HYDROGEN GAS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Hydrogen Gas Market Analysis:

The Hydrogen Gas Market is anticipated to experience growth from 105.58 million tons in 2023 to 127.53 million tons by 2028, at a Compound Annual Growth Rate (CAGR) of 3.85% during the forecast period (2023–2028).

The COVID-19 pandemic had an adverse impact on the market in 2020, resulting in a significant decrease in hydrogen gas production due to pandemic-related restrictions. However, with the relaxation of regulations and an improvement in the pandemic situation, production slightly increased in 2021.

In the medium term, the market is expected to be driven by increasing demand from the chemical industry and the expanding usage of hydrogen in refineries. Conversely, the high production cost of blue and green hydrogen, as well as increased transportation and storage costs, are likely to impede market growth.

Opportunities for the market over the forecast period include increased space exploration and aviation adoption, growing demand for fuel cell electric vehicles, and industry readiness of hydrogen in a low carbon economy.

The Asia-Pacific region is currently dominating the hydrogen gas market and is expected to continue to do so due to significant demand from China and India.

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