Global Hydrogen Fuel Market 2024-2028

The hydrogen fuel market is forecasted to grow by USD 11.85 bn during 2023-2028, accelerating at a CAGR of 9.51% during the forecast period. The report on the hydrogen fuel market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by advancements in hydrogen technologies, growing transition to low-carbon economy, and decreasing electrolyzer costs.

Market Scope
Base Year	2023
End Year	2028
Series Year	2024-2028
Growth Momentum	Accelerate
YOY 2024	9.05%
CAGR	9.51%
Incremental Value	$11.85bn

Technavio's hydrogen fuel market is segmented as below:

By Application

Power and heat generation
Transportation

By Source

Grey
Green
Blue

By Geographical Landscape

APAC
Europe
North America
Middle East and Africa
South America

This study identifies the growing interest in green hydrogen as one of the prime reasons driving the hydrogen fuel market growth during the next few years. Also, the growing focus on low-carbon and blue hydrogen and the emergence of power-to-X technologies will lead to sizable demand in the market.

The report on the hydrogen fuel market covers the following areas:

Hydrogen fuel market sizing
Hydrogen fuel market forecast
Hydrogen fuel market industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hydrogen fuel market vendors include Acciona SA, Air Products and Chemicals Inc., Ballard Power Systems Inc., ENGIE SA, Equinor ASA, HyAxiom, Inc., Iberdrola SA, Indian Oil Corp. Ltd., ITM Power plc, Linde Plc, McPhy Energy SA, Nel ASA, Orsted AS, Plug Power Inc., Praxair Technology Inc., Saudi Arabian Oil Co., Shell plc, TotalEnergies SE, Woodside Energy Group Ltd., and Air Liquide SA. Also, the hydrogen fuel market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Product Code: IRTNTR76972

1 Executive Summary

1.1 Market overview
Exhibit 01: Executive Summary - Chart on Market Overview
Exhibit 02: Executive Summary - Data Table on Market Overview
Exhibit 03: Executive Summary - Chart on Global Market Characteristics
Exhibit 04: Executive Summary - Chart on Market By Geographical Landscape
Exhibit 05: Executive Summary - Chart on Market Segmentation by Application
Exhibit 06: Executive Summary - Chart on Market Segmentation by Source
Exhibit 07: Executive Summary - Chart on Incremental Growth
Exhibit 08: Executive Summary - Data Table on Incremental Growth
Exhibit 09: Executive Summary - Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Global hydrogen fuel market 2018 - 2022
Exhibit 18: Historic Market Size - Data Table on global hydrogen fuel market 2018 - 2022 ($ billion)
4.2 Application Segment Analysis 2018 - 2022
Exhibit 19: Historic Market Size - Application Segment 2018 - 2022 ($ billion)
4.3 Source Segment Analysis 2018 - 2022
Exhibit 20: Historic Market Size - Source Segment 2018 - 2022 ($ billion)
4.4 Geography Segment Analysis 2018 - 2022
Exhibit 21: Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
4.5 Country Segment Analysis 2018 - 2022
Exhibit 22: Historic Market Size - Country Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
Exhibit 30: Chart on Application - Market share 2023-2028 (%)
Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Power and heat generation - Market size and forecast 2023-2028
Exhibit 34: Chart on Power and heat generation - Market size and forecast 2023-2028 ($ billion)
Exhibit 35: Data Table on Power and heat generation - Market size and forecast 2023-2028 ($ billion)
Exhibit 36: Chart on Power and heat generation - Year-over-year growth 2023-2028 (%)
Exhibit 37: Data Table on Power and heat generation - Year-over-year growth 2023-2028 (%)
6.4 Transportation - Market size and forecast 2023-2028
Exhibit 38: Chart on Transportation - Market size and forecast 2023-2028 ($ billion)
Exhibit 39: Data Table on Transportation - Market size and forecast 2023-2028 ($ billion)
Exhibit 40: Chart on Transportation - Year-over-year growth 2023-2028 (%)
Exhibit 41: Data Table on Transportation - Year-over-year growth 2023-2028 (%)
6.5 Market opportunity by Application
Exhibit 42: Market opportunity by Application ($ billion)
Exhibit 43: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Source

