In India, research firm Prudour reported that the global hydrogen generation market is projected to reach a value of $489.2 billion by 2033, up from $117 billion in 2023. The market is projected to expand at a Compound Annual Growth Rate (CAGR) of 10.7% from 2023 to 2033. The report noted that the demand for hydrogen is steadily increasing due to its growing role in industries like transportation, chemicals, and power generation. “The adoption of hydrogen fuel cells in the automotive industry, coupled with government mandates and emission regulations, is driving this demand. Additionally, its use in producing ammonia for fertilizers and refining petroleum products further supports the demand.” “Asia-Pacific (APAC) dominates the market, driven by significant investments, abundant renewable energy resources, and rapid industrialization. North America and Europe are also prominent markets,” the report added.
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