Hydrogen is a key energy carrier that supports future global demand for clean fuel. This can also support the ingenuity of reductions in greenhouse gas emissions and dependence on non-renewable sources of energy. The key factors that complement the global hydrogen market growth are increasing preference for hydrogen generation systems especially on-site, increasing technological developments, increasing use of hydrogen gas across multiple vertical industries, and developing green hydrogen production technologies. Hydrogen is the most abundant and easily accessible elements on the planet. Hydrogen is present in gaseous form in the earth’s atmosphere and can be extracted and compressed using advanced compression technologies. Adoption of hydrogen as fuel is anticipated to support the greenhouse emission reduction initiative and the fossil free energy development initiative. Primarily, the introduction of green production technology is anticipated to be most important factors complementing the growth of hydrogen market across the globe.
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Green fuel demand is expected to witness an exponential increase over the coming years due to high rate of pollution caused due to use of fossil fuels. Stringent government regulations are also expected to support market growth in the foreseeable years in order to control the sulphur oxide emissions from conventional fuels. Increasing demand for new chemicals, refinery development as well as increased demand for coal gasification and gas-based power projects are some of the other key drivers of global hydrogen market. During the forecast period, the global hydrogen market is expected to expand at a CAGR of 7.8%. Electrolytic hydrogen production is linked to high expenses and the emphasis on improving the overall production process and its economic conditions has been steadily increasing. Several developments, for example advances in membrane and catalyst effectiveness, that have a positive impact on process efficiency, are expected to decrease the costs associated with electrolytic hydrogen production in the coming years, thereby contributing towards growth of global hydrogen market.
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The global hydrogen market can be bifurcated on the basis of delivery mode, end user and geography. Based on delivery mode, the global hydrogen market can be categorized into captive and merchant. Based on end user, the global hydrogen market can be sub-segmented into petroleum refining, chemical, glass industry, metal processing, edible oils, edible fats and energy among others. Geographically, the global hydrogen market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in the global hydrogen market include Linde plc, Praxair, Inc., Bhuruka Gases Limited, INOX Air Products, Aditya Birla Chemicals Ltd., Air Liquide India, DCW Limited, Gujarat Alkalies And Chemicals Limited, GHCL Ltd. and TATA Chemicals Limited among others.