Merchant Hydrogen Market size was over USD 91.64 billion in 2023 and is projected to exceed USD 223.54 billion by 2036, growing at over 7.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of merchant hydrogen is assessed at USD 96.85 billion.
The growth of the market can be attributed to the increasing use of hydrogen as a clean fuel, along with other applications of hydrogen. The growing environmental awareness among people, combined with government initiatives to curb the ozone depletion is estimated to boost the market growth. Following the Paris Agreement session of 2019, where 189 countries joined the commitment to reduce carbon emission by 2030, governments of various nations are investing in the achievement of sustainable development goals. This is estimated to boost the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.1% |
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Base Year Market Size (2023) |
USD 91.64 billion |
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Forecast Year Market Size (2036) |
USD 223.54 billion |
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Regional Scope |
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The global merchant hydrogen market is segmented by source into steam methane reforming, electrolysis, and other, out of which, the steam methane reforming segment is anticipated to hold the largest share in the market during the forecast period on account of abundant availability of methane. However, this is costly, and alternative economically feasible methods are being developed, which can impact the growth of the segment. On the basis of application, the market is segmented into jet fuel, gasoline, metallurgy, drugs & medicines, and others, out of which, the gasoline segment is estimated to garner the highest revenue by the end of 2030, owing to the increasing demand for hydrogen for refining petroleum and production of gasoline. The drugs & medicines segment is also foreseen to gain significant share during the forecast period, on the back of increasing cases of CVD and other heart diseases.
Our in-depth analysis of the global merchant hydrogen market includes the following segments
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By Source
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By Application |
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By End User Industry
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North America Market Statistics
Regionally, the global merchant hydrogen market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is predicted to account for largest revenue share by 2036, on the back of growing oil & gas industry in countries, such as, Canada, and the U.S. This is estimated to act as the major growth factor for the market. Furthermore, innovation in the healthcare sector, combined with the presence of major pharmaceutical companies in the region, is estimated to boost the market growth.
Europe Market Analysis
The merchant hydrogen market in the Europe region is estimated to witness highest CAGR over the forecast period on the back of high number of oil wells and oil refineries, along with growing international investment in the oil & gas industry in countries, such as, Russia, Poland, and Germany. Additionally, the rising automotive industry, along with the increasing environment awareness among manufacturers is estimated to raise the demand for hydrogen as a fuel. This is further projected to boost the market growth in the region.
· June 08, 2021: Cummins Inc. plans to fund production of hydrogen powered boat, invented by a research team in the Nederland.
Author Credits: Dhruv Bhatia
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