Global hydrogen market to see explosive growth by 2030
Research - NOVEMBER 17, 2023

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Global hydrogen market to see explosive growth by 2030

by Kali Persall

The global hydrogen market is projected to grow from $141.59 billion in 2022 to $242.68 billion by 2030, witnessing an annual growth rate of 7 percent, according to a new report by Coherent Market Insights.

The global hydrogen market is seeing growing trends that are accelerating the market, and the demand for hydrogen is rising. Hydrogen is used in various industrial applications, such as in the production of ammonia for fertilizers, refining of fossil fuels and as a clean energy carrier. Many key players are involved in the modification and development of existing hydrogen production.

Rising desulfurization and increasing methanol production are major drivers expected to augment growth of the global hydrogen market, according to the report. The natural gas segment is expected to play a key role as a production source, owing to the availability of low-cost natural gas, and demand for hydrogen in the refineries is keeping refineries at a dominant position.

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