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Summary of our market study
The global hydrogen market is expected to grow at a CAGR of 5.7 percent until 2028. Despite its potential for sustainability, more than 95% of hydrogen is currently produced from fossil fuels, while green hydrogen is being promoted as a sustainable alternative. Investment has increased globally, reaching $11 billion in 2020. China is leading consumption, followed by the United States and India.
Hydrogen market trends and prospects
Hydrogen, as an energy source and industrial raw material, is experiencing a growing wave of interest in Italy. The current domestic market, largely dominated by industrial applications in the refining and chemical sectors, depends heavily ongray hydrogen derived from methane, which accounts for about 1 percent of the nation's total final energy consumption. Despite its nascent stage, demand for hydrogen in the country is set to increase with significant investments on the horizon, estimated at up to 10 billion euros through 2030, aiming to catalyze the low-carbon hydrogen sector. Transformational initiatives such as the National Hydrogen Mobility Plan and the Ministry of Economic Development's plan are indicators of a growing hydrogen ecosystem. The national hydrogen mobility plan, for example, aims to expand the role of hydrogen in transportation. The transportation sector is set to include a sizable segment of hydrogen demand, particularly heavy road mobility, which offers a viable alternative to traditional fuels and electric solutions. In addition, the maritime and rail transport sectors in Italy present fertile ground for hydrogen applications, although the maritime sector awaits substantial infrastructure development for hydrogen adoption. The real estate sector is also poised to exploit hydrogen for heating systems, contributing to the reduction of CO2 emissions attributed to residential energy use. The domestic market structure reveals a small but persistent number of companies involved in industrial gas production, which includes hydrogen production, with a majority of limited liability companies. Major players involved in hydrogen production and consumption include important names such as 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 strong emphasis on the value chain that includes production, processing, and distribution.
Some of the major companies studied
- Air Liqu ide: Founded in 1902, Air Liquide has grown to become a global leader in gases, technologies and services for industry and healthcare. The company offers key solutions for the energy transition, including hydrogen power generation. With a commitment to sustainable development, Air Liquide is at the forefront of hydrogen supply and the development of technologies needed for hydrogen energy markets, including the design and operation of refueling stations to supply hydrogen to fuel cell electric vehicles.
- Air Products Inc: Air Products Inc. is a leading global industrial gases company that has been in business for nearly 80 years. The company focuses specifically on hydrogen, providing not only gas but also related equipment and services. Air Products is recognized for its innovative hydrogen refueling technology and operates a number of hydrogen refueling 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. Its Bloom Energy servers are installed in various organizations and industries around the world, promote sustainable energy solutions, and are at the forefront of clean energy utilization.
- Cummins Inc: Cummins Inc, known for its expertise in diesel and natural gas engines, has expanded into hydrogen fuel cell technologies, making a significant contribution to the hydrogen economy. Cummins focuses on developing innovative and environmentally friendly fuel cell powertrains and solutions for a variety of applications, including heavy-duty transportation.
- Engie: As a global benchmark in low-carbon energy and services, ENGIE is embracing the hydrogen revolution by implementing solutions for the production and use of renewable hydrogen. The company has been involved in a number of projects that aim to scale the hydrogen market by offering innovative and sustainable solutions to industries and communities.
- Linde plc: Linde is a leading industrial gases and engineering company with a material presence in more than 100 countries worldwide. In the hydrogen energy sector, Linde offers clean hydrogen production, hydrogen refueling 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. It is very difficult to find pure hydrogen 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 percent 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 grew rapidly after 2020, by 2023, the global hydrogen market was worth about $222 billion and is expected to grow at a compound annual growth rate (CAGR) of 7-9% until 2030, reaching over $400 billion by then. This growth is fueled by increased demand for hydrogen for decarbonization in sectors such as transportation and industry, as well as the expansion of green hydrogen infrastructure, especially in Europe and Asia.
In Italy, the hydrogen sector is seeing a significant increase in investment, particularly in green hydrogen. In 2023, the green hydrogen market in Italy generated about $309.6 million, with expectations of growth to $3.4 billion by 2030, with an impressive CAGR of 41 percent from 2024 to 2030. Most of this growth will be driven by the use of hydrogen in transportation and power generation. The Italian government has planned investments of about €10 billion by 2030 to support green hydrogen production, with a plan to implement about 5 gigawatts of electrolysis capacity to support these goals
Italy's hydrogen potential, supported by favorable geographic and climatic conditions, is seen as crucial to achieving the country's energy transition goals, contributing to significant reductions in CO2 emissions and greater energy independence
1.2 The world market
he global hydrogen market has accelerated significantly in recent years. In ****, the global hydrogen market was valued at about $***.* billion and is expected to reach $***.* billion by ****, with a CAGR of **.* percent between **** and **** MarketsandMarkets.
