Hydrogen Market Research, Segmentation, Key Players Analysis and Industry Forecast By 2023-2032

The merchant delivery mode is expected to experience the fastest growth, driven by its versatility in various industries such as fuel cell vehicles.

WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- Allied Market Research recently released a comprehensive report titled "Hydrogen Market by Delivery Mode, Type, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydrogen market was valued at $155.9 billion in 2022 and is projected to reach $292.0 billion by 2032, with a compound annual growth rate (CAGR) of 6.5% during the forecast period.

Key factors driving the growth of the global hydrogen market include the increasing adoption of hydrogen in power generation and its use in fuel cells for electric vehicles. However, the high cost associated with hydrogen production poses a challenge to market growth. Nonetheless, the rising demand for clean energy presents lucrative opportunities for the market in the foreseeable future.

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The ongoing Russia-Ukraine conflict has brought attention to energy supply vulnerabilities, particularly concerning natural gas exports from Russia. This conflict highlights the need for diversification in energy sources, with hydrogen emerging as a potential alternative. Geopolitical uncertainties may impact infrastructure development for hydrogen storage, transportation, and production, potentially slowing down market expansion in affected regions.

Within the market segments, the merchant delivery mode is expected to experience the fastest growth, driven by its versatility in various industries such as fuel cell vehicles, heating, power generation, and industrial processes. Additionally, the green hydrogen segment is forecasted to exhibit the highest growth rate by 2032, owing to its sustainability benefits compared to grey hydrogen.

In terms of end use, the power generation segment is poised for significant growth due to hydrogen's potential to contribute to cleaner energy production. Regionally, Asia-Pacific is anticipated to witness the fastest growth, supported by its renewable energy potential, government initiatives, and high energy demand.

The report profiles key players in the global hydrogen market, including Indian Oil Corporation Ltd., Reliance Industries Ltd., Shell PLC, FuelCell Energy Inc., Linde PLC, NEL ASA, Plug Power Inc., Messer Group GmbH, Air Liquide S.A., and Air Products and Chemicals Inc. These companies are employing various strategies to enhance their market presence, such as product launches, collaborations, expansions, and agreements.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/hydrogen-market/purchase-options

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