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.

Get a sample copy of the Hydrogen Market report: https://www.reportsanddata.com/download-free-sample/5713

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

Explore Trending Reports:

Pressure Sensitive Adhesives Market-https://www.reportsanddata.com/report-detail/pressure-sensitive-adhesive-market

Construction Adhesive Market-https://www.reportsanddata.com/report-detail/construction-adhesive-market

Basalt Fiber Market-https://www.reportsanddata.com/report-detail/basalt-fiber-market

Ammonium Nitrate Market-https://www.reportsanddata.com/report-detail/ammonium-nitrate-market

Roofing Systems Market-https://www.reportsanddata.com/report-detail/roofing-systems-market

Request a customization of the report: https://www.reportsanddata.com/request-customization-form/5713

Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.

About Reports and Data    

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report

Browse Latest Blogs: https://www.reportsanddata.com/blogs

Browse Latest Press Release: https://www.reportsanddata.com/press-release