The global market for green hydrogen is estimated to increase from $4.4 billion in 2023 to reach $38.1 billion by 2029, at a compound annual growth rate (CAGR) of 48.7% from 2024 through 2029.
The global market for hydrogen fuel cells is estimated to increase from $4.5 billion in 2023 to reach $11.0 billion by 2029, at a CAGR of 16.5% from 2024 through 2029.
The global market for hydrogen storage is estimated to increase from $5.3 billion in 2023 to reach $7.7 billion by 2028, at a CAGR of 7.6% from 2023 through 2028.
Research Review Scope
Hydrogen and ammonia are the future of the clean energy era and a game-changer that can revolutionize every industry, from transportation to steel. Using hydrogen fuel cell-powered vehicles is like imagining vehicles emitting water and heat instead of harmful emissions. Green hydrogen is produced using solar and wind power, producing a fuel that is incredibly powerful and sustainable. It is the key to a future where we can enjoy clean air. In the era of a strong urge to move towards energy transition and to address climate change, these commodities and the revolutionary advancements in associated technologies have emerged as critical elements in the global pursuit of achieving the goal of decarbonization. These are among the most versatile energy carriers and, thus, hold significant potential to revolutionize hard-to-abate industries. These commodities not only provide a way for a cleaner, more secure energy future but also offer opportunities to industry players to expand in new industrial applications.
The transportation industry that uses around 20% of steel; green steel (produced with green hydrogen) presents lucrative growth avenues for steel manufacturers. Similarly, it is attracting other industries to invest and expand their sustainable production capabilities. Green hydrogen aligns with global efforts to reduce GHG emissions and reduce climate change. It also encourages energy security by offering solutions for energy diversification and domestic production opportunities, as it can be produced with renewable energy sources.
The future of green hydrogen mainly depends on renewable energy and electrolyzer capabilities. Hence, for the widespread use of green hydrogen, significant cost reductions in renewable energy sources and large-capacity installations of electrolyzers are required. China is leading in developing electrolyzer and fuel cell technology, whereas MEA and Latin American countries have huge potential for renewable energy generation. Therefore, synergies among the countries are required.
Research Reviews from BCC Research provide market professionals with concise market coverage within a specific research category. This 2024 Research Review of hydrogen and ammonia provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions. This Research Review includes highlights and excerpts from the following reports published by BCC Research in 2024:
ENV060B Green Hydrogen: Global Markets
EGY186B Hydrogen Fuel Cell: Global Markets
EGY146C Hydrogen Storage: Materials, Technologies and Global Markets
FCB059B Global Market for PEM Electrolyzer
ENV068A Global Blue Ammonia Market
After you survey the excerpts in this Research Review, we encourage you to follow up on these topics by checking out the full market research reports associated with each topic. BCC Research looks forward to serving your market intelligence needs in the future.
Table of Contents
Chapter 1 Foreword
Research Review Scope
Chapter 2 Green Hydrogen: Global Markets (ENV060B)
Green Hydrogen: Global Markets
Market Outlook
Scope of Report
Market Summary
Market Overview of Green Hydrogen
Hydrogen Economy
Value Chain Analysis: Green Hydrogen
Overview
Production
Storage
Transportation
Cost Analysis
Porter's Five Forces Analysis
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential of New Entrants
Threat of Substitutes
Competition in the Industry
SWOT Analysis
Market Dynamics of Green Hydrogen
Key Market Driver
Market Restraint
Key Challenge
Market Opportunity
Market Breakdown of Green Hydrogen, by Technology
Overview
Alkaline Electrolysis
PEM Electrolysis
Market Breakdown of Green Hydrogen, by Region
Overview
Europe
Asia-Pacific (APAC)
North America
Rest of the World (RoW)
Emerging Technologies and Developments of Green Hydrogen
Introduction
Increasing Number of Start-ups in Green Hydrogen Industry
Use of Molecular Catalysts in Electrolyzers
Polarization Curves
High-Temperature Electrolyzers (HTEs)
Hybrid Water Electrolyzers (HWE)
CPV Solar Concentrator Technology with Electrolyzer
Chapter 3 Hydrogen Fuel Cell: Global Markets (EGY186B)
Hydrogen Fuel Cell Global Markets
Market Outlook
Scope of Report
Market Summary
Market Overview of Hydrogen Fuel Cell
Porter's Five Forces Analysis of Hydrogen Fuel Cell
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential of New Entrants
Threat of Substitutes
Competition in the Industry
Value Chain Analysis of Hydrogen Fuel Cell
Overview
SWOT Analysis of Hydrogen Fuel Cell
Climate Change Policies and Regulations
Kyoto Protocol
Carbon Pricing
Paris Agreement
European Green Deal
Hydrogen Fuel Cell Technologies Office
Climate Target Policies
Market Dynamics of Hydrogen Fuel Cell
Key Market Driver
Market Restraint
Key Challenge
Market Opportunity
Emerging Technologies and Developments of Hydrogen Fuel Cell
Introduction
Increasing Number of Collaborations Among Automotive and Fuel Cell Companies
Platinum-Based Electrocatalyst
Low-Platinum Fuel Cell
Non-Precious Metal Catalyst
Cobalt Nitrate as an Alternative to Platinum in Fuel Cells
IE-Drive
Fuel Cells: Diesel Genset Alternative
Market Breakdown of Hydrogen Fuel Cell, by Technology
Overview
Polymer Electrolyte Membrane Fuel Cell
Solid Oxide Fuel Cells
Phosphoric Acid Fuel Cell
Other Technologies
Market Breakdown of Hydrogen Fuel Cell, by Region
Overview
Asia-Pacific (APAC)
North America
Europe
Rest of the World
Chapter 4 Hydrogen Storage: Materials, Technologies and Global Markets (EGY146C)
Hydrogen Storage: Materials, Technologies and Global Markets
Introduction
Scope of Report
Market Outlook
Market Summary
Market Overview of Hydrogen Storage
Porter's Five Forces Analysis of Hydrogen Storage
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential for New Entrants
Threat of Substitutes
Competition in the Industry
Supply Chain Analysis of Hydrogen Storage
Overview
SWOT Analysis of Hydrogen Storage
Climate Policies and Regulations of Hydrogen Storage
EU-2021/535: LHSS and CHSS Storage Systems
ISO 19881:2018
ISO 12619-1:2014
EC 79/2009
Market Dynamics of Hydrogen Storage
Market Driver
Key Challenge
Market Opportunity
Market Restraint
Emerging Technologies and Developments of Hydrogen Storage