.1.3. Product summary
- 11.1.4. Recent developments
- 11.2. Air Products & Chemicals
- 11.2.1. Company details
- 11.2.2. Financial outlook
- 11.2.3. Product summary
- 11.2.4. Recent developments
- 11.3. Ally Hi Tech
- 11.3.1. Company details
- 11.3.2. Financial outlook
- 11.3.3. Product summary
- 11.3.4. Recent developments
- 11.4. Ballard Power Systems
- 11.4.1. Company details
- 11.4.2. Financial outlook
- 11.4.3. Product summary
- 11.4.4. Recent developments
- 11.5. Caloric
- 11.5.1. Company details
- 11.5.2. Financial outlook
- 11.5.3. Product summary
- 11.5.4. Recent developments
- 11.6. Claind
- 11.6.1. Company details
- 11.6.2. Financial outlook
- 11.6.3. Product summary
- 11.6.4. Recent developments
- 11.7. Cummins
- 11.7.1. Company details
- 11.7.2. Financial outlook
- 11.7.3. Product summary
- 11.7.4. Recent developments
- 11.8. ENGIE
- 11.8.1. Company details
- 11.8.2. Financial outlook
- 11.8.3. Product summary
- 11.8.4. Recent developments
- 11.9. HyGear
- 11.9.1. Company details
- 11.9.2. Financial outlook
- 11.9.3. Product summary
- 11.9.4. Recent developments
- 11.10. Infinite Green Energy
- 11.10.1. Company details
- 11.10.2. Financial outlook
- 11.10.3. Product summary
- 11.10.4. Recent developments
- 11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Hydrogen Market is covered By Type, By Application
Hydrogen Market is projected to reach USD 662.9 billion by 2034, growing at a CAGR of of 12.48% during the forecast period.
Hydrogen Market grew in Market size from 2025. The Market is expected to reach USD 662.9 billion by 2034, at a CAGR of 12.48% during the forecast period.
Hydrogen Market CAGR of 12.48% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Hydrogen Market size is USD 662.9 billion from 2025 to 2034.
The North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa is the highest Market share in the Hydrogen Market.
Air Liquide, Air Products & Chemicals, Ally Hi Tech, Ballard Power Systems, Caloric, Claind, Cummins, ENGIE, HyGear, and Infinite Green Energy
The report includes an in-depth analysis of the Global Hydrogen Market, including market size and trends, product mix, Applications, and supplier analysis.
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