In California, Index Box reported that the hydrogen market in China is driven by increasing demand, with forecasts indicating a steady upward consumption trend for the period from 2024 to 2035. The report noted that market performance is expected to expand with a projected CAGR of 1.0% in volume, reaching 5.5B cubic meters by 2035. In terms of value, the market is forecasted to increase with an anticipated CAGR of 1.3%, culminating in a market value of $2.5 billion by the end of 2035. The research report also noted that consumption of hydrogen last year decreased by 1% to 4.9 billion cubic meters, falling for the second consecutive year after ten years of growth. The total consumption volume increased at an average annual rate of 1.8% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Hydrogen consumption peaked at 5 billion cubic meters in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure, the report added.
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