The Hydrogen Market is estimated to be valued at US$ 151.5 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Large established companies have scale, infrastructure and technical expertise. Rising investments in clean hydrogen production open growth opportunities.
Weaknesses: High production and distribution costs limit applications. Lack of hydrogen refueling infrastructure hampers adoption in transportation.
Opportunities: Increasing focus on decarbonization drives the demand for clean hydrogen in sectors like mobility, power, industrial feedstock. Developing regulations support hydrogen's role in energy transition.
Threats: Competition from other low-carbon technologies in end-use sectors. Slow pace of expanding refueling infrastructure could hinder mass adoption.

Key Takeaways
The global hydrogen market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing investments in renewable energy-based hydrogen production and growing focus on decarbonization globally. Regionally, Asia Pacific dominates currently due to large hydrogen demand from refineries and is expected to remain the fastest growing market over the next decade due to rising electrolyzer investments particularly in China, Japan and South Korea.

Key players operating in the hydrogen market are Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc. Linde dominates the market with over 15% share and continues capacity expansions across Asia and North America. Praxair is also expanding its hydrogen pipeline networks while Air Liquide focuses on developing liquid hydrogen logistics to cater to the fuel cell mobility segment.
Read more:
https://www.ukwebwire.com/hydrogen-market-size-share-growth-outlook-2023/
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