Hydrogen Market Trend Scenario, Growth Strategies and Forecast 2030...

Hydrogen Market Trend Scenario, Growth Strategies and Forecast 2030

Posted 2024-02-23 08:08:35

Market Dynamics In 2021, the global Hydrogen (H2) market exhibited significant strength and is projected to maintain a high compound annual growth rate (CAGR) throughout the forecast period. The surge in market revenue is propelled by the increasing utilization of hydrogen in the refining sector, such as its role in crude oil refineries for petrol and diesel production, as well as its adoption across various industries involved in commercial Ammonia and Steel production.

Hydrogen, recognized as the lightest chemical element and the most abundant in the universe, can be generated through processes like water electrolysis or methane pyrolysis. This eco-friendly production method doesn't emit carbon dioxide. However, due to the substantial volume required to produce sufficient quantities of H2, storage and transportation present significant challenges. As a result, the liquid form is favored for its mobility and reduced volume, although compressed H2 is also utilized in on-site production plants linked to petroleum refineries. Its diverse applications range from desulfurizing crude oil in refineries to serving as a cooling agent for electricity generators and as a propulsion fuel for aircraft and spacecraft. Ongoing research has expanded its potential applications, such as its use in cooling semiconductors for cryogenics and in fusion experiments for nuclear power production.

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Major Drivers of Global Hydrogen Market Revenue Growth: Hydrogen serves as a potent and versatile energy carrier, extensively utilized in fuel cells for electricity or heat generation. Its adoption is being promoted across sectors like petroleum refining and chemical industries due to the potential to significantly reduce greenhouse gas emissions from combined H2-based combustion systems. Consequently, many government agencies are incentivizing its implementation in core industrial sectors. For example, the U.S. Department of Energy (DOE) operates the DOE Hydrogen Program to promote this technology within the renewable energy sector.

Major Constraints on Global Hydrogen Market Revenue Growth: The energy content of hydrogen is relatively low compared to its gas volume, necessitating storage under pressure, in low-temperature environments, or through chemical processing. This poses challenges for vehicle storage, as it requires larger gas tanks that may exceed transportation weight restrictions, rendering certain applications impractical. Consequently, the complexities of storage and transportation make hydrogen usage expensive, thereby limiting industrial demand and restraining market revenue growth.

Global Market Revenue Growth Driven by Segment Type: The liquid segment is anticipated to witness substantial growth over the forecast period. Although hydrogen provides thrice the power of gasoline based on weight, its energy density per liter is lower, posing storage challenges. Hence, the liquid form is preferred for its compactness, finding applications in aircraft propulsion, submarines, and vehicle engines, thereby driving market revenue growth in this segment.

North American Region Expected to Lead in Revenue CAGR: North America is anticipated to achieve a substantial revenue CAGR over the forecast period, fueled by increasing innovation in alternative fuels, the presence of major market players, and government funding for greener power generation. Canada, the second-highest exporter of hydrogen globally in 2019, following the Netherlands, underscores the region's significant contribution to the market. Initiatives like the U.S. Department of Energy's 'Hydrogen Shot' plan and the presence of market leaders such as FuelCell Energy Inc. (U.S.), Xebec Adsorption Inc. (Canada), and Air Products and Chemicals Inc. (U.S.) further bolster market growth in North America.

Key Players in the Market: Prominent companies in the hydrogen market include Linde PLC (Ireland), Air Liquide S.A. (France), Nel ASA (Norway), Nippon Sanso Holdings Corporation (Japan), FuelCell Energy Inc. (U.S.), Yingde Gases Group Company (China), Uniper SE (Germany), The Messer Group GmbH (Germany), Iwatani Corporation (Japan), ITM Power PLC (UK), Air Products and Chemicals Inc. (U.S.), and Xebec Adsorption Inc. (Canada).

Strategies and Objectives of Major Companies: Air Liquide S.A. (France) finalized the acquisition of 16 Air Separation Units of Sasol Ltd. (South Africa) in June 2021, optimizing air separation unit operations and modernizing commercial gases production to enhance industrial manufacturing processes. FuelCell Energy Inc. (U.S.) completed the acquisition of a 14.9 megawatt fuel cell park by Dominion Energy Inc. (U.S.) in May 2019, aimed at increasing revenue and offering more affordable power storage solutions.

Global Hydrogen Market Segmentation: Type (Revenue, USD Million; 2019-2030)

Compressed Hydrogen Gas
Liquid Hydrogen

Application/End Use Outlook (Revenue, USD Million; 2019-2030)

General Industry
Metal Working
Refining
Chemical

Regional Outlook (Revenue, USD Million; 2019-2030)

North America
- U.S.
- Canada
- Mexico
Europe
- Germany

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