Global hydrogen market progression World, ****-****, billion Market and Markets
The increase in demand for hydrogen ...
1.3 The domestic market
The hydrogen market in Italy is undergoing an important growth phase, driven by both government initiatives and private investment, with the goal of achieving the decarbonization targets set at the national and European level.According to recent reports, the Italian green hydrogen market generated revenues of approximately $***.* million in **** and is ...
1.4 The trade
Hydrogen trade is still underdeveloped. In Italy, in ****, imports did not touch US$* million in countervalue and exports were less than half.
There is a lack of infrastructure, as is the case with natural gas, to move large quantities by taking advantage of pipelines; hydrogen is an element that occupies a ...
Inflation suffered by the sector
The graph shows the trend of the producer price index of the electricity, gas and other fuels industry in Italy over the period from **** to ****, with base ****=***. The index starts from a value of about ***.* in September **** and reaches its peak in November **** with a value of ***.*. After this peak, it ...
2 Demand analysis
2.1 The question
Demand for hydrogen in Italy is still low, however, we can begin to identify the first encouraging signs, coming mainly from the oil refining industry.
The graph shows a large gap between the expected consumption of hydrogen in the Italian industry and the theoretical potential available. Between **** and ****, consumption remains very ...
2.2 The transportation sector
The transportation sector is the one that, in the long run, seems likely to account for the largest share of demand. It is divided into:
Road transport:
Light mobility: cars and vehicles. There are already hydrogen-powered cars on the market, all of which use it as batteries and generally provide a ...
2.3 The demand of the real estate sector
The real estate sector:
In the short term, however, it seems that one of the easiest uses to implement is in the construction sector. In particular, there are plans to start using a percentage of hydrogen in gas-fired systems that heat homes, which would reduce emissions. The building sector is responsible ...
3 Market structure
3.1 Market structure and dynamics
The hydrogen market is of recent development, it is therefore studied within the industrial gas production sector. Within this sector, the number of enterprises has remained virtually unchanged and rather small in recent years, in **** there are only **.
Number of enterprises by ateco code **.**: manufacture of industrial gases Italy, ****-****, in ...
3.2 The hydrogen value chain
The value chain consists of: production, processing, transportation and end use.
To date, hydrogen production is divided as follows:
Natural gas: *** Mtoe Coal: ** Mtoe Oil: * Mtoe Electricity: * Mtoe Indirect production as secondary prouct: ** Mtoe of which less than *.* derived from renewable energy
Materials used for hydrogen production World, ****, Metric tones oil ...
3.3 Distribution
The most efficient transportation method for hydrogen distribution continues to be the use of pipelines, which accounted for about ** percent of industry revenuesInternationalEnergy Agency in **** However, the need to expand this infrastructure is crucial to support the growing demand expected in the coming decades. In ****, increased interest was observed in the ...
3.4 The most important players
Globally, the most important companies for the hydrogen market are[Grandviewresearch:
Air Liquide: Air Liquide is a global leader in gases, technologies, and services for industry and healthcare. The company is highly focused on the development of environmentally friendly hydrogen solutions, particularly in the production of green hydrogen through water electrolysis ...
4 Supply analysis
4.1 Hydrogen as a chemical element
Hydrogen is themost abundant element in the universe (***), is colorless, odorless and tasteless, forms bonds with most other elements and is highly flammable.
It was discovered by Henry Cavendish in ****, the name comes from the Greek words hydro (***), in fact when hydrogen combines with oxygen it forms prorpio water. It was ...
4.2 The price
The price of hydrogen has decreased significantly in recent decades due to technological advances in production and transportation, as well as increased global supply. However, despite these advances, hydrogen still remains more expensive than fossil fuels and most other commonly used energy sources.
The cost of producing hydrogen varies widely by ...
4.3 New start-ups in the industry
BiSTEMS Founded in ****. This Italian startup specializes in hydrogen production by gasifying biomass using agricultural and forestry waste. This process enables the integration of renewable sources into sustainable energy production. BiSTEMS is working on solutions for integrating hydrogen into the agricultural and forestry sectors, contributing to the green energy transition
Nikola ...
5 Regulations
5.1 The regulatory landscape
The hydrogen regulatory framework has undergone significant updates in recent years, reflecting the evolution of European and global energy policies:
the European Hydrogen Strategy, updated in ****, continues to recognize hydrogen as a renewable energy source when produced through grid-connected electrolyzers, provided the energy used comes from renewable sources. The revised EU ...
6 Positioning of actors
6.1 Segmentation
- 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.
List of charts presented in this market study
- Countries with the highest hydrogen production according to the International Energy Agency (IEA)
- Global hydrogen production market progression
- Consumption Total Europe
- Turnover of enterprises active in the market
- Italian hydrogen market progression
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