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 & 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% through 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.

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.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Australia Hydrogen Market”

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

Based on application, The petroleum refinery segment is projected to experience rapid growth during the forecast period. The petroleum sector boasts robust infrastructure and operational protocols for both the generation and application of hydrogen. Predominantly sourced from fossil fuels, particularly as a byproduct of petroleum refining, hydrogen production is seamlessly integrated into existing petroleum processes. This established infrastructure not only optimizes the cost efficiency of hydrogen generation but also facilitates the petroleum industry's continued utilization and production of hydrogen. In Australia, the commercial hydrogen market remains minimal, with the vast majority of hydrogen production tightly linked to immediate consumption. Most hydrogen generated within Australia is primarily consumed within the industry responsible for its production, thereby reinforcing the petroleum refining sector's dominance in hydrogen utilization.. 

Based on region, Australia Capital Territory & New South Wales is anticipated to demonstrate the fastest growth in the Australia Hydrogen Market through 2029. This is due to their strategic emphasis on clean energy transition, infrastructure development, and government policies supporting hydrogen adoption. Both regions have set ambitious targets to reduce carbon emissions and increase renewable energy usage, with hydrogen playing a key role in these efforts. ACT, as Australia's first jurisdiction to commit to 100% renewable energy by 2020, has pioneered clean energy initiatives, and hydrogen is seen as a critical solution for decarbonizing industries such as transport, manufacturing, and power generation. New South Wales, with its large industrial base and key ports, is positioning itself as a leader in hydrogen production, particularly green hydrogen, by leveraging its abundant renewable resources, such as wind and solar energy. The state's infrastructure projects, including hydrogen hubs and export initiatives, are attracting investment, which is expected to accelerate the adoption of hydrogen technologies. 

Major companies operating in Australia Hydrogen Market are:

• Amtronics (Aust) Pty Ltd
• Energys Australia Pty Ltd
• Blue Energy Limited
• Hydrogen Systems Australia Pty Ltd
• BOC Limited
• Air Liquide Australia Limited
• Chevron Australia Pty Ltd
• Iwatani Australia Pty Ltd

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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 of 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 & 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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