Fueling the Future: Hydrogen Market Set to Reach $442.63 Billion by 2031
Key Ideas
  • The global hydrogen market is expected to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031 at a CAGR of 7.8% due to the increased demand for clean energy and decarbonization efforts.
  • The development of new engines running on hydrogen, the popularity of hydrogen-powered transportation, and the establishment of new hydrogen generation plants worldwide are key factors driving market growth.
  • Hydrogen companies are focusing on sustainable hydrogen generation, with green hydrogen leading the market. Investments in novel hydrogen generation technologies and hydrogen storage solutions are projected to drive revenue for providers.
  • Energy applications, particularly electricity generation, and mobility, including the adoption of hydrogen-powered vehicles, are anticipated to spearhead revenue generation for hydrogen providers in the future.
The global Hydrogen Market, as reported by SkyQuest, is set to experience significant growth, with a value projected to reach USD 442.63 billion by 2031 from USD 242.71 billion in 2023, growing at a CAGR of 7.8% during the forecast period of 2024-2031. The shift towards decarbonization and the increasing demand for clean energy have created a favorable environment for hydrogen suppliers. The development of engines that operate on hydrogen, the rise in popularity of hydrogen-powered transportation, and the establishment of new hydrogen generation plants globally are key drivers of the market's expansion. Furthermore, the emphasis on green hydrogen generation presents significant opportunities for market players. The report highlights the importance of streamlining hydrogen generation processes to ensure sustainability and revenue growth. Additionally, the surge in energy applications seeking clean sources of energy and the anticipated growth in the mobility sector, particularly in hydrogen-powered vehicles, are expected to drive revenue for hydrogen providers. Overall, the article discusses the positive outlook for the hydrogen market, with a focus on sustainable practices and the potential for substantial returns on investment across various segments.
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