Industrial Hydrogen Market to Reach $31.9B by 2034, Driven by Green Hydrogen Advancements

The The industrial hydrogen market is expanding due to rising demand across sectors like chemicals, electronics, and metal production. Advancements in production methods are shaping the market’s future growth.

The global Industrial Hydrogen Market is projected to attain a valuation of approximately US$ 19,800 million by 2024, reflecting a steady growth trend with an anticipated compound annual growth rate (CAGR) of 4.9% through 2034. This growth is expected to elevate the market size to around US$ 31,946.3 million by the year 2034.

The expansion of the industrial hydrogen market is driven by increasing demand across key industries such as energy, refining, and electronics, where hydrogen plays a critical role. This surge in demand is largely due to the growing focus on cleaner energy alternatives worldwide.

Moreover, advancements in hydrogen production technologies are contributing to a favorable outlook, improving both efficiency and sustainability. The evolving dynamics of the market highlight the vital importance of hydrogen within the global industrial landscape.

Key Takeaways from Market Study:

• The estimated market value for 2024 is US$ 19,800 million.
• The forecasted market value for 2034 is US$ 31,946.3 million.
• The global market is projected to grow at a 9% CAGR from 2024 to 2034.
• The electrolysis segment is expected to expand at a 9% CAGR during the forecast period.
• The electronics segment is anticipated to grow at a 6% CAGR from 2024 to 2034.
• North America holds a 6% market share in 2024.
• East Asia accounts for 5% of the market share in 2024.

Leading Players Driving Innovation in the Industrial Hydrogen Market:

Taiyo Nippon Sanso; Messer Group; Air Products; Yingde Gases; Air Water; Linde Group; Air Liquide; Reliance Industries Ltd.; Mitsubishi Gas Chemical Company Inc.; Evonik Industries AG.

Country-wise Insights:

North America's industrial hydrogen sector is set for remarkable expansion, with a projected compound annual growth rate (CAGR) of 5.1% through 2034. This growth is largely driven by the rising demand from industrial hydrogen consumers in major countries, particularly the United States and Canada.

By 2024, the United States is expected to lead the industrial hydrogen market, holding an estimated market share of 77.4%.

In East Asia, the industrial hydrogen market is forecasted to show considerable advancement, targeting a CAGR of 3.8% in 2024. Within this region, China is positioned as the dominant force in the industrial hydrogen sector, capturing a substantial market share of 57.8% in 2024.

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Category-wise Insights:

According to the production method, the electrolysis segment is projected to capture a market share of 53.4% in 2024. This growth is largely attributed to the heightened emphasis on green hydrogen production, which aligns with global initiatives aimed at adopting cleaner and more sustainable hydrogen generation techniques.

In terms of end-use, the electronics segment within the industrial hydrogen sector is expected to represent a market share of 16.5% in 2024. The substantial market presence of the electronics segment is fueled by the increasing demand for hydrogen in semiconductor manufacturing and various electronic applications, where hydrogen is essential for numerous processes.

Industrial Hydrogen Market News:

• In July 2023, a significant partnership was established between Air Liquide and KBR, focusing on the provision of comprehensive low-carbon ammonia solutions. This collaboration signifies a strategic effort to combine their respective expertise, thereby advancing the development of sustainable solutions within the ammonia industry.
• In the same month, Air Products & Chemicals, Inc. garnered attention by being appointed as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet, a project spearheaded by Edmonton International Airport.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global industrial hydrogen market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the production method, end use, and region. By production method, the market is categorized into Electrolysis and Conventional & Others. By end use, the key segments include Chemicals, Electronics, Food & Beverages, Glass, Metal Production, Pharmaceuticals & Biotechnology, Welding & Fabrication, and Others. Regionally, the market is divided into North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa.

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