Global Hydrogen Market in the Power Sector - Growth, Trends, and Forecast (Outlook to 2031)

Hydrogen and fuel cells have arguably suffered a ‘lost decade’ after high expectations in the 2000s failed to materialize. In the recent years, however, hydrogen and fuel cell technology are regaining momentum owing to a combination of factors such as improvements in technology, manufacturing and strengthened resolve to mitigate climate change, the emerging age of gas, consequential developments from major players in the transportation industry and the rise of distributed power.

The growing importance of hydrogen for a transition towards a low-carbon economy, government initiatives, technological developments, and decreasing technology costs are some of the factors driving the demand for hydrogen in the power sector.

Over the last decade, renewable energy technologies (solar and wind) moved from niche applications to mainstream power technologies through policy support and technology innovation. Similarly, with the global energy sector in flux, the versatility of hydrogen is attracting stronger interest from a diverse group of governments and companies which is expected to provide huge opportunities.

Hydrogen technology has the capability to serve as a long-term, large-scale clean energy storage medium that aids power generation from renewable sources.

This report provides a comprehensive overview of the hydrogen market for the global power sector. The study also comprehensively analyses the market based on the method of production and by geography (North America, Europe, Asia-Pacific, and the Rest of the World). This report discusses global opportunities and challenges, examines the drivers of structural change, and explores the new opportunities in various regions.

The report also addresses present and future market opportunities, technologies, market trends, project announcements, region, and segments poised for the fastest growth, competitive landscape, and impact of geopolitics on the hydrogen market. Further, hydrogen market size, demand forecast, and growth rates will also be provided in the report.