Hydrogen Fuel Market 2024-2028
The hydrogen fuel market size is forecast to increase by USD 11.85 billion and is estimated to grow at a CAGR of 9.51% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is experiencing a significant rise in demand for green hydrogen, driven by the global push towards sustainability and renewable energy sources. Alongside this, there's an increasing focus on low-carbon and blue hydrogen, as industries look for cleaner alternatives to traditional fossil fuels. These developments are further complemented by the emergence of power-to-X technologies, which convert surplus renewable energy into other forms of energy carriers like hydrogen, fuels, and chemicals. Together, these trends are shaping a more sustainable future for energy production and consumption, marking a pivotal shift in the global energy landscape
Hydrogen Fuel Market Overview :
- The market segmentation by Application is categorized as power and heat generation and transportation
- The market segmentation by Source categorized as grey, green, and blue
- Power and heat generation is the fastest-growing segment during the forecast year
- The power and heat generation was the largest segment and was valued at USD 14.61 billion in 2018
- The Regional Analysis consists of APAC, Europe, North America, Middle East and Africa, and South America
- APAC is is most dominating region during the forecast period
- It also includes an in-depth analysis of advancements in hydrogen technologies, growing interest in green hydrogen, and concerns associated with hydrogen purity and quality.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Source
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Global hydrogen fuel market 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on global hydrogen fuel market 2018 - 2022 ($ billion)
- 4.2 Application Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
- 4.3 Source Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Source Segment 2018 - 2022 ($ billion)
- 4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)
- 4.5 Country Segment Analysis 2018 - 2022
- Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 30: Chart on Application - Market share 2023-2028 (%)
- Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
- 6.2 Comparison by Application
- Exhibit 32: Chart on Comparison by Application
- Exhibit 33: Data Table on Comparison by Application
- 6.3 Power and heat generation - Market size and forecast 2023-2028
- Exhibit 34: Chart on Power and heat generation - Market size and forecast 2023-2028 ($ billion)
- Exhibit 35: Data Table on Power and heat generation - Market size and forecast 2023-2028 ($ billion)
- Exhibit 36: Chart on Power and heat generation - Year-over-year growth 2023-2028 (%)
- Exhibit 37: Data Table on Power and heat generation - Year-over-year growth 2023-2028 (%)
- 6.4 Transportation - Market size and forecast 2023-2028
- Exhibit 38: Chart on Transportation - Market size and forecast 2023-2028 ($ billion)
- Exhibit 39: Data Table on Transportation - Market size and forecast 2023-2028 ($ billion)
- Exhibit 40: Chart on Transportation - Year-over-year growth 2023-2028 (%)
- Exhibit 41: Data Table on Transportation - Year-over-year growth 2023-2028 (%)
- 6.5 Market opportunity by Application
- Exhibit 42: Market opportunity by Application ($ billion)
- Exhibit 43: Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by Source
- 7.1 Market segments
- Exhibit 44: Chart on Source - Market share 2023-2028 (%)
- Exhibit 45: Data Table on Source - Market share 2023-2028 (%)
- 7.2 Comparison by Source
- Exhibit 46: Chart on Comparison by Source
- Exhibit 47: Data Table on Comparison by Source
- 7.3 Grey - Market size and forecast 2023-2028
- Exhibit 48: Chart on Grey - Market size and forecast 2023-2028 ($ billion)
- Exhibit 49: Data Table on Grey - Market size and forecast 2023-2028 ($ billion)
- Exhibit 50: Chart on Grey - Year-over-year growth 2023-2028 (%)
- Exhibit 51: Data Table on Grey - Year-over-year growth 2023-2028 (%)
- 7.4 Green - Market size and forecast 2023-2028
- Exhibit 52: Chart on Green - Market size and forecast 2023-2028 ($ billion)
- Exhibit 53: Data Table on Green - Market size and forecast 2023-2028 ($ billion)
- Exhibit 54: Chart on Green - Year-over-year growth 2023-2028 (%)
- Exhibit 55: Data Table on Green - Year-over-year growth 2023-2028 (%)
- 7.5 Blue - Market size and forecast 2023-2028
- Exhibit 56: Chart on Blue - Market size and forecast 2023-2028 ($ billion)
- Exhibit 57: Data Table on Blue - Market size and forecast 2023-2028 ($ billion)
- Exhibit 58: Chart on Blue - Year-over-year growth 2023-2028 (%)
- Exhibit 59: Data Table on Blue - Year-over-year growth 2023-2028 (%)
