According to ChemAnalyst report, “Global Hydrogen Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032”, The Hydrogen market is expected to reach approximately 13 million tonnes in 2032 at an expected CAGR of 3.58% in the forecast period. The surging demand for Hydrogen due to the rising awareness for deployment of renewable energy resources and increasing number of government initiatives to support the green Hydrogen movement to safeguard the concerns regarding consistent environmental degradation is contributing to the market expansion. In addition, increasing usage of Hydrogen as an industrial fuel in substitute of the ones emitting high sulphur and carbon content is contributing well to upscale its demand in the coming years.
Hydrogen is a flammable gas and finds applications in various domains such as production of chemical derivatives, in building and construction by blending into pre natural gas networks, followed by power generation and transport. Presently, natural gas followed by coal are the prime feedstocks being utilized for the production of Hydrogen. Hydrogen is not just regarded as an energy source but a carrier of chemical energy. It is viewed as a highly versatile compound since it can be produced from various energy sources such as natural gas, coal, biomass, wind, hydroelectric power etc., and and can also be utilized to make diverse fuel derivatives like synthetic liquid fuels, methane, ammonia, methanol and others.
Nowadays, Hydrogen is being produced using diverse technology however, majority of Hydrogen is still being extracted from fossil fuels. Presently, natural gas followed by coal are the prime feedstocks being utilized for the production of Hydrogen. A few percentages of Hydrogen globally is produced via the electrolytic process. Depending upon the three major routes of production it is categorized as green, blue, and grey Hydrogen. Green Hydrogen is mainly produced by renewable electricity or nuclear energy, blue Hydrogen is produced via steam reforming method using steam and biomass through carbon capture, storage, and utilization whereas the production of grey Hydrogen is undertaken by the same method but without carbon capture. Grey Hydrogen accounts for a wide share of present production capacity.
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it is anticipated that investment in development of green Hydrogen economy can serve the world with affordable and clean energy system and can create potential markets for Hydrogen applications, products and equipment in the forthcoming years. To support green Hydrogen economy, the start-up and scale-up of competitive and innovative Hydrogen production company is anticipated to largely fuel the Global Hydrogen market by 2032. However, the challenge ahead is the transformation of existing natural gas pipeline to Hydrogen pipeline. Moreover, the construction and maintenance of Hydrogen fueling stations and port facilities for active transportation of the gas is another pivotal factor that could lead to the growth of Hydrogen market in the coming years. With European Union and several other governments across the world leaned to adopt Hydrogen as a niche fuel in the future to battle the degrading environment, many investments are anticipated to happen with various companies entering the green Hydrogen market in search of new profit bearings. The idea of green Hydrogen is requires high-quality research backed by large government funding to take it to next level globally.
The Hydrogen market is segregated based on end-use, sales channel, and region. Based on the end-user industry, the global Hydrogen market is segmented into Ammonia, Refining, Methanol, Fuel, and Others. As of 2022, majority of the hydrogen is used for manufacturing ammonia with a market share of 45 percent. Ammonia is an important solvent and precursor for various chemicals. Ammonia’s potential as a carbon-free fuel, hydrogen transporter, and energy reservoir gives a chance for the expansion of the use of renewable hydrogen technology.
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Based on region, the North America is the leading the Hydrogen market, followed by Asia Pacific region. In 2022, North America held a market share approximately of 38% of the global Hydrogen. Focus on clean energy usage and production in USA for transportation and manufacturing is mainly driving the market in North America. China’s step towards expansion of renewable hydrogen with increased investments to brace new research and development operations and build transport and storage facilities along with large scale production of Hydrogen fuel vehicles is a powerful attribute towards the growth of Hydrogen market in Asia Pacific.
“Global Hydrogen Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032”, the significant players functional in the Global Hydrogen are Air Products, Praxair, Air Liquide, Linde plc, Chevron Usa Inc, Sinopec, Valero, Phillips 66 Company, Wrb Refining Lp, Flint Hills Resources Lp, Bp West Coast Products Llc, Martinez Refining Co Llc, Hyundai-Wison, Deokyang, Wrb Refining, Delaware City Refining Co Llc, Cenex Harvest States Coop, Hollyfrontier El Dorado Refining Llc, Sinclair Wyoming Refining Co, and Others.
“Vision of transforming to a clean and green economy has made various countries to take ahead the renewable energy initiative with bound targets, funding’s, regulations and subsidies is expected to boost the demand for Hydrogen in the forecast period until 2032. Western countries like US and China are equipped with all vital resources to produce Hydrogen for their needs and are hence anticipated to be the foremost countries idealizing this future vision. Although governments across the globe are taking steps towards clean energy along with the aim of decarbonizing the economies which is lubricating the Hydrogen market expansion in the forthcoming years. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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