7.1 Market segments
Exhibit 44: Chart on Source - Market share 2023-2028 (%)
Exhibit 45: Data Table on Source - Market share 2023-2028 (%)
7.2 Comparison by Source
Exhibit 46: Chart on Comparison by Source
Exhibit 47: Data Table on Comparison by Source
7.3 Grey - Market size and forecast 2023-2028
Exhibit 48: Chart on Grey - Market size and forecast 2023-2028 ($ billion)
Exhibit 49: Data Table on Grey - Market size and forecast 2023-2028 ($ billion)
Exhibit 50: Chart on Grey - Year-over-year growth 2023-2028 (%)
Exhibit 51: Data Table on Grey - Year-over-year growth 2023-2028 (%)
7.4 Green - Market size and forecast 2023-2028
Exhibit 52: Chart on Green - Market size and forecast 2023-2028 ($ billion)
Exhibit 53: Data Table on Green - Market size and forecast 2023-2028 ($ billion)
Exhibit 54: Chart on Green - Year-over-year growth 2023-2028 (%)
Exhibit 55: Data Table on Green - Year-over-year growth 2023-2028 (%)
7.5 Blue - Market size and forecast 2023-2028
Exhibit 56: Chart on Blue - Market size and forecast 2023-2028 ($ billion)
Exhibit 57: Data Table on Blue - Market size and forecast 2023-2028 ($ billion)
Exhibit 58: Chart on Blue - Year-over-year growth 2023-2028 (%)
Exhibit 59: Data Table on Blue - Year-over-year growth 2023-2028 (%)
7.6 Market opportunity by Source
Exhibit 60: Market opportunity by Source ($ billion)
Exhibit 61: Data Table on Market opportunity by Source ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
Exhibit 63: Chart on Market share By Geographical Landscape 2023-2028 (%)
Exhibit 64: Data Table on Market share By Geographical Landscape 2023-2028 (%)
9.2 Geographic comparison
Exhibit 65: Chart on Geographic comparison
Exhibit 66: Data Table on Geographic comparison
9.3 APAC - Market size and forecast 2023-2028
Exhibit 67: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 68: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 69: Chart on APAC - Year-over-year growth 2023-2028 (%)
Exhibit 70: Data Table on APAC - Year-over-year growth 2023-2028 (%)
9.4 Europe - Market size and forecast 2023-2028
Exhibit 71: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 72: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 73: Chart on Europe - Year-over-year growth 2023-2028 (%)
Exhibit 74: Data Table on Europe - Year-over-year growth 2023-2028 (%)
9.5 North America - Market size and forecast 2023-2028
Exhibit 75: Chart on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 76: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 77: Chart on North America - Year-over-year growth 2023-2028 (%)
Exhibit 78: Data Table on North America - Year-over-year growth 2023-2028 (%)
9.6 Middle East and Africa - Market size and forecast 2023-2028
Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
9.7 South America - Market size and forecast 2023-2028
Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
9.8 China - Market size and forecast 2023-2028
Exhibit 87: Chart on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 88: Data Table on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 89: Chart on China - Year-over-year growth 2023-2028 (%)
Exhibit 90: Data Table on China - Year-over-year growth 2023-2028 (%)
9.9 US - Market size and forecast 2023-2028
Exhibit 91: Chart on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 92: Data Table on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 93: Chart on US - Year-over-year growth 2023-2028 (%)
Exhibit 94: Data Table on US - Year-over-year growth 2023-2028 (%)
9.10 Japan - Market size and forecast 2023-2028
Exhibit 95: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
Exhibit 96: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
Exhibit 97: Chart on Japan - Year-over-year growth 2023-2028 (%)
Exhibit 98: Data Table on Japan - Year-over-year growth 2023-2028 (%)
9.11 Germany - Market size and forecast 2023-2028
Exhibit 99: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 100: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 101: Chart on Germany - Year-over-year growth 2023-2028 (%)
Exhibit 102: Data Table on Germany - Year-over-year growth 2023-2028 (%)
9.12 France - Market size and forecast 2023-2028
Exhibit 103: Chart on France - Market size and forecast 2023-2028 ($ billion)
Exhibit 104: Data Table on France - Market size and forecast 2023-2028 ($ billion)
Exhibit 105: Chart on France - Year-over-year growth 2023-2028 (%)
Exhibit 106: Data Table on France - Year-over-year growth 2023-2028 (%)
9.13 Market opportunity By Geographical Landscape
Exhibit 107: Market opportunity By Geographical Landscape ($ billion)
Exhibit 108: Data Tables on Market opportunity By Geographical Landscape ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 109: Impact of drivers and challenges in 2023 and 2028
10.4 Market trends

