U.S., EUROPE AND ASIA INDUSTRIAL HYDROGEN MARKET ANALYSIS
The U.S., Europe and Asia industrial hydrogen market is projected to reach US$ 22.8 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.0% during the forecast period (2019 to 2027).
Figure 1. U.S., Europe and Asia Industrial Hydrogen Market, Revenue Share (%), By Region, 2018
Figure 3. U.S., Europe and Asia Industrial Hydrogen Market, Revenue Share (%), By End Use, in 2018
Market Trends
An increasing partnership among major players to build a new hydrogen plant in order to meet the rising demand is expected to propel the market growth over the forecast period. For instance, in September 2019, Hyundai and Hydrospider enter into a partnership to build an industrial hydrogen ecosystem. This partnership focused on the promotion of clean transportation in Switzerland and European countries in the near future. Therefore, increasing the expansion of the hydrogen production plant is expected to augment the market growth of hydrogen over the forecast period.
Increasing investment in the production of green hydrogen is expected to augment the market growth of hydrogen over the forecast timeframe. For instance, in October 2019, the Ministry of Education and Research announced the investment of US$ 333 million more into research on green hydrogen and has promised that Germany will become the world’s largest market in hydrogen technologies by 2023. Hence, rising such investment on the promotion of green hydrogen will favor market growth.
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