Industrial Hydrogen Market is Estimated to Witness High Growth Owing to Increasing Demand for Clean Energy and Growing Adoption of Hydrogen Fuel Cells

Us Europe And Asia Industrial Hydrogen Market


The Industrial Hydrogen Market is estimated to be valued at US$ 14.7 billion in 2018 and is expected to exhibit a CAGR of 5.0% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.

 

A) Market Overview:

Industrial hydrogen is used in various industries such as petroleum refining, chemical manufacturing, metal processing, electronics, and food processing. It is primarily used for hydrogenation processes, production of ammonia and methanol, and as a fuel source for fuel cells. With the increasing focus on sustainable development and the shift towards clean energy sources, the demand for industrial hydrogen is expected to witness significant growth.

 

B) Market Dynamics:

1) Driver: Increasing Demand for Clean Energy

The demand for clean energy sources is rising due to growing environmental concerns and the need to reduce carbon emissions. Hydrogen fuel cells have emerged as a promising alternative to traditional fossil fuels as they produce electricity without any harmful emissions. Industrial hydrogen plays a vital role in the production of hydrogen fuel cells, thus driving the market growth.

 

For example, in the transportation sector, hydrogen fuel cell vehicles offer zero-emission mobility with longer driving ranges compared to electric vehicles. This has led to increased investments in developing hydrogen refueling infrastructure, creating a significant demand for industrial hydrogen.

 

2) Driver: Growing Adoption of Hydrogen Fuel Cells

The adoption of U.S. Europe And Asia Industrial Hydrogen Market cells is on the rise across various industries such as automotive, power generation, and stationary power applications. Industrial hydrogen is essential for the efficient functioning of these fuel cells. The growing investment in research and development activities to enhance the performance and reduce the cost of hydrogen fuel cells is boosting the demand for industrial hydrogen.

 

For instance, major automakers are investing in the development of hydrogen fuel cell vehicles to offer sustainable and zero-emission transportation options. This increasing adoption is driving the market for industrial hydrogen.

 

C) Market Key Trends:

One key trend in the market is the shift towards green hydrogen production. Green hydrogen is produced by using renewable energy sources such as solar and wind power to electrolyze water. This process eliminates carbon emissions associated with hydrogen production, making it a more sustainable and environmentally friendly option. The increasing focus on reducing carbon footprints and achieving decarbonization goals is driving the demand for green hydrogen, thereby fueling the market growth.

 

For example, countries like Germany and Japan have set ambitious targets for green hydrogen production and are investing heavily in the development of renewable energy infrastructure to support its production.

 

D) SWOT Analysis:

- Strengths:

1) Growing demand for clean energy sources

2) Increasing adoption of hydrogen fuel cells

 

- Weaknesses:

1) High production and transportation costs

2) Lack of developed hydrogen infrastructure

 

- Opportunities:

1) Expansion of hydrogen refueling infrastructure

2) Rising investments in research and development of hydrogen technologies

 

- Threats:

1) Competition from alternative clean energy sources

2) Regulatory challenges and safety concerns regarding hydrogen storage and transportation

 

E) Key Takeaways:

1.       Market Size: The   Industrial Hydrogen Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for clean energy and growing adoption of hydrogen fuel cells.

-          Regional Analysis: Asia Pacific is expected to be the fastest-growing and dominating region in the Industrial Hydrogen Market, driven by the presence of emerging economies like China and India, along with increasing investments in hydrogen infrastructure.

2.       Key Players: Key players operating in the   Industrial Hydrogen Market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. These companies are focusing on strategic collaborations, mergers and acquisitions, and technological advancements to strengthen their market presence.

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