Hydrogen hubs market is anticipated to grow at a CAGR of 15.2% during the forecast period (2024-2031). The growing adoption of hydrogen hubs in refining and industrial sectors is the key factor supporting the market growth globally. The growth is primarily owing to the rising demand for green hydrogen for mobility in industrial applications in recent years. According to the International Energy Agency (IEA), the global hydrogen demand reached 95 Metric Ton (M) in 2022, almost 3.0% more than in 2021. Apart from this, the need for hydrogen is mainly found in conventional applications of the industrial and refining sectors (such as chemicals and natural gas-based Direct Iron Reduction [DRI]). The market players are also investing heavily in hydrogen hub solutions that further bolsters the market growth. For instance, in June 2022, Air Products and Chemicals, Inc. invested approximately $500 million to build, own, and operate a 35 MT/ day facility to distribute and dispense liquid hydrogen along with producing green liquid hydrogen at a greenfield site in Massena, New York.
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The global hydrogen hubs market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the reduced reliance on fossil fuels and increased demand in stationary and transportation energy sectors.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Hydrogen Hubs Market by Industry
- Automotive
- Aviation
- Marine
- Others (Space and Defense)
Global Hydrogen Hubs Market by End-Users
- Liquid Hydrogen
- Hydrogen Fuel Cell
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- AFC Energy plc
- Air Products and Chemicals, Inc.
- Ballard Power Systems Inc.
- Bloom Energy Corp.
- Ceres Power Holdings plc
- Cummins Inc.
- Doosan Fuel Cell Co., Ltd.
- Engie SA
- FuelCell Energy, Inc.
- Hexagon Purus ASA
- ITM Power PLC
- McPhy Energy S.A.
- Nel ASA
- Nikola Corp.
- PLUG POWER INC.
- PowerCell Sweden AB
- Shell plc
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hydrogen hubs market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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