In Ireland, Research and Markets reported that the global hydrogen market is forecasted to expand from $242.7 billion in 2023 to $410.6 billion by 2030.
The report noted that the market is projected to expand at a CAGR of 7.8% during the forecast period.
“Governments are actively implementing regulations and providing financial incentives to promote the adoption of hydrogen technologies. These initiatives encompass substantial funding for research and development, subsidies to support hydrogen production and infrastructure, and the enactment of legislation aimed at encouraging hydrogen utilization across diverse industries,” the report said.
“Asia-Pacific secures the second-largest market share in the global hydrogen market between 2023 and 2030, following Europe and North America. Governments in the region are actively pursuing green technology adoption to meet stringent greenhouse gas (GHG) emission reduction targets. Notably, Japan and South Korea have made substantial investments in fuel cell adoption since 2009,” the report added.
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