As the world accelerates toward net-zero emissions, hydrogen, and ammonia have emerged as game-changing energy carriers. 2024 will be a transformative year for clean energy technologies, driven by rising climate commitments, decarbonization strategies, and government incentives. The global market is poised for remarkable growth, from green hydrogen production to advanced fuel cells and ammonia-based energy storage. This blog explores the most promising hydrogen and ammonia technologies in 2024 and the forecasts that highlight their strategic importance in the global energy transition.
Green hydrogen, produced through water electrolysis using renewable energy, is central to decarbonizing heavy industries and transportation. The global green hydrogen market is projected to grow from $5.2 billion in 2024 to $38.1 billion by 2029, achieving a CAGR of 48.7%.
In 2024, major projects are underway in regions like the Middle East, Australia, and Europe, where abundant solar and wind resources are being leveraged to produce hydrogen at scale. Green hydrogen is now seen as a clean fuel and a key enabler for decarbonizing heavy industry and international shipping.
Hydrogen fuel cells, which convert hydrogen into electricity with zero emissions, are gaining traction in transportation and stationary power applications. The global hydrogen fuel cell market is expected to grow from $5.1 billion in 2024 to $11.0 billion by 2029, with a CAGR of 16.5%.
The push for clean mobility—particularly hydrogen-powered buses, trucks, trains, and ships—is fueling market expansion. Additionally, fuel cells are becoming vital backup power solutions for data centers and remote facilities. Fuel cell durability and efficiency innovations continue to drive competitiveness in this space.
With automakers like Toyota, Hyundai, and Honda ramping production and increasing infrastructure investments, fuel cells are becoming a competitive, low-emission alternative for long-range, high-utilization transportation.
Hydrogen storage refers to the methods and technologies used to safely store hydrogen gas for various applications. Efficient hydrogen storage is critical to scaling the hydrogen economy. According to BCC Research, the global hydrogen storage market is projected to grow from $5.3 billion in 2023 to $7.7 billion by 2028 at a CAGR of 7.6%.
Current innovations include solid-state hydrogen storage, compressed gas, and liquid hydrogen systems. Research is also advancing in high-capacity materials such as metal hydrides, MOFs (metal-organic frameworks), and cryogenic tanks, which support the safe and efficient transport and distribution of hydrogen across the value chain.
PEM electrolyzers offer a convincing value proposition for developing a sustainable energy ecosystem driven by their ability to produce clean hydrogen using renewable energy sources such as wind and solar energy. They are known for their high efficiency in converting water into oxygen and highly pure hydrogen. According to BCC Research, the PEM electrolyzer market is forecasted to grow from $83.7 million in 2024 to $507.6 million by 2029, with a robust CAGR of 43.4%.
Major industry players are scaling up gigafactories, and R&D efforts focus on reducing the cost of membranes and catalysts. As renewable energy installations rise, PEM electrolyzers will be central in converting surplus power into storable green hydrogen.
Blue ammonia, produced from natural gas with carbon capture and storage (CCS), is a transitional fuel as the hydrogen economy matures. It offers a lower-carbon alternative while leveraging existing ammonia infrastructure for storage and shipping. According to BCC Research, the global blue ammonia market is expected to grow from $1.1 thousand kilotons in 2023 to $9.2 thousand kilotons by 2028, with a CAGR of 51.6%.
The appeal lies in blue ammonia’s potential for power generation and hydrogen transport in regions with limited renewable resources. Strategic collaborations between oil & gas giants and chemical producers accelerate commercialization, especially in Asia and the Middle East.
Blue ammonia offers immediate decarbonization potential as a storable and transportable form of hydrogen, while green ammonia production scales up.
Hydrogen and ammonia technologies are no longer niche solutions—they are fast becoming foundational pillars of the future energy economy. From powering vehicles and industries to enabling seasonal energy storage and clean fuel transport, these markets are seeing rapid investment, innovation, and policy support.
In 2024, stakeholders across energy, transport, chemicals, and infrastructure are embracing hydrogen and ammonia as scalable, low-emission solutions. For investors, innovators, and policymakers, this is a pivotal moment for engaging with technologies that promise growth and a sustainable path forward.