- 7.6 Market opportunity by Source
- Exhibit 60: Market opportunity by Source ($ billion)
- Exhibit 61: Data Table on Market opportunity by Source ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 63: Chart on Market share by geography 2023-2028 (%)
- Exhibit 64: Data Table on Market share by geography 2023-2028 (%)
- 9.2 Geographic comparison
- Exhibit 65: Chart on Geographic comparison
- Exhibit 66: Data Table on Geographic comparison
- 9.3 APAC - Market size and forecast 2023-2028
- Exhibit 67: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
- Exhibit 68: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
- Exhibit 69: Chart on APAC - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on APAC - Year-over-year growth 2023-2028 (%)
- 9.4 Europe - Market size and forecast 2023-2028
- Exhibit 71: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
- Exhibit 72: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
- Exhibit 73: Chart on Europe - Year-over-year growth 2023-2028 (%)
- Exhibit 74: Data Table on Europe - Year-over-year growth 2023-2028 (%)
- 9.5 North America - Market size and forecast 2023-2028
- Exhibit 75: Chart on North America - Market size and forecast 2023-2028 ($ billion)
- Exhibit 76: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
- Exhibit 77: Chart on North America - Year-over-year growth 2023-2028 (%)
- Exhibit 78: Data Table on North America - Year-over-year growth 2023-2028 (%)
- 9.6 Middle East and Africa - Market size and forecast 2023-2028
- Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
- Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
- Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- 9.7 South America - Market size and forecast 2023-2028
- Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ billion)
- Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
- Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
- Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
- 9.8 China - Market size and forecast 2023-2028
- Exhibit 87: Chart on China - Market size and forecast 2023-2028 ($ billion)
- Exhibit 88: Data Table on China - Market size and forecast 2023-2028 ($ billion)
- Exhibit 89: Chart on China - Year-over-year growth 2023-2028 (%)
- Exhibit 90: Data Table on China - Year-over-year growth 2023-2028 (%)
- 9.9 US - Market size and forecast 2023-2028
- Exhibit 91: Chart on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 92: Data Table on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 93: Chart on US - Year-over-year growth 2023-2028 (%)
- Exhibit 94: Data Table on US - Year-over-year growth 2023-2028 (%)
- 9.10 Japan - Market size and forecast 2023-2028
- Exhibit 95: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
- Exhibit 96: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
- Exhibit 97: Chart on Japan - Year-over-year growth 2023-2028 (%)
- Exhibit 98: Data Table on Japan - Year-over-year growth 2023-2028 (%)
- 9.11 Germany - Market size and forecast 2023-2028
- Exhibit 99: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
- Exhibit 100: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
- Exhibit 101: Chart on Germany - Year-over-year growth 2023-2028 (%)
- Exhibit 102: Data Table on Germany - Year-over-year growth 2023-2028 (%)
- 9.12 France - Market size and forecast 2023-2028
- Exhibit 103: Chart on France - Market size and forecast 2023-2028 ($ billion)
- Exhibit 104: Data Table on France - Market size and forecast 2023-2028 ($ billion)
- Exhibit 105: Chart on France - Year-over-year growth 2023-2028 (%)
- Exhibit 106: Data Table on France - Year-over-year growth 2023-2028 (%)
- 9.13 Market opportunity by geography
- Exhibit 107: Market opportunity by geography ($ billion)
- Exhibit 108: Data Tables on Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
- 10.3 Impact of drivers and challenges
- Exhibit 109: Impact of drivers and challenges in 2023 and 2028
11 Vendor Landscape
- 11.2 Vendor landscape
- Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 111: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 112: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 113: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 114: Matrix on vendor position and classification
- 12.3 Acciona SA
- Exhibit 115: Acciona SA - Overview
- Exhibit 116: Acciona SA - Business segments
- Exhibit 117: Acciona SA - Key news
- Exhibit 118: Acciona SA - Key offerings
- Exhibit 119: Acciona SA - Segment focus
- 12.4 Air Liquide SA
- Exhibit 120: Air Liquide SA - Overview
- Exhibit 121: Air Liquide SA - Business segments
- Exhibit 122: Air Liquide SA - Key offerings
- Exhibit 123: Air Liquide SA - Segment focus
- 12.5 Air Products and Chemicals Inc.
