Top Global Hydrogen Economy Trends: Demand Aspects and Indian Hydrogen Economy latest updates Analysis By Spherical Insights and Consulting.

RELEASE DATE: Dec 2023 Author: Spherical Insights Request Free Sample

Global Hydrogen Economy Trends


Hydrogen Market Synomsis 

The Hydrogen Economy is a vision of a carbon-free energy delivery infrastructure based on hydrogen. Fuel cells would produce electricity from hydrogen while also producing heat and water vapor as byproducts. Hydrogen's physical properties are well understood. It is the smallest atom in the universe. As a result, hydrogen is the lightest gas, about 8 times lighter than methane (natural gas).


The Global Hydrogen Market Size is valued at USD 228.4 billion in 2022 and is projected to reach 490.7 billion by 2032, it is expected to record a CAGR of 7.9% during the forecast period. The growth of hydrogen in recent years is due to the increasing focus of the government on developing hydrogen-based economies and investment in hydrogen infrastructure.

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Green hydrogen economy and opportunities for India:

With an increasing number of vehicles on the road, India is confronted with the issue of high vehicular emissions. The primary source of these emissions is the combustion of crude oil. India does not have enough resources to meet all of the energy needs of vehicles, so it imports crude oil from oil-rich countries. To address the issues associated with oil imports and vehicular emissions, a carbon-free alternative fuel that is available locally in sufficient quantity to meet India's energy demands must be sought. The green economy is a new concept that is gaining popularity around the world. It focuses on sustainable and environmentally friendly solutions. Hydrogen is a carbon-free fuel that can help achieve green economy goals and is the best way to store energy for long periods of time. When used in fuel cells, hydrogen is a high-energy fuel with almost no greenhouse gas emissions. India's ever-increasing renewable power generation capacity allows it to produce hydrogen from renewable sources such as solar and wind when demand is low. The current review work focuses on the opportunities for India in green hydrogen production as green hydrogen adaptation.


Future of Hydrogen

The world needs more energy than ever before, this highly growing demand means we need a more sustainable supply and generation system. Whilst also addressing CO2 emissions and the overall impact of energy generation on the environment. Hydrogen is a powerful transformation in progress, fueled by the promise of progress and limitless potential. We are creating a pathway to a cleaner, greener, and more sustainable future for the world. The hydrogen future holds a key for an important change, where we embrace peaceful coexistence with nature, leading us to a brighter and more enlightened tomorrow.


Trend of Hydrogen

Hydrogen is essentially the key to our future as it will become a decisive factor in ensuring a steady energy supply. Hydrogen is trending because of its demand growth and the adoption of cleaner technologies for its production. This enables hydrogen and hydrogen-based fuels to play a significant role in Net Zero Emission Scenario decarbonize sectors where emissions are hard to abate. Investments and research in hydrogen technologies have surged, driving advancements in production, storage, and distribution infrastructure. Hydrogen trends reflect the growing identification of its potential as a sustainable substitute to fossil fuels. 


Indian Trends of Hydrogen

India wants to become a global hub for the production of green hydrogen and is aiming for an annual production of 5 million metric tons of fuel by 2030. Which would cut about 50 million metric tons of carbon emissions and save more than USD 12 billion on fossil fuel imports.


Potential of Hydrogen

Hydrogen seems possibility of limitless energy and potential in a World. The strength of hydrogen or the power of hydrogen is paving the way for a transformative energy revolution. By Unlocking hydrogen's potential, we can empower a world where renewable energy becomes the driving force, directing an era of limitless energy possibilities and a brighter tomorrow.



1. Production: Hydrogen can be produced from many different sources in different ways to use as a fuel. There are several methods for producing hydrogen Steam - methane reforming, electrolysis, coal gasification, and biomass gasification. These methods have their advantages and disadvantages in terms of cost, efficiency, and environmental impact.


2. Storage: Hydrogen can be stored in compressed gas form, liquid form and solid state as well. Each of these storage methods has its own benefits and drawbacks, and the storage method depends upon what is the application of hydrogen.


3. Transportation: Hydrogen can be transported in different ways, including pipelines, tankers, and trucks. Pipelines are the most common form of hydrogen transportation, but in the absence of pipelines hydrogen is transported and delivered in a liquid form.


4. Distribution: The hydrogen distribution system usually consists of a set of hydrogen main headers working at different pressures and hydrogen purities. Once hydrogen has been produced and transported to its destination, it has been distributed to end users such as industrial customers, fuel cell vehicle owners, or power generators.


5. Utilization: This is the final stage of the value stream, hydrogen can be used in various types of applications, including as a fuel for transportation, as a feedstock of chemical production, and as a source of electricity in power generation and heat. Each application needs its specific infrastructure and equipment, and the choice of application depends on factors such as cost, efficiency, and environmental impact. 


Application of Hydrogen

1. Refining Industry: Hydrogen has long been used in refining industries to remove impurities and increase the yield of high-quality refined products. The process of removing impurities from crude oil involves breaking down large hydrocarbons into smaller ones, a process that requires hydrogen. As per research, a modern mmtpa refinery requires 150,000 Nm3/hr or more of hydrogen. This demand can be achieved by applying a systematic, cost-effective approach to hydrogen management.


