Summary of our market study

The global hydrogen market, valued at $120.77 billion in 2020, has been forecasted to grow at a CAGR of 5.7% up to 2028. Despite its sustainability potential, over 95% of hydrogen is currently produced from fossil fuels, with green hydrogen promoted as a sustainable alternative. Investment has increased globally, reaching $11 billion in 2020. China leads consumption, followed by the United States and India.

Hydrogen Market Trends and Prospects

in Italy Hydrogen, as an energy source and industrial feedstock, is experiencing a growing wave of interest in Italy. The current Italian market, largely dominated by industrial applications in refining and chemical sectors, heavily relies on gray hydrogen sourced from methane, accounting for approximately 1% of the nation's total final energy consumption. Despite its nascent stage, the demand for hydrogen within the country is set to escalate with significant investments on the horizon, estimated at up to 10 billion euros through 2030, aiming to catalyze the low-carbon hydrogen sector. Transformative initiatives such as the national hydrogen mobility plan and the Ministry of Economic Development's plan are indicators of a burgeoning hydrogen ecosystem. The national hydrogen mobility plan, for instance, targets the expansion of hydrogen's role in transportation. The transport sector is set to encompass a remarkable segment of the hydrogen demand, particularly heavy road mobility, which offers a viable alternative to traditional fuels and electric solutions. Moreover, Italy's maritime and rail transport sectors present fertile ground for hydrogen applications, although the maritime sector awaits substantial infrastructural development for hydrogen adoption. The real estate sector is also poised to leverage hydrogen for heating systems, aiding in the reduction of CO2 emissions attributed to residential energy use. The market structure within the nation reveals a small yet persistent number of companies operating in the industrial gas production sector, which includes hydrogen production, with a majority being limited liability companies. The primary players involved in hydrogen manufacturing and consumption include prominent names like Edison S.p.A., Snam S.p.A., Saipem S.p.A., Alboran S.p.A., Enel Green Power S.p.A., and A2A S.p.A. In terms of market dynamics, we observe a keen emphasis on the value chain covering production, processing, and distribution.

Key Figures Driving the Hydrogen Market

The hydrogen market has witnessed the ascent of several key players, each contributing to the diverse aspects of the value chain—from production to end use. These major players are not only advancing their own market positions but also shaping the prospects of hydrogen as an alternative to traditional fuel sources. Herein lies a focus on some of the most influential companies that are playing a pivotal role in the hydrogen market, as cited in the comprehensive analysis above.

  • Air Liquide: Founded in 1902, Air Liquide has grown to become a global leader in gases, technologies, and services for the industry and health sectors. The company offers solutions that are key to the energy transition, including the production of hydrogen energy. With a commitment to sustainable development, Air Liquide is at the forefront of supplying hydrogen and developing the necessary technologies for the hydrogen energy markets, including the design and operation of filling stations to supply hydrogen to fuel cell electric vehicles.
  • Air Products Inc: Air Products Inc. is a world-leading industrial gases company that has been in operation for almost 80 years. The company has a strong focus on hydrogen, providing not only gases but also related equipment and services. Air Products is recognized for its innovative hydrogen fueling technology and operates a number of hydrogen fueling stations internationally.
  • Bloom Energy: Bloom Energy's claim to fame is its solid oxide fuel cell technology that generates clean, reliable, on-site power from a variety of fuels including hydrogen. Their Bloom Energy Servers are deployed in a variety of organizations and industries worldwide, promoting sustainable energy solutions and leading the way in clean energy utilization.
  • Cummins Inc.: Cummins Inc., known for its expertise in diesel and natural gas engines, has expanded into hydrogen fuel cell technologies, marking a significant contribution to the hydrogen economy. Cummins focuses on developing powertrains and fuel cell solutions that are both innovative and environmentally friendly, targeting a variety of applications including heavy-duty transportation.
  • Engie: As a global reference in low-carbon energy and services, ENGIE is embracing the hydrogen revolution by implementing solutions for producing and using renewable hydrogen. The company has been involved in numerous projects that aim to scale up the hydrogen market, offering innovative and sustainable solutions to industries and communities alike.
  • Linde plc: Linde is a leading industrial gas and engineering company with a material presence in more than 100 countries across the globe. In the realm of hydrogen energy, Linde offers clean hydrogen production, hydrogen fueling stations, and related technologies.
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Summary and extracts

1 Market Overview

1.1 Definition and presentation

Hydrogen, known by the chemical formula "H2," has several applications in a variety of processesindustry and also in various sectors, mainly as a source of energy. Pure hydrogen is very difficult to find in nature; in fact, it is often bound with other raw elements and requires a chemical process to be extracted and "purified." Depending on the sustainability of the refining process from which hydrogen is extracted, it could be defined by different colors: black, gray, blue, purple and green. Black is the hydrogen whose refining produces the most CO2, while green is the most sustainable. Today, hydrogen is only a small fraction of the EU's energy mix, and more than 95 % is extracted from fossil fuels, mainly natural gas. Green hydrogen will be a great solution to be more sustainable and drastically reduce CO2 emissions for both industrial enterprises and automobiles.

The global hydrogen market closed 2020 with a market value of $120.77 billion, and is expected to grow between 2021and 2028 with a CAGR of 5.7 %.

In Italy, hydrogen is currently almost entirely limited to industrial applications in refining and chemicals (ammonia), and is generally in gray, highly polluting form derived from methane. In Italy, the current end-use of hydrogen is 16 TWh, or about 1 % of total final energy consumption (1,436 TWh), and is equivalent to about 480,000 t/year, of which about 8,500 t/year is marketed in special cylinders and tubes. By 2050, hydrogen is expected to account for more than a quarter of all energy demand in Italy. The Ministry of Economic Development estimates that up to 10 billion euros will be invested in Italy between 2020 and 2030 to jumpstart the low-carbon hydrogen sector and meet the hydrogen demand penetration target (to which investments for renewable deployment should be added).

The potential of hydrogen, as well as Italy's particularly favorable geographic and climatic conditions, can be used to meet Italy's ecological and, consequently, energy transition goals.

List of charts presented in this market study

  • Turnover enterprises with ateco code 20.11: manufacture of industrial gases
  • Hydrogen demand by sector
  • Possible evolution of hydrogen demand
  • Projections of energy use in the maritime sector
  • Number of enterprises with ateco code 20.11: manufacture of industrial gases
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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Enel green power S.p.a.
Snam S.p.a.
A2A S.p.a.
Edison Next Spa
Saipem S.p.a.
Alboran Hydrogen S.p.a.

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