The Global Hydrogen Market was valued at US$ 141.59 Bn in 2022, according to the Global Hydrogen Market report, By Production Source (Natural gas, Coal, Other hydrocarbons, and Electrolysis & other sources), By Application (Refineries, Ammonia, Methanol & Other Chemicals, Metals & Fabrication, Electronics, Food & Beverage, Glass & Ceramics, and Others), By Mode of Delivery (Merchant and Captive), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific), published by Coherent Market Insights.
Global Hydrogen Market is expected to surpass US$ 242.68 Bn by 2030 and exhibit a CAGR of 7% during the forecast period (2023-2030). Hydrogen is a colorless chemical compound with atomic number 1. It has the lowest density of all gases which makes it ideal for a wide range of industrial applications. In the pharmaceutical industry, it is used in the production of drugs, and in the oil and gas industry, it is used to remove sulfur from fuels during the oil-refining process. Moreover, it is used in the production of plastics. Electronics and agriculture are some of the other applications of hydrogen.
Global Hydrogen Market: Drivers
The increasing production of ammonia for fertilizer is fueling the hydrogen market growth. Ammonia is a major raw material used in the manufacturing of fertilizers, as over 80% of ammonia is used in the production of fertilizers. Fertilizers are gaining huge demand on the account of growing need for food due to the growing population. This is propelling the market growth. According to the Food and Agriculture Organization of the United Nations, nitrogen fertilizer demand is projected to increase from 110 million t in 2015 to almost 119 million t by 2020.
Global Hydrogen Market: Opportunities
Various manufacturers are focusing on developing advanced membranes and catalysts to cut down the overall cost of production cost. This is expected to offer potential market opportunities over the forecast period. Moreover, the shifting focus of manufacturers on a technical scale of production i.e., development of an overvoltage reduction of the oxygen evolution reaction (OER) and high-pressure electrolyzers is expected to offer lucrative growth opportunities for the hydrogen market.
Global Hydrogen Market: Restraints
Hydrogen produced by electrolysis is limited to the energy industry where renewable energy such as solar or wind is used for producing electricity for electrolyzers. Thus, the limited application of hydrogen that is produced by the electrolysis process is expected to restrict the hydrogen market growth over the forecast period.
Global Hydrogen Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic-associated lockdown has slowed down the world economic system. In the U.S., from 3 January 2020 to 5:15pm CEST, 30 September 2021, there have been 42,966,938 confirmed cases of COVID-19 with 688,099 deaths, reported to WHO. As of 23 September 2021, a total of 389,142,237 vaccine doses have been administered. Energy consumed by transport and industrial sectors needs to be shifted to viable, readily available, economically and environmentally friendly with no carbon build up post Covid-19 pandemic. Thus, in the post-COVID-19 pandemic, the global energy shift towards hydrogen economy is expected to aid in the global hydrogen market growth.
Key Takeaways:
- The global hydrogen market was valued at US$ 141.59 Bn in 2022 and is forecast to reach a value of US$ 242.68 Bn by 2030 at a CAGR of 7% between 2023 and 2030.
- By application, the Refineries segment was at dominating position in 2022 and is expected to witness a CAGR of 4.20% over the forecast period
To know the latest trends and insights prevalent in the Global Hydrogen Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hydrogen-market-2759
Market Trends:
Growing partnerships and agreements among key players to build a new hydrogen plant in order to meet the rising demand is a major trend in the market. Therefore, increasing expansion of the hydrogen production capacity is expected to augment the market growth over the forecast period.
Increasing investment by the governments for the development of green hydrogen is projected to augment the hydrogen market growth over the forecast timeframe. Hence, such rising investment in the promotion of green hydrogen will favor the market growth.
Global Hydrogen Market: Competitive Landscape
Major players operating in the global hydrogen market include Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc.
Global Hydrogen Market: Recent Developments
- In February 2021, Japanese research entities New Energy and Industrial technology (NEDO) and other leading companies together settled a plant for green Hydrogen Production alkaline electrolyzer project of 10MW ‘Fukushima Hydrogen Energy Research field’. Hydrogen from the alkaline electrolyzer project is being used mostly to power stationary hydrogen fuel cell systems and fuel cell vehicles.
- In May 2021, A new technology that generates hydrogen from conventional natural gas or renewable natural gas made from biomass ,This technology is was developed by ‘U S Department of Energy’s Pacific Northwest Laboratories’. This could be next big thing to advance in fuel cell vehicle and trucks for transportation.
- In October 2021, The U.S. Department of Energy (DOE) US$ 52.5 Million to fund 31 projects to develop next-generation Clean Hydrogen Technologies and support DOE’s recently announced Hydrogen Energy Earthshot initiatives to reduce the cost and breakthrough in the clean energy sector.
- Indian Oil Corporation, India’s largest oil firm, is set to build the country’s first green hydrogen plant at its Mathura refinery as it prepares for the future, catering to the country’s growing demand for both oil and cleaner form of energy .
