Global Hydrogen Market Set to Triple: The Green and Blue Fuel Revolution
Global, Thursday, 6 March 2025.
The global hydrogen market is expected to grow from $200 billion in 2024 to $700 billion by 2040, thanks to investments in green and blue hydrogen. This shift is driven by sustainable energy policies, highlighting exciting opportunities for cleaner energy solutions worldwide.
Market Growth and Investment Surge
I’m tracking a remarkable transformation in the hydrogen sector, where green hydrogen costs are expected to plummet by 60-80% by 2030 [1]. What’s particularly exciting is the scale of investment – over $300 billion in hydrogen projects have already been announced globally by 2024 [1]. The market’s trajectory shows incredible promise, with experts projecting an expansion to $700 billion by 2040, marking a 250% increase from current levels [1].
Infrastructure Development
The hydrogen revolution isn’t just about production – it’s about building a complete ecosystem. In the transportation sector, we’re seeing a significant expansion of hydrogen fueling stations, particularly in Asia-Pacific, Europe, and North America [3]. What catches my attention is how mid-size hydrogen refueling stations are leading the charge, offering the sweet spot between cost-effectiveness and capacity [3]. The market for these fueling stations is projected to reach $2,250 million by 2034, growing at an impressive 23.7% annually from $268.4 million in 2024 [3].
European Leadership
I’m particularly impressed by the European Union’s ambitious vision. Under the leadership of Ursula von der Leyen, the EU has set concrete targets: 10 million tons each of domestic production and imports of hydrogen by 2030 [6]. The European Hydrogen Bank, established in 2022, is already working to enhance investment security for renewable hydrogen production [6]. What makes this especially significant is the EU’s commitment to installing 40GW of electrolyzer capacity by 2030 [1].
Industrial Applications
One of the most fascinating developments I’m observing is in the industrial sector, where hydrogen is revolutionizing steel production by replacing coal as a reduction agent [1]. The technology isn’t just promising – it’s already operational in several European demonstration projects [1]. The shift toward PEM (Proton Exchange Membrane) fuel cells is gaining momentum, with manufacturers rapidly expanding their electrolyzer capacity to meet the demands of more than 1,400 announced projects [7].