Hydrogen Market size is set to grow by USD 92.35 bn from 2024-2028, Increasing government focus on adoption of clean hydrogen boost the market- Technavio
NEW YORK, March 20, 2024 /PRNewswire/ -- The global hydrogen market size is estimated to grow by USD 92.35 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7% during the forecast period. The European Union's Hydrogen Strategy drives the global hydrogen market, fostering a clean hydrogen sector through the European Clean Hydrogen Alliance. With 1700 participants, this alliance promotes green hydrogen production using renewable energy and supports various applications, including mobility, energy, and chemical industries. Low emission hydrogen production reduces infrared radiation and greenhouse gases, aligning with pollution control rules and clean fuel initiatives. The Biden-Harris Administration also supports hydrogen's role in the transition to a low-carbon economy.
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Hydrogen Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2024-2028 |
USD 92.35 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
6.5 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 56% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Liquide SA, Air Products and Chemicals Inc., BayoTech Inc., Caloric Anlagenbau GmbH, Ceres Power Holdings plc, Chart Industries Inc., Chevron Corp., Iwatani Corp., Linde Plc, Mahler AGS GmbH, Messer SE and Co. KGaA, Nel ASA, Orsted AS, Oxygen Service Co., Plug Power Inc., Resonac Holdings Corp., Saudi Arabian Oil Co., Shell plc, Siemens AG, and Uniper SE |
Research Analysis
The RF Components Market for Hydrogen Infrastructure is experiencing significant growth due to the increasing demand for low emission fuels as part of the global shift towards cleaner energy sources. The Biden-Harris Administration's focus on reducing greenhouse gas emissions has accelerated the development of hydrogen infrastructure, particularly in the areas of fuel cell applications for mobility and energy. Grey hydrogen, which is currently produced using natural gas, is being replaced with green hydrogen produced through renewable energy sources. RF components play a crucial role in the efficient transmission and reception of signals in hydrogen fuel cells, enabling the widespread adoption of this technology for various applications.
This report breaks down the global Hydrogen Market by segment.list, providing an overview and analyzing market trends. It uses data from 2023 to estimate market figures for 2024 to end-year, offering essential insights into the current size and future growth of the market. Additionally, the report covers market characteristics, major companies, user preferences, and geographic opportunities. Regions covered include North America, Europe, Asia-Pacific, and RoW (South America, the Middle East, and Africa). Historical 2018 - 2022 and forecasts from 2024-2028 are provided for each segment, based on the regions.
Market Segmentation by Application
The Hydrogen Market plays a significant role in the chemical industry, particularly in the production of methanol, ammonia, and various chemical compounds. Hydrogen is an essential ingredient in the Haber process, used to manufacture ammonia through the reaction of nitrogen and hydrogen under high pressure and temperature, facilitated by iron catalysts. In the RF Components Market, hydrogen is utilized in the production of hydrogen plasma for various applications, including etching and deposition processes in semiconductor manufacturing. The demand for RF components in the hydrogen market is driven by the increasing production of hydrogen through steam methane reforming and water electrolysis processes. The RF components market for hydrogen is expected to grow due to the expanding hydrogen market and the rising demand for hydrogen in various industries.
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Drivers
The European Union's Hydrogen Strategy has significantly influenced the global hydrogen market, with the establishment of the European Clean Hydrogen Alliance in July 2020. This alliance, comprising 1700 participants, aims to foster the development of a European hydrogen sector and promote the utilization of clean hydrogen produced using renewable energy sources. The RF components market plays a crucial role in this transition, providing essential technology for the efficient transmission and reception of hydrogen-related data and communications. As the hydrogen market continues to grow, the demand for advanced RF components will increase, enabling the development of innovative hydrogen solutions and facilitating Europe's environmentally friendly transition.
Research Analyst Overview
The RF Components Market for Hydrogen Market is experiencing significant growth due to the increasing demand for renewable energy sources. Grey hydrogen, generated through steam methane reforming, and green hydrogen, produced through electrolysis, are two primary types of hydrogen fuel. Fuel cells are essential RF components in hydrogen energy systems, converting chemical energy into electricity. Other RF components include filters, regulators, and transducers, ensuring the efficient and safe transfer of hydrogen. Chemicals, such as catalysts, are crucial RF components in hydrogen production processes. The refinery and storage of hydrogen require various RF components, including pumps, controllers, and sensors. Fuels cells, transporters, and appliances are key applications for RF components in the hydrogen market. Overall, the RF Components Market for Hydrogen Market is a vital sector in the transition towards a sustainable energy future.
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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