The growing demand for clean energy is anticipated to openup the new avanue for U.S. Europe And Asia Industrial Hydrogen Market
Market Overview:
Industrial hydrogen is widely used in various industries such as chemical, refining, general industry and metal fabrication. In chemical industry, it is used as feedstock for producing ammonia and methanol. In refining industry, hydrogen is used for processing heavier crudes to produce gasoline and diesel. Industrial hydrogen enhances product quality, increases production rate and minimizes emissions. It is produced through several production methods such as steam methane reforming of natural gas and coal gasification.
Market Dynamics:
Increasing focus on improving refining processes is a key factor driving growth of the industrial hydrogen market. Hydrogen aids in deep desulfurization and hydrocracking processes, which improve product quality of gasoline and diesel. It lowers sulfur content and increases diesel yields. Additionally, growing demand for industrial hydrogen from chemical industry is also expected to propel the market growth over the forecast period. Industrial hydrogen is used as a raw material in production of ammonia, which is further used to manufacture fertilizers. Rising global population is increasing the demand for food, which is augmenting the demand for fertilizers and thereby industrial hydrogen. Furthermore, shift toward production of cleaner fuel is another driver augmenting growth of the industrial hydrogen market. Hydrogen helps in processing heavier crudes to produce cleaner transportation fuels and lower transportation emissions.
Segment Analysis
The U.S. Europe And Asia Industrial Hydrogen Market can be segmented into by production & delivery mode and end-use industry. The production & delivery mode segment can be further divided into captive and merchant production & delivery mode. Presently, the captive production & delivery mode dominates the market as most hydrogen is produced by large oil refineries and chemical plants for internal use. This is because on-site production of hydrogen allows refineries and chemical plants to have continuous access to hydrogen throughout their operations.
PEST Analysis
Political: The governments in the US, Europe and Asia are focusing on developing policies to promote low carbon hydrogen production such as electrolysis powered by renewable energy sources. Several nations have announced targets and plans to scale up clean hydrogen production and use.
Economic: The industrial hydrogen market is expected to witness growth due to rising demand from chemicals and refineries sector. The production cost of hydrogen is declining with technological advancements, favoring market expansion.
Social: Growing awareness about environmental hazards of fossil fuels and carbon emissions is driving the demand for cleaner energy sources like hydrogen from end-use industries.
Technological: Electrolytic hydrogen production using renewable energy is gaining traction to produce low carbon hydrogen. Carbon capture, utilization and storage technologies can also help increase clean hydrogen production.
Key Takeaways
The global U.S. Europe And Asia Industrial Hydrogen market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing demand for hydrogen from chemical and petroleum refining industries. The market size for 2023 is estimated to be US$ 19.1 Bn.
Regional analysis: Asia Pacific dominates the global industrial hydrogen market and is expected to continue its dominance during the forecast period. This is owing to large chemical and petroleum refining base in countries such as China, Japan, and India. China represents majority of the market share in the region.
Key players analysis: Key players operating in the U.S. Europe And Asia Industrial Hydrogen market are Linde Group, Air Liquide, Air Products, Air Water, Taiyo Nippon Sanso, Messer Group, Yingde Gases. Players are focusing on expanding clean hydrogen production capacities by leveraging technologies such as electrolysis to cater to the growing demand.
Read More:
https://www.marketwebjournal.com/u-s-europe-and-asia-industrial-hydrogen-market-growth/
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