Category: Business

Hydrogen, once considered a distant dream, is now on the horizon of commercialization, according to a recent study by MarketsandMarkets™ on the 'Future of Hydrogen Economy.' MarketsandMarkets™, a leading market research and growth consulting firm, has identified a groundbreaking opportunity worth over $500 billion across the entire value chain of the Hydrogen Economy. This revelation underscores the immense potential and exciting developments within the hydrogen industry, offering transformative prospects for businesses. Factors that further propel the demand for green hydrogen are low variable electricity costs, technological advancements, global plans for net zero emission by 2050, and high demand for FCEVs and the power industry. Within green hydrogen economy, the production from alkaline electrolysis is expected to grow to USD ~4 billion by 2027, driven by the initiatives such as the European Green Deal, which aims to reduce greenhouse gas emissions and prepare Europe’s industry for a climate-neutral economy. The global hydrogen storage solutions market is projected to reach USD 7.7 Billion by 2027, at a CAGR of 21.5% between 2023 to 2030. The physical hydrogen storage market size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The hydrogen storage market is growing due to rising demand for fuel cells across various industries and stringent government regulations globally. The material-based storage further aims to improve volumetric and gravimetric capacities. The opportunity spans the upstream, midstream, and downstream sectors, covering hydrogen storage solutions, production, transportation, and utilization in various industries. With the global shift towards greener energy sources, hydrogen emerges as a vital player in the energy transition, presenting remarkable growth prospects.