11 Vendor Landscape

11.1 Overview
11.2 Vendor landscape
Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 111: Overview on factors of disruption
11.4 Industry risks
Exhibit 112: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
Exhibit 113: Vendors covered
12.2 Market positioning of vendors
Exhibit 114: Matrix on vendor position and classification
12.3 Acciona SA
Exhibit 115: Acciona SA - Overview
Exhibit 116: Acciona SA - Business segments
Exhibit 117: Acciona SA - Key news
Exhibit 118: Acciona SA - Key offerings
Exhibit 119: Acciona SA - Segment focus
12.4 Air Liquide SA
Exhibit 120: Air Liquide SA - Overview
Exhibit 121: Air Liquide SA - Business segments
Exhibit 122: Air Liquide SA - Key offerings
Exhibit 123: Air Liquide SA - Segment focus
12.5 Air Products and Chemicals Inc.
Exhibit 124: Air Products and Chemicals Inc. - Overview
Exhibit 125: Air Products and Chemicals Inc. - Business segments
Exhibit 126: Air Products and Chemicals Inc. - Key news
Exhibit 127: Air Products and Chemicals Inc. - Key offerings
Exhibit 128: Air Products and Chemicals Inc. - Segment focus
12.6 Ballard Power Systems Inc.
Exhibit 129: Ballard Power Systems Inc. - Overview
Exhibit 130: Ballard Power Systems Inc. - Product / Service
Exhibit 131: Ballard Power Systems Inc. - Key news
Exhibit 132: Ballard Power Systems Inc. - Key offerings
12.7 Equinor ASA
Exhibit 133: Equinor ASA - Overview
Exhibit 134: Equinor ASA - Business segments
Exhibit 135: Equinor ASA - Key offerings
Exhibit 136: Equinor ASA - Segment focus
12.8 HyAxiom, Inc.
Exhibit 137: HyAxiom, Inc. - Overview
Exhibit 138: HyAxiom, Inc. - Product / Service
Exhibit 139: HyAxiom, Inc. - Key offerings
12.9 ITM Power plc
Exhibit 140: ITM Power plc - Overview
Exhibit 141: ITM Power plc - Product / Service
Exhibit 142: ITM Power plc - Key offerings
12.10 Linde Plc
Exhibit 143: Linde Plc - Overview
Exhibit 144: Linde Plc - Business segments
Exhibit 145: Linde Plc - Key news
Exhibit 146: Linde Plc - Key offerings
Exhibit 147: Linde Plc - Segment focus
12.11 McPhy Energy SA
Exhibit 148: McPhy Energy SA - Overview
Exhibit 149: McPhy Energy SA - Product / Service
Exhibit 150: McPhy Energy SA - Key offerings
12.12 Nel ASA
Exhibit 151: Nel ASA - Overview
Exhibit 152: Nel ASA - Business segments
Exhibit 153: Nel ASA - Key offerings
Exhibit 154: Nel ASA - Segment focus
12.13 Plug Power Inc.
Exhibit 155: Plug Power Inc. - Overview
Exhibit 156: Plug Power Inc. - Product / Service
Exhibit 157: Plug Power Inc. - Key offerings
12.14 Praxair Technology Inc.
Exhibit 158: Praxair Technology Inc. - Overview
Exhibit 159: Praxair Technology Inc. - Product / Service
Exhibit 160: Praxair Technology Inc. - Key offerings
12.15 Saudi Arabian Oil Co.
Exhibit 161: Saudi Arabian Oil Co. - Overview
Exhibit 162: Saudi Arabian Oil Co. - Product / Service
Exhibit 163: Saudi Arabian Oil Co. - Key offerings
12.16 Shell plc
Exhibit 164: Shell plc - Overview
Exhibit 165: Shell plc - Business segments
Exhibit 166: Shell plc - Key offerings
Exhibit 167: Shell plc - Segment focus
12.17 TotalEnergies SE
Exhibit 168: TotalEnergies SE - Overview
Exhibit 169: TotalEnergies SE - Business segments
Exhibit 170: TotalEnergies SE - Key news
Exhibit 171: TotalEnergies SE - Key offerings
Exhibit 172: TotalEnergies SE - Segment focus

13 Appendix

13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 173: Inclusions checklist
Exhibit 174: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 175: Currency conversion rates for US$
13.4 Research methodology
Exhibit 176: Research methodology
Exhibit 177: Validation techniques employed for market sizing
Exhibit 178: Information sources
13.5 List of abbreviations
Exhibit 179: List of abbreviations