APAC Market Statistics
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Asia Pacific industry is predicted to dominate majority revenue share by 2037, owing to rising requirement of energy in the region and escalating adoption of greener technologies to fulfil government's targets for reducing GHG emissions, especially in China and India.
Furthermore, North America is anticipated to garner the largest market share during the forecast period owing to the growing investment in research and development and the government’s support to promote hydrogen generation using innovation funds, mandatory targets, and public-private partnerships. In 2021, the United States’ hydrogen production is evaluated to constitute to about 12%–15% of global hydrogen production. Similarly, the market in Europe is also anticipated to occupy a significant share in the market on account of the increasing adoption of electric vehicles in the region.
Author Credits: Dhruv Bhatia
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