Regional analysis: North America dominated the global hydrogen market in 2023, accounting for around 30% of the overall demand. Asia Pacific is slated to be the fastest growing regional market, owing to significant initiatives by countries like Japan, South Korea and China to build hydrogen value chains and infrastructure.

The global hydrogen market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing support from governments and corporate investments towards the development of hydrogen ecosystems.

Key players: Key players operating in the hydrogen market are Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc. Major players are focusing on expanding production facilities and collaborating with automakers, energy companies and governments to commercialize hydrogen applications at scale.

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