2. Chemical Industry: Hydrogen plays an important role in the chemical industry as a key feedstock and energy source for various chemical processes. The use of hydrogen in chemical industries is beneficial for improved efficiency, increased productivity, and reduced environmental impact. The key applications of hydrogen in the chemical industry are hydrogenation, ammonia production, methanol production, olefin production, and refining.


3. Steel Production: Steel is an essential material for many industries, and the use of hydrogen in its production offers several benefits, including reduced carbon emissions, improved energy efficiency, improved product quality, increased competitiveness, and potential for revenue generation.


4. Glass Manufacturing: Hydrogen can be used in the glass manufacturing industry as a fuel in melting furnaces, which are used to melt raw materials such as sand, soda ash, and limestone-produced glass. By using hydrogen as a fuel, the melting process can be made more energy efficient, reduce carbon emissions, and improve product quality. The key applications of hydrogen in the glass manufacturing industry are melting furnaces, batch preheating, glass forming, and annealing.


5. Semiconductors Industry: The semiconductor industry is a critical sector in the global economy, with a wide range of applications across various industries. Hydrogen is used in the semiconductor industry for multiple reasons, such as cleaning, annealing, etching, and doping. The combination of renewable energy and efficient power semiconductors from Infineon is a key lever in the large-scale production of green hydrogen.


Hydrogen Growth Opportunities


Opportunities in Mobility Industry

1. Heavy-duty Trucks and Buses: According to a study by the Hydrogen Council, there is major potential for hydrogen fuel cell-powered heavy-duty trucks and buses, particularly for long-distance applications where the high energy density of hydrogen can provide a long driving range without weight and space limitation of large battery packs. According to this study, the market for hydrogen-powered heavy-duty trucks and buses can reach 2.8 million vehicles by 2032, with an annual revenue potential of USD 120 billion.


2. Passenger Cars: Hydrogen-powered passenger cars are currently limited to a few models, there is potential for further development and expansion of technology in coming years. The market of hydrogen-powered passenger cars is expected to grow from around 3500 units in 2020 to over 2 million units per year by 2050. According to notes hydrogen fuel cell vehicles can represent a $700 billion market opportunity by 2050.


3. Trains and Ships: Hydrogen can also be used as fuel in trains and ships, particularly for applications where electrification is not possible due to long distances or limited infrastructures. 


Opportunities in Aerospace Defence

1. Hydrogen Powered Drones: Hydrogen Powered UAVs (unmanned aerial vehicles) and drones, also known as H2-powered drones. H2 drones use fuel cells to convert hydrogen into useful electric energy that can be used to power the drone.


2. Hydrogen Cryogenic Tank: Flying "green" while respecting the environment is the ambition of aircraft manufacturers, but adding batteries to aircraft would make them 20 times heavier. The solution is to generate electricity on sit, the choice landed on liquid hydrogen at -252.85°C., allowing less dangerous storage and larger quantities than its gaseous form. Firstly, the material chosen for a cryogenic tank must absolutely comply with these criteria, damage, fatigue, aging, chemical compatibility, resistance, stiffness, fragility, thermal expansion, and permeability.


3. Aerospace materials: Hydrogen can be used in the production of lightweight materials for aircraft and spacecraft. Carbon fiber-reinforced polymer can be manufactured using hydrogen to create the polymer matrix.


Opportunities in the Lab-grown Diamond Manufacturing Industry

1. Hydrogen is an important element in the lab-grown diamond industry. In the process of diamond manufacturing, a mixture of hydrocarbon gas and hydrogen is heated to high temperatures, which creates a plasma environment for the formation of diamonds on a substrate.


2. Hydrogen gas plays two important roles in this process, Firstly, it helps to prevent the formation of unwanted carbon species, such as graphite. Secondly, it acts as a reducing agent, which is important to maintain a sustainable plasma environment for diamond growth.


3. There have been alternative methods for lab-growing diamond manufacturing that use greener sources of hydrogen, such as water electrolysis. Hydrogen gas is generated by splitting water molecules using electricity from renewable sources, such as wind or solar power. This process produces no greenhouse gas emissions and can be conducted on-site, reducing transportation costs and safety risks associated with hydrogen gas storage.


Challenges In Hydrogen Market:

The challenging thing for the hydrogen market is the lack of an existing clean value to overcome for developing a low-carbon hydrogen economy. A global clean hydrogen market requires creating completely new value chains. Specifically, the major challenge lies in the choice of which path to take since hydrogen can follow different paths in the supply, handling, and demand chain. To accelerate the commercialization of hydrogen and fuel cell technology, challenges associated with the transportation and storage of hydrogen gas need to be addressed.


Hydrogen Companies in the Market

The top 20 hydrogen generation companies in the market were categorized and recognized as the quadrant leaders.


Market Leaders:

1. Aramco  

2. Linde  

3. Shell  

4. Air Liquide  

5. Chevron  

6. Air Products  



1. Uniper  



1. ENGIE  

2. Equinor  

3. BP  

4. ExxonMobil  


6. Messer Group  

7. Iwatani Corporation  


Emerging Companies:

1. Siemens  

2. Iberdrola  

3. Orsted  

4. Xebec Adsorption  

5. BayoTech  

6. Hiringa   


Related Global Market Study Report By Sperical Insights and Consulting, The Global Hydrogen Market Size is expected to reach USD 490.7 Billion by 2032, at a CAGR of 7.9% during the forecast period 2022 to 2032.


About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 



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