Discover Top 10 Companies in Hydrogen: Global Share, Market Size, Revenue Report (2024-2035)
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Hydrogen Market Size is projected to Grow from USD 258.34 Billion in 2024 to USD 564.22 Billion by 2035, at a CAGR of 7.36% during the forecast period 2025-2035. The government programs, international decarbonization efforts, and the growing need for hydrogen in industrial applications are driving the industry. Hydrogen is necessary for many industrial operations, including steel, refining, and ammonia production. The need for hydrogen will grow as businesses strive to lower their carbon emissions.
Introduction
The production, delivery, storage, and use of hydrogen as a fuel or industrial input are all included in the global industry known as the hydrogen market. The industries that employ hydrogen include manufacturing, transportation, energy, chemicals, and refining. Green hydrogen, which comes from renewable resources, is a clean fuel that simply causes fuel cells to emit water. It is an important part of helping countries and companies reach their decarbonization targets and reduce greenhouse gas emissions, which is a critical part of managing climate change. Natural gas, nuclear power, and renewable energy sources are just a few of the options that can be utilized to produce it domestically. Energy security is enhanced by this diversity of production methods, which reduces dependency on imported fossil fuels.
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Hydrogen Market Size & Statistics
- The Market for Hydrogen was estimated to be worth USD 258.34 Billion in 2024.
- The Market is Going to expand at a CAGR of 7.36 % between 2025 and 2035.
- The Global Hydrogen Market Size is anticipated to reach USD 564.22 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Hydrogen Market.
- Asia Pacific is expected to grow the largest share during the forecast period in the Hydrogen Market.
Regional growth and demand
Asia Pacific is expected to grow the largest share over the forecast period in the hydrogen market. The region's governments' favorable policies and activities are encouraging the use of sustainable energy sources like green hydrogen. Electrolysis of green hydrogen is becoming more affordable due to the abundance of renewable energy sources like solar, hydro, and wind. Major hydrogen missions have been launched by the following nations: With the help of 125 GW of renewable energy capacity, India's National Green Hydrogen Mission hopes to produce 5 Mt by 2030. Japan is increasing its domestic production and imports to reach a 20 Mt hydrogen consumption target by 2050, Australia wants to become a global exporter by utilizing massive solar and wind projects and export infrastructure, and China intends to add 100–200 GW of electrolyzer capacity by 2030.
North America is anticipated to grow fastest in revenue share demand during the forecast period in the hydrogen market. The hydrogen industry in North America is set to grow significantly due to federal regulations and substantial infrastructural investments. The Inflation Reduction Act's 45V tax credit and regional clean hydrogen hubs in the United States lead the world in industrial capacity and policy ambition. The National Clean Hydrogen Strategy and Roadmap (2023) in the United States sets out ambitious targets of 10 million tons by 2030, 20 million tons by 2040, and 50 million tons by 2050. The Section 45V production tax credit, the Hydrogen Shot project (which lowers the price to 1/kg), and federal hydrogen hubs supported by the Infrastructure Investment and Jobs Act are important facilitators. With the help of green and blue hydrogen, Canada aims to achieve net-zero emissions by 2050. This goal is supported by federal and provincial incentives as well as robust export aspirations.
Top 10 Hydrogen Trends
- Green Hydrogen Expansion
- Fuel Cells
- Hydrogen Storage Innovations
- Artificial Intelligence (AI) in Hydrogen Operations
- Advanced Electrolysis
- Carbon Capture, Utilization, and Storage (CCUS) Integration
- Hydrogen Distribution Innovations
- Remote Hydrogen Production & Microgrids
- Blue Hydrogen
- 1. X-to-Hydrogen-to-X
1. Green Hydrogen Expansion
The hydrogen industry as a whole is changing due to the significant growth of green hydrogen, a clean fuel made by electrolyzing water with renewable energy. The market for green hydrogen is growing quickly thanks to developments in electrolyzer technology, declining costs for renewable energy, and robust government and international organization policy support. Large economies like the US, Australia, India, and the EU have declared national plans and multibillion-dollar investments to increase the generation of green hydrogen.
