Australia Hydrogen Market to Grow with a CAGR of 4.26% through 2029

Surge in research and development activities is expected to drive the Australia Hydrogen Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “Australia Hydrogen Market– By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Australia Hydrogen Market stood at USD 4.25 billion in 2023 and is anticipated to grow with a CAGR of 4.26% in the forecast period, 2024-2029. Government initiatives focusing on hydrogen have created favorable market conditions for Australia's hydrogen industry. Various factors contribute to the growth of hydrogen market products. The national strategy thoroughly explores Australia's potential for clean hydrogen and provides a comprehensive framework for the country's hydrogen sector. This includes 57 nationally coordinated government actions across research, infrastructure development, and regulatory support.

Recognizing hydrogen's significant potential as a clean energy source, the Australian government has allocated over USD 500 million to foster the development of hydrogen hubs in regional Australia. These strategically positioned hubs act as collaborative platforms, bringing together businesses, researchers, and stakeholders to optimize all aspects of hydrogen production, distribution, and utilization.

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Cooperation among industry, academia, and governmental research bodies is vital for fostering innovation within the hydrogen sector. Partnerships between public and private entities, as well as government-backed funding programs, propel research and development endeavors forward, hastening the advancement of technologies and enabling the exchange of expertise. These collaborative endeavors play a pivotal role in positioning Australia as a frontrunner in hydrogen research and technology advancement on the global stage.

The Australia Hydrogen Market is segmented in technology, application, regional distribution, and company.  

Based on its technology, the steam methane reforming segment held the largest share in the market. Australia's well-developed infrastructure for natural gas extraction and processing, encompassing pipelines, storage sites, and processing facilities, lays a robust groundwork for the integration of Steam Methane Reforming (SMR) technology. This pre-existing infrastructure streamlines the adoption of hydrogen production by obviating the necessity for substantial investments in constructing entirely new infrastructure. Leveraging SMR facilitates the efficient conversion of natural gas into hydrogen, thereby facilitating a seamless and economically viable transition toward a hydrogen-centric economy.

Based on region, Australia Capital Territory & New South Wales segment is expected to grow during the forecast period.

Both ACT and NSW are not only emphasizing community engagement and educational efforts but also actively cultivating partnerships with diverse stakeholders to expedite the integration of hydrogen technology. They understand the significance of convening industry experts, policymakers, academic institutions, and community advocates to explore hydrogen's role in shaping the future energy sector. Adopting a holistic strategy, both regions are championing hydrogen technology, acknowledging its capacity to stimulate economic development, mitigate carbon emissions, and fortify energy resilience.

Major companies operating in Australia Hydrogen Market are:

• Amtronics (Aust) Pty Ltd
• Energys Australia Pty Ltd
• Blue Energy Limited
• Hydrogen Systems Australia Pty Ltd
• Linde Material Handling Pty Limited

 

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“Australia's investigation into hydrogen's potential in agriculture marks an innovative step toward sustainable farming practices and environmental responsibility. Hydrogen presents an opportunity to improve irrigation systems, especially in areas vulnerable to water shortages or droughts. Utilizing hydrogen-powered pumps and irrigation equipment provides an environmentally friendly and energy-efficient method for irrigating crops. This not only enhances water management practices but also contributes to the overall sustainability of agricultural operations.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Australia Hydrogen Market By Technology (Steam Methane Reforming, Membrane Cell Technology), By Application (Petroleum Refinery, Ammonia Cracking, Chemical & Petrochemical, Others), By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of Australia Hydrogen Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Australia Hydrogen Market.

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