- The global hydrogen market is expected to grow at a rate of 5.6% from 2021 to 2028.
- The market will gain traction from the high demand for fuel cell-based buses and electric vehicles, especially in North America and Asia Pacific.
A new report by Fortune Business Insights projects that the global hydrogen generation market size will reach $220.37 billion by 2028. The global market is expected to grow at a Compound Annual Growth Rate of 5.6 per cent from 2021 to 2028. The “Hydrogen Generation Market, 2021-2028” report shows that the projection is from the 2021 value at USD 150.20 billion.
In the report, Fortune Business Insights states that the market will gain traction from the high demand for fuel cell-based buses and electric vehicles (EVs), especially in North America and Asia Pacific. In December 2019, Hyundai, for instance, planned to invest around USD 6 billion in hydrogen fuel cell technology development to increase the sales of electric vehicles worldwide.
The opportunities in the hydrogen generation market stem from the global push towards clean energy solutions, expanding applications in industries like transportation and power, and advancements in green hydrogen production technologies. Rising investment in research and development, government support for hydrogen initiatives, and international collaborations present avenues for market players to capitalise on the growing demand for sustainable energy alternatives.