2. Fuel Cells
In the hydrogen market, fuel cells are a crucial technology that is propelling demand and innovation. Using an electrochemical process, these devices directly convert hydrogen into energy, producing only heat and water as byproducts. Their zero-emission profile, scalability, and high efficiency make them perfect for a variety of uses, including industrial and domestic energy systems, backup power, and transportation. For heavy-duty trucks, buses, trains, and even airplanes, hydrogen fuel cell vehicles (FCEVs) are a viable substitute for battery-electric vehicles due to their quick refueling and high range. Countries like Japan, South Korea, Germany, and the U.S. are supporting fuel cell adoption through subsidies, pilot projects, and hydrogen refueling networks.
3. Artificial Intelligence (AI) in Hydrogen Operations
A growing number of hydrogen operations are incorporating artificial intelligence (AI) to improve scalability, safety, and efficiency throughout the hydrogen value chain. Artificial intelligence (AI) algorithms enhance electrolysis processes in production by modifying variables such as temperature, pressure, and energy input in real time, increasing hydrogen yield and lowering energy usage. Predictive maintenance systems driven by AI keep an eye on transport modules, pipelines, and high-pressure tanks in storage and distribution to stop leaks and malfunctions. Additionally, AI is being used to predict the demand for hydrogen and adjust production schedules accordingly, which lowers waste and enhances grid integration.
4. Remote Hydrogen Production & Microgrids
Microgrids and remote hydrogen production are becoming important elements in the developing hydrogen market, particularly for off-grid and decentralized energy solutions. Microgrids, which are autonomous, localized energy systems, can incorporate renewable energy sources like solar and wind to power electrolyzers for on-site hydrogen production in places where connecting to large power grids is either unfeasible or too expensive. Government programs and corporate investment are supporting these decentralized networks more and more, highlighting their contribution to a more resilient and dispersed hydrogen economy.
5. Advanced Electrolysis
Modern electrolysis methods are revolutionizing the hydrogen industry by making it possible to produce green hydrogen more cheaply, efficiently, and scalable. Electrolysis, which uses electricity to split water into hydrogen and oxygen, produces "green" hydrogen when it is fueled by renewable energy sources like solar or wind. Technological advancements, including anion exchange membrane (AEM) electrolysis, solid oxide electrolysis (SOEC), and proton exchange membrane (PEM) electrolysis, have greatly increased system durability and energy efficiency. Green hydrogen is still more expensive than fossil fuel-based alternatives; therefore, these developments are essential to bringing it down. Advanced electrolysis is receiving more attention and funding worldwide as nations strive to reach their net-zero goals. To speed adoption, businesses and governments are increasing electrolyzer production and supporting experimental projects.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the hydrogen market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 10 Companies Leading the Hydrogen Market
- Saudi Arabian Oil Co.,
- Worthington Industries
- INOX India Limited
- Hexagon Purus
- NPROXX
- Cryolor
- Pragma Industries
- BayoTech
- Luxfer Gas Cylinders
- Weldship Corporation
1. Saudi Arabian Oil Co.
Headquarters – Dhahran, Eastern Province of Saudi Arabia.
Saudi Arabia achieves its net-zero goals and diversifies its economy, and Saudi Aramco is proactively entering the hydrogen market. Aramco agreed in July 2024 to buy 50% of Air Products Qudra's blue hydrogen division, creating Blue Hydrogen Industrial Gases Co., which is currently based in Jubail Industrial City and works closely with Aramco's carbon-capture system. With its involvement in the NEOM Green Hydrogen initiative, a joint venture with ACWA Power and Air Products, the company also plans large-scale green hydrogen projects. By 2027, it hopes to have built a 4GW solar-plus-wind electrolyzer plant that will produce up to 600 t/day of green hydrogen (ammonia equivalent ~1.2 million tonnes annually). Additionally, in collaboration with ENOWA, Aramco is building a 20 MW synthetic electro-fuel demonstration facility at NEOM.
2. Worthington Industries
Headquarters – Columbus, Ohio, USA.
