Engineered Mineral Hydrogen Market Seen Growing 207% to $66.5 B by 2034
CVX•Chevron is among companies exploring engineered mineral hydrogen, a method harnessing reactions between water and ultramafic rocks to produce hydrogen without grid electricity. The global hydrogen market is projected to grow from $21.7 billion in 2026 to $66.5 billion by 2034, with natural hydrogen applications potentially reaching $2.2 billion by 2032.
1. Chevron’s Involvement in Engineered Mineral Hydrogen
Chevron is listed among major energy firms exploring engineered mineral hydrogen, a technology that generates hydrogen through serpentinization of ultramafic rock formations. While still in pilot stages, this approach could position Chevron in a low-carbon hydrogen supply chain as it seeks to diversify beyond hydrocarbons.
2. Projected Growth in Hydrogen Markets
Analysts forecast the global hydrogen market expanding from $21.7 billion in 2026 to $66.5 billion by 2034, driven by industrial demand, transportation and energy storage. Natural hydrogen applications are expected to grow from $158 million in 2025 to $2.2 billion by 2032, highlighting a disruptive opportunity for energy producers including Chevron.
