According to a report by Zion Market Research published April 2018:

“Zion Market Research has published a new report titled “Hydrogen Market by Delivery Mode (Captive, Merchant), by Technology (Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Electrolysis of Water) and by End User (Chemical, Petroleum Refining, Metal Processing, Automotive Fuel, Glass Industry, Edible Fats and Oils, Energy, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023”. According to the report, global hydrogen market was valued at approximately USD 129.25 billion in 2017 and is expected to generate revenue of around USD 183.34 billion by end of 2023, growing at a CAGR of around 6.00% between 2017 and 2023.

Hydrogen is an important carrier of energy that provides support for the future requirement for clean energy across the world. It will also sustain the initiative of reduction of greenhouse emissions and dependence on fossil fuels for energy and this is expected to drive hydrogen market growth over the forecast period. Furthermore, growing number of technological developments, increasing preference for onsite hydrogen generation systems, growing use of hydrogen in various industry sectors and the introduction of green production technologies will further upsurge the demand for hydrogen in the coming years.”