With its proficiency in high-pressure composite cylinders, full on-board fueling systems, valves, transport containers, and infrastructure components for hydrogen mobility and storage, Worthington Industries (through Worthington Enterprises) has positioned itself strategically in the hydrogen economy. Strategic partnerships (STOKOTA, Hexagon Composites JV) and acquisitions (PTEC, Hexagon Ragasco) strengthen its position in the worldwide hydrogen industry. ThermaGuardTM hydrogen cylinders, which are made of aerospace-grade composite and have an aluminum liner that allows them to operate at temperatures as high as 250°F (121°C), were introduced by the company in 2021. This reduced the need for pre-chilling hydrogen, sped up heavy-duty refueling (from 25 to 45 minutes to 10 to 15 minutes), decreased the cost per kilogram, and decreased the capital expenditure on chilling equipment.
3. INOX India Limited
Headquarters – Vadodara, Gujarat, India
In a strategic move away from conventional industrial gases, INOX Air Products (INOXAP) has launched its first green hydrogen project, entering the hydrogen market. INOXAP and Asahi India Glass (AIS) partnered to commission India's first green hydrogen generation facility specifically for the production of float glass at AIS's Soniyana factory in Chittorgarh, Rajasthan. The project is intended to create 190 tonnes of green hydrogen annually (TPA) by solar-powered electrolysis; 95 TPA will be sold to AIS under a 20-year offtake agreement, with initial commissioning scheduled for July 2024. This program is anticipated to cut CO2 emissions by about 1,250 tonnes per year and 25,000 tonnes for the term of the agreement. The facility's design, engineering, installation, and ongoing supply are managed by INOXAP, while AIS finances the solar infrastructure.
4. Bayo Tech
Headquarters - New Mexico, United States.
Low-cost, low-carbon hydrogen solutions are the main goal of BayoTech, a company that produces and supplies hydrogen. The company's strategy makes hydrogen more accessible for a range of industries, including power generation, transportation, and agriculture, by combining flexible deployment with high-efficiency production. Through the delivery of environmentally sustainable and economically feasible hydrogen, BayoTech's technologies are intended to aid in the global shift to cleaner energy. Strategic alliances like Hyliion (combining BayoTech's hydrogen supply with KARNOTM generators) and Nikola (purchasing up to 50 Class 8 fuel-cell trucks and hydrogen purchase contracts from BayoTech's hubs) demonstrate the company's increasing ecosystem relevance and demand traction in commercial fleets and power applications.
5. Weldship Corporation
Headquarters – Bethlehem, Pennsylvania, USA
Weldship Corporation is a prominent player in the hydrogen market and a maker of high-pressure gas storage and transportation systems. With its expertise in tube trailers, ISO containers, and ground storage modules for compressed hydrogen gas, the company is essential to the safe and effective transportation of hydrogen throughout North America. The products from Weldship are made to adhere to strict ISO and DOT regulations, enabling the growing green hydrogen economy as well as industrial hydrogen applications. The business has increased its capacity to satisfy growing demands from suppliers of industrial gas, hydrogen filling stations, and renewable hydrogen producers. Weldship has decades of experience in high-pressure gas confinement, making it ideally suited to meet the expanding demands of hydrogen infrastructure development in the areas of power production, industrial decarbonization, and fuel cell mobility.
Are you ready to discover more about the hydrogen market?
The report provides an in-depth analysis of the leading companies operating in the global hydrogen market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Saudi Arabian Oil Co.,
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Worthington Industries
- INOX India Limited
- Hexagon Purus
- NPROXX
- Cryolor
- Pragma Industries
- BayoTech
- Luxfer Gas Cylinders
- Weldship Corporation
Conclusion
The Key industry players, such as Saudi Arabian Oil Co., Worthington Industries, INOX India Limited, Hexagon Purus, Pragma Industries, Weldship Corporation, and more, are leading innovations in the hydrogen market with substantial investment in technical support. Governments around the world are playing a crucial role in advancing the hydrogen market, particularly by implementing policies that support the goal of net-zero carbon emissions. With a focus on green hydrogen produced using renewable-powered electrolysis, these efforts seek to lower production costs, construct pipelines and refueling infrastructure, and assist electrolyzer scale-up.
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