Market Size of Hydrogen Gas Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 109.64 Million tons |
| Market Volume (2029) | 132.44 Million tons |
| CAGR (2024 - 2029) | 3.85 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrogen Gas Market Analysis
The Hydrogen Gas Market size is estimated at 109.64 Million tons in 2024, and is expected to reach 132.44 Million tons by 2029, growing at a CAGR of 3.85% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. Due to restrictions associated with the pandemic, hydrogen gas production decreased significantly. However, with the relaxation in regulations and improvement in the pandemic situation, it slightly increased in 2021.
- Over the medium term, increasing demand from the chemical Industry and expanding usage of hydrogen in refineries are likely to act as driving factors for the market studied.
- On the flip side, the high production cost of blue and green hydrogen and increased transportation and storage cost is likely to hamper the market's growth.
- Increased space exploration and aviation adoption, increasing demand for fuel cell electric vehicles, and industry readiness of hydrogen in a low carbon economy are likely to act as an opportunity for the market over the forecast period.
- The Asia-Pacific region is dominating the market for hydrogen gas and is expected to remain dominating owing to massive demand from China and India.