- Exhibit 124: Air Products and Chemicals Inc. - Overview
- Exhibit 125: Air Products and Chemicals Inc. - Business segments
- Exhibit 126: Air Products and Chemicals Inc. - Key news
- Exhibit 127: Air Products and Chemicals Inc. - Key offerings
- Exhibit 128: Air Products and Chemicals Inc. - Segment focus
- 12.6 Ballard Power Systems Inc.
- Exhibit 129: Ballard Power Systems Inc. - Overview
- Exhibit 130: Ballard Power Systems Inc. - Product / Service
- Exhibit 131: Ballard Power Systems Inc. - Key news
- Exhibit 132: Ballard Power Systems Inc. - Key offerings
- 12.7 Equinor ASA
- Exhibit 133: Equinor ASA - Overview
- Exhibit 134: Equinor ASA - Business segments
- Exhibit 135: Equinor ASA - Key offerings
- Exhibit 136: Equinor ASA - Segment focus
- 12.8 HyAxiom, Inc.
- Exhibit 137: HyAxiom, Inc. - Overview
- Exhibit 138: HyAxiom, Inc. - Product / Service
- Exhibit 139: HyAxiom, Inc. - Key offerings
- 12.9 ITM Power plc
- Exhibit 140: ITM Power plc - Overview
- Exhibit 141: ITM Power plc - Product / Service
- Exhibit 142: ITM Power plc - Key offerings
- 12.10 Linde Plc
- Exhibit 143: Linde Plc - Overview
- Exhibit 144: Linde Plc - Business segments
- Exhibit 145: Linde Plc - Key news
- Exhibit 146: Linde Plc - Key offerings
- Exhibit 147: Linde Plc - Segment focus
- 12.11 McPhy Energy SA
- Exhibit 148: McPhy Energy SA - Overview
- Exhibit 149: McPhy Energy SA - Product / Service
- Exhibit 150: McPhy Energy SA - Key offerings
- 12.12 Nel ASA
- Exhibit 151: Nel ASA - Overview
- Exhibit 152: Nel ASA - Business segments
- Exhibit 153: Nel ASA - Key offerings
- Exhibit 154: Nel ASA - Segment focus
- 12.13 Plug Power Inc.
- Exhibit 155: Plug Power Inc. - Overview
- Exhibit 156: Plug Power Inc. - Product / Service
- Exhibit 157: Plug Power Inc. - Key offerings
- 12.14 Praxair Technology Inc.
- Exhibit 158: Praxair Technology Inc. - Overview
- Exhibit 159: Praxair Technology Inc. - Product / Service
- Exhibit 160: Praxair Technology Inc. - Key offerings
- 12.15 Saudi Arabian Oil Co.
- Exhibit 161: Saudi Arabian Oil Co. - Overview
- Exhibit 162: Saudi Arabian Oil Co. - Product / Service
- Exhibit 163: Saudi Arabian Oil Co. - Key offerings
- 12.16 Shell plc
- Exhibit 164: Shell plc - Overview
- Exhibit 165: Shell plc - Business segments
- Exhibit 166: Shell plc - Key offerings
- Exhibit 167: Shell plc - Segment focus
- 12.17 TotalEnergies SE
- Exhibit 168: TotalEnergies SE - Overview
- Exhibit 169: TotalEnergies SE - Business segments
- Exhibit 170: TotalEnergies SE - Key news
- Exhibit 171: TotalEnergies SE - Key offerings
- Exhibit 172: TotalEnergies SE - Segment focus
13 Appendix
- 13.2 Inclusions and exclusions checklist
- Exhibit 173: Inclusions checklist
- Exhibit 174: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 175: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 176: Research methodology
- Exhibit 177: Validation techniques employed for market sizing
- Exhibit 178: Information sources
- 13.5 List of abbreviations
- Exhibit 179: List of abbreviations
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