The increasing use of hydrogen in petroleum industries to process crude oil into refined fuels, and for eliminating impurities, such as sulfur, from this fuel is driving the growth of the hydrogen market. Also, growing demand from various end-use industries such as metals, glass industry, semiconductor, and chemical will further trigger the growth and growing awareness towards reducing the carbon footprint on earth is further adding impetus growth to the market. However, growing adoption of hydrogen as a fuel in automotive, government initiatives towards clean energy coupled with promoting to use fuel cell electric vehicles (FCEVs) will offer new opportunity growth to the market.
As per the new market study added by Value Market Research, the Global Hydrogen Market was valued USD 140.1 MN (by revenue) in 2017 and is anticipated to reach USD 214.5 MN by 2024 with a CAGR of 6.0%. By volume, the market was estimated at XX.X Billion Cubic Meters in 2017 and is expected to reach XX.X Billion Cubic Meters by 2024 with a CAGR of X.X%.
COMPRESSED HYDROGEN IS THE HIGHLY PREFERRED TYPE OF HYDROGEN
Compressed gas is leading the segment owing to the rising application of compressed hydrogen gas in the automotive sector. The segment is expected to reach USD XX.X MN by end of 2024. Basically, it is used in hydrogen pipeline transport and in compressed hydrogen tube trailer transport. Moreover, it is also used for moveable hydrogen storage in hydrogen vehicles. Consequently, transportation is the major sector which is likely to drive the growth of compressed hydrogen gas. Also, rising demand for H2fuel cells for fuelling stations is expected to augment the growth.
REFINERY IS THE LARGEST APPLICATION AREA
Currently, hydrogen is of great importance in refining industry for upgrading heavy crude oils into refined fuels, helping to meet increasingly tight transportation fuel specifications and different refining processes such as hydrocracking, hydroisomerization, and hydrodealkylation. The segment is expected to reach USD XX.X MN by end of 2024. The demand for hydrogen in refinery has increased as the demand for diesel fuel has risen both domestically and internationally, and as sulfur-content regulations have become more stringent is likely to drive the growth of the segment.
ASIA-PACIFIC EMERGES AS THE LUCRATIVE MARKET FOR HYDROGEN
The Asia-Pacific has planted its dominance in 2017 and expected to maintain its dominance by end of 2024. The Asia-Pacific market is mainly growing on the ground owing to the rising demand for hydrogen-based fuel vehicle in the region. Also, the manufacturer is likely to establish auto fueling stations in the region is another major factor fueling the market growth.
Air Liquide, Air Products, Air Water, Linde Industrial Gas, Messer, Praxair, Taiyo Nippon Sanso, and Yingde Gases.
As per this study, the Global Hydrogen Market was valued USD XXX.X MN (by revenue) in 2019 and is anticipated to reach USD XXX.X MN by 2026 with a CAGR of X.X%. By volume, the market was estimated at XXX Billion Cubic Meters in 2019 and is expected to reach XXX Billion Cubic Meters by 2026 with a CAGR of X.X%.
Hydrogen (H2) is an element with atomic number 1 and is made up of one proton and one electron. It is a colorless, odorless, tasteless, flammable gaseous substance and the simplest member of the family of chemical elements. It is one of the main element of water and of all organic matter and is widely spread not only in the earth but also in the entire universe. Hydrogen is important for life and is present in all the living organism. It is also considered as a promising source of "clean" energy on earth. It is the most flammable of all the known substances and is slightly soluble in organic solvents than in water.
The increasing use of hydrogen in petroleum industries to process crude oil into refined fuels, and for eliminating impurities, such as sulphur, from this fuel is driving the growth of the hydrogen market. Also, growing demand from various end-use industries such as metals, glass industry, semiconductor, and chemical will further trigger the growth and growing awareness towards reducing the carbon footprint on earth is further adding impetus growth to the market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of hydrogen.
The broad hydrogen market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application Market Share 2019
- Hydrogen Gas
- Liquid Hydrogen
- General Industry
- Metal Working
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for hydrogen in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Hydrogen Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the hydrogen market includes Air Liquide, Air Products, Air Water, Linde Industrial Gas, Messer, Praxair, Taiyo Nippon Sanso, and Yingde Gases. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.