Saudi Arabia Hydrogen Market Size, Share, By Sales Channel (Direct Sale and Indirect Sale), By End-Use (Refining, Ammonia, Chemical, Fuel, and Others), Saudi Arabia Hydrogen Market Insights, Industry Trend, Forecasts to 2035

Saudi Arabia Hydrogen Market Insights Forecasts to 2035

• Saudi Arabia Hydrogen Market Size 2024: USD 751.8 Million
• Saudi Arabia Hydrogen Market Size 2035:  USD 1714.6 Million
• Saudi Arabia Hydrogen Market CAGR 2024: 7.78%
• Saudi Arabia Hydrogen Market Segments: Sales Channel and End-Use

The Saudi Arabia hydrogen market includes all activities that involve producing, distributing, and using hydrogen across various sectors that require decarbonization, in line with both national and EU clean energy targets.

Hygreen Energy announced a joint venture in Saudi Arabia to establish the Middle East Electrolysers Company in the Eastern Province. The project aims to establish domestic production capabilities for advanced electrolyzer technologies, which include PEM and alkaline and AEM systems, to meet the increasing requirements of green hydrogen infrastructure.

The Public Investment Fund (PIF) is leading major financial investments that exceed USD 10 billion to hydrogen initiatives that will drive the development of production facilities, transforming Saudi Arabia into a worldwide centre for low-carbon hydrogen production.

Market Dynamics of the Saudi Arabia Hydrogen Market:

The Saudi Arabia hydrogen market is driven by the combination of renewable energy resources and government decarbonization policies, EU funding and incentives, increasing hydrogen from industrial and transportation sectors and the development of new electrolyzer and storage technologies. The market expansion receives a boost from increasing green hydrogen export activities and their integration into national energy transition planning.

The Saudi Arabia hydrogen market is restrained by the high capital expenditures and insufficient large-scale facilities and electrolyzer and storage technologies, and renewable energy resources need continuous availability.

The future of Saudi Arabia's hydrogen market is bright and promising, with major green hydrogen production and technological progress and export capacity by 2030 through its strong renewable energy resources, supportive government policies, EU funding and rising industrial decarbonization demands, transportation needs and energy storage requirements.

Market Segmentation

The Saudi Arabia hydrogen market share is classified into sales channels and end-use.

By Sales Channel:

The Saudi Arabia hydrogen market is divided by sales channel type into direct sales and indirect sales. Among these, the direct sales segment dominated the share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. It requires massive volumes of hydrogen to remove impurities (desulfurization) and crack heavy hydrocarbons into cleaner-burning fuels like gasoline and diesel to meet strict environmental regulations.

By End-Use:

The Saudi Arabia hydrogen market is divided by end-use into refining, ammonia, chemical, fuel, and others. Among these, the refining segment accounted for the largest market share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. Because industrial users (refineries and chemical plants) require high-volume, consistent supplies, typically managed through long-term contracts and dedicated on-site generation or pipeline delivery for cost-efficiency.

Competitive Analysis:

The report offers the appropriate analysis of the key organisations/companies involved within the Saudi Arabia hydrogen market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 

Top Key Companies in Saudi Arabia Hydrogen Market:

• Saudi Aramco
• ACWA Power
• Air Products
• NEOM Green Hydrogen Company (NGHC)
• SABIC
• Linde PLC
• Air Liquide Arabia
• Maaden
• Siemens Energy
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the Saudi Arabia, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Saudi Arabia hydrogen market based on the below-mentioned segments:

Saudi Arabia Hydrogen Market, By Sales Channel

• Direct Sale
• Indirect Sale

Saudi Arabia Hydrogen Market, By End-Use

• Refining
• Ammonia
• Chemical
• Fuel
• Others