Dublin, Jan. 27, 2025 (GLOBE NEWSWIRE) — The “Australia Hydrogen Market, By Region, Competition, Forecast & Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
The Australia Hydrogen Market was valued at USD 4.25 Billion in 2023, and is expected to reach USD 5.40 Billion by 2029, rising at a CAGR of 4.26%
Australia’s hydrogen sector is experiencing notable growth, spurred by a series of strategic initiatives and investments aimed at fostering a robust hydrogen industry. Recognizing hydrogen’s potential as a low-emission fuel, the government has prioritized its development, envisioning a thriving hydrogen energy industry.
In a significant move, the Australian government allocated USD 2 billion in the 2023-24 Federal Budget to establish the Hydrogen Headstart initiative. This initiative serves as a crucial revenue support program, intended to expedite market expansion by offering financial assistance to emerging hydrogen projects and enterprises, while also promoting innovation and collaboration within the sector.
Australia boasts an active hydrogen production capacity of 10.2ktpa, with projections indicating substantial growth in the years ahead. Ongoing research and development endeavors focus on enhancing hydrogen production technologies and optimizing efficiency. The government’s steadfast commitment to renewable resources and sustainable energy solutions bolsters Australia’s standing in the global hydrogen market.
Expansion of Hydrogen Infrastructure
Australia, endowed with vast natural resources and renowned for its prowess in energy exportation, stands poised to cultivate a flourishing hydrogen sector within its borders. Acknowledging this potential, the nation’s National Hydrogen Strategy, unveiled in 2019, underscores the importance of erecting a resilient infrastructure to underpin hydrogen production.
Recent developments have seen Australia presenting proposals for a renewable hydrogen facility in Victoria state, a move that fortifies the country’s capability for hydrogen generation. Australian hydrogen enterprises are proactively broadening their horizons beyond domestic borders, cementing the international prospects of Australia’s hydrogen sector. Such initiatives not only amplify Australia’s influence in the global hydrogen arena but also position the nation as a frontrunner in pioneering sustainable energy solutions worldwide.
Segmental Insights
Technology Insights
Based on the category of technology, the steam methane reforming emerged as the fastest growing segment in the Australian market for hydrogen in 2023. Steam Methane Reforming (SMR) has emerged as an exceptionally efficient technique for generating hydrogen, boasting an impressive efficiency rate of approximately 74%. This renders it highly appealing for addressing the escalating demand for hydrogen. Beyond its efficiency, SMR also offers cost-effectiveness, with the production cost of hydrogen via SMR estimated at around USD2.27 per kilogram.
In Australia, the predominant method for hydrogen production is through natural gas steam methane reforming. This preference is primarily attributable to Australia’s abundant natural gas reservoirs, rendering SMR a pragmatic and feasible option for hydrogen generation in the nation. By harnessing these resources, Australia is strategically positioned to accelerate its hydrogen industry and play a pivotal role in the global shift towards cleaner energy alternatives.
Regional Insights
Australia Capital Territory & New South Wales emerged as the dominant player in the Australia Hydrogen Market in 2023, holding the largest market share in terms of value. In New South Wales (NSW), the Electricity Infrastructure Roadmap delineates comprehensive strategies aimed at harnessing opportunities within the hydrogen sector. This encompasses not only hydrogen production but also its seamless integration into existing energy infrastructure. The goal is to optimize hydrogen’s potential across various sectors, including transportation, industry, and power generation.
To expedite progress in hydrogen technologies, both regions have allocated significant resources to research and development. For instance, the University of New South Wales (UNSW) has spearheaded pioneering research in hydrogen production and storage. Their innovative studies contribute crucial insights and technological breakthroughs that will shape the trajectory of the hydrogen industry.
Through concerted efforts and strategic investments, NSW and the Australian Capital Territory (ACT) are positioning themselves as frontrunners in the hydrogen revolution. By driving innovation, fostering job creation, and spearheading the transition towards cleaner energy solutions, they are paving the way for a sustainable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $4.25 Billion |
| Forecasted Market Value (USD) by 2029 | $5.4 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Australia |
Report Scope:
Key Market Players
- 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
Australia Hydrogen Market, By Technology:
- Steam Methane Reforming
- Membrane Cell Technology
Australia Hydrogen Market, By Application:
- Petroleum Refinery
- Ammonia Cracking
- Chemical & Petrochemical
- Others
Australia Hydrogen Market, By Region:
- Victoria & Tasmania
- Queensland
- Western Australia
- Northern Territory & Southern Australia
- Australia Capital Territory & New South Wales
For more information about this report visit https://www.researchandmarkets.com/r/h4bw4m
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Australian Hydrogen Market
