2024 Hydrogen and Ammonia Research Review: A Game-Changer for Clean Energy

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14 May, 2025, 18:25 GMT

"Exploring the Future of Clean Energy: Hydrogen and Ammonia's Role in Revolutionizing Industries from Transportation to Steel, Supporting Decarbonization, and Enhancing Energy Security"

BOSTON, May 14, 2025 /PRNewswire/ -- BCC Research is excited to announce the release of its "2024 Hydrogen and Ammonia Research Review," which highlights the transformative potential of these commodities in the clean energy era. This comprehensive review provides market professionals with critical insights and quantitative data to make informed business decisions.

Key Highlights:

Green Hydrogen: Global Markets:
- The green hydrogen market is projected to grow from $5.2 billion in 2024 to $38.1 billion by the end of 2029.
- Compound annual growth rate (CAGR): 48.7%.

Hydrogen Fuel Cell: Global Markets:
- The hydrogen fuel cell market is projected to grow from $5.1 billion in 2024 to $11.0 billion by the end of 2029.
- CAGR: 16.5%.

Hydrogen Storage: Materials, Technologies and Global Markets:
- The hydrogen storage market is projected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028.
- CAGR: 7.6%.

Research Coverage and Insights

Hydrogen and ammonia are set to transform clean energy, impacting industries from transportation to steel. Green hydrogen, produced using solar and wind power, offers a sustainable fuel alternative that emits only water and heat. These advances are crucial for decarbonization, supporting global efforts to reduce greenhouse gas (GHG) emissions and encouraging energy security and sustainable production across many sectors.

Key Points:

Green Steel Production: The transportation industry, which uses around 20% of steel, can benefit from green steel produced with green hydrogen, presenting lucrative growth avenues for steel manufacturers.
Sustainable Production: Green hydrogen is attracting many industries to invest and expand their sustainable production capabilities.
Reduction of GHG Emissions: Green hydrogen aligns with global efforts to reduce GHG emissions and combat climate change.
Energy Security: It encourages energy security by offering solutions for energy diversification and domestic production opportunities, as it can be produced with renewable energy sources.
Renewable Energy and Electrolyzer Capabilities: The future of green hydrogen depends on significant cost reductions in renewable energy sources and installations of large capacity electrolyzers.
Global Leadership: China is leading in developing electrolyzer and fuel cell technology, while MEA and Latin American countries have significant potential for renewable energy generation.
International Synergies: Collaborative efforts among countries are essential for the widespread adoption of green hydrogen.

Research Summary

The 2024 Research Review of hydrogen and ammonia provides a sampling of the type of the quantitative market data, analysis, and guidance that BCC Research has provided since 1971. This research review includes highlights and excerpts from the following reports published by BCC Research in 2024:

After you have accessed this Research Review and benefiting from its insight, we encourage you to explore the full portfolio of market research reports for a deeper understanding of each topic. BCC Research remains your trusted partner in market intelligence, and we are committed to supporting your future decisions and increasing your insights.

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