HYDROGEN MARKET ANALYSIS (2020-2027)

The global hydrogen market size is expected to witness potential gains in the future, and register a significant CAGR of 8.74% over the forecast period (2019 - 2027).

Market Overview

Hydrogen is a colorless, odorless, tasteless, and flammable gaseous substance that exists in molecular forms such as water or organic compounds on the earth. It is used in a wide range of application in industries such as petroleum, chemicals, automotive, power generation, nuclear energy, aerospace, telecommunications, food and beverages, and semiconductor. The reforming of natural gas by applying heat is currently the most economical process for producing hydrogen.

Market Taxonomy:

On basis of Production and delivery mode, the global hydrogen market is segmented into:

Centralized production

Pipeline
Truck
Cylinder

Distributed production (on-site production)

On basis of End-Use Industry, the global hydrogen market is segmented into:

Chemical
Petroleum refining
Automotive fuel
Glass industry
Energy
Metal processing
Others (edible fats and oils, food, electronics, etc.)

On basis of Production Process, the global hydrogen market is segmented into:

Steam Methane Reforming
Partial Oxidation
Coal Gasification
Electrolysis of Water
Others (biophotolysis, photolysis, etc.)

Market Dynamics

Increasing demand for clean energy is a major factor booting growth of the hydrogen market. Hydrogen is the cleanest form of energy as it does not emit carbon or any residue on combustion. Major economies around the world are focused on mitigating the impact of greenhouse gas emission and carbon footprint on the environment. This in turn is expected to boost use of hydrogen as fuel in the automotive industry. Proton exchange membrane cell uses hydrogen gas and oxygen gas as fuel. These fuel cells only emit water and heat and are therefore convenient as a renewable source of energy.

However, hydrogen is an extremely flammable gas and lacks smell. This makes it challenging to detect leaks. Its low density poses several difficulties in storage and transport. Moreover, in terms of energy production, electrolysis and steam reforming, the two main processes of hydrogen extraction are extremely expensive. These factors are expected to adversely impact the market size over the forecast period.

Market Outlook

Europe is expected to hold dominant position in the global hydrogen market over the forecast period. This is due to stringent regulations and targets put up by the European Union regarding carbon and greenhouse gas emission.
North America is expected to witness significant growth in the market due to increasing demand for ammonia. Moreover, increasing use of fuel cells as a source of energy in the automotive industry is also expected to boost enhance the market share in the region.
Increasing demand for petroleum products from refineries is expected to impact the market growth in Asia Pacific. The market in Middle East and Africa is mainly driven by high demand for fertilizers.

Key Players

Major players operating in the global hydrogen market include. Air Liquide, Airgas Inc., Air Products & Chemical Inc., Xebec Adsorption Inc., Hydrogenics Corporation, Avalence LLC, Messer Group GmBH, and H2Scan Corporation.

Key Developments:

In January 2019, Air Products Inc. announced that it would build a liquid hydrogen production facility in California with the objective of meeting the increasing product demand from several customer markets, including the growing fleet of hydrogen fuel cell vehicles (FCV).
In 2018, Air Liquide signed a contract with Covestro. This would enable the company to produce hydrogen directly on Covestro’s site in Antwerp (Belgium) using its state of the art SMR-X technology. It will allow for hydrogen production while offering increased energy efficiency and a reduced carbon footprint. The unit will start operations in 2020.
In September 2018, Air Products announced that it would build a new liquid hydrogen plant at its La Porte, Texas facility which will be supplied hydrogen from Air Products’ extensive Gulf Coast pipeline network. The La Porte project is anticipated to be on-stream from 2021.

Request the sample copy of here:

https://www.coherentmarketinsights.com/insight/request-sample/2759

Download the PDF Brochure here:

https://www.coherentmarketinsights.com/insight/request-pdf/2759

Buy now the market research report here:

https://www.coherentmarketinsights.com/insight/buy-now/2759

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions.

What we provide:

Customized Market Research Services
Industry Analysis Services
Business Consulting Services
Market Intelligence Services
Long term Engagement Model
Country Specific Analysis

Explore CMI Services here

Mr. Shah

Coherent Market Insights Pvt. Ltd.

Address: 1001 4th ave, #3200 Seattle, WA 98154, U.S.

Phone: +1-206-701-6702

Email: [email protected]

Source:

https://www.coherentmarketinsights.com/ongoing-insight/hydrogen-market-2759