Hydrogen Market Insights
The global hydrogen market is anticipated to grow at a high CAGR on account of its increasing application in hydro-processing refineries and as a vehicle fuel. The rapidly evolving petrochemical and chemical industry is projected to augment market growth over the coming years. The demand for electric vehicles is projected to witness exponential growth as countries seek to reduce carbon footprint in major cities. The adoption of hydrogen fuel cell electric vehicles has also led to increasing investment in retail hydrogen fueling stations which is anticipated to foster demand for hydrogen.
Hydrogen Market: Delivery Mode Insights
On the basis of delivery mode, the hydrogen market is segmented into merchant and captive. The captive segment is expected to dominate the market with the largest market share. The increasing use of captive delivery & generation in the chemical, metal processing, fuel cells, and pharmaceutical sector is anticipated to boost market growth over the coming years. However, the merchant segment is expected to grow at the highest CAGR over the coming years.
Hydrogen Market: Application Insights
On the basis of application, the hydrogen market is segmented into petroleum refinery, chemical production, food processing, pharmaceutical, metal processing, and transportation, among others. Large application of hydrogen is expected the petroleum refining and chemical production industry. The transportation segment is expected to grow at a high CAGR due to increasing investment in hydrogen fueling stations and electric vehicles.
Growing demand for pharmaceuticals due to rising prevalence of diseases and ailments is projected to increase the need for hydrogen gas over the coming years. Developing countries such as China and India have invested tremendously in expanding production capacities which are projected to augment market growth. In the food processing industry hydrogen is used in the manufacture of edible oils. The increasing demand for edible oil in the Asia Pacific region is projected to augment market demand over the coming years.
Hydrogen Market: Regional Insights
The Asia Pacific region is estimated to generate the largest demand for hydrogen from 2017 to 2025. Rising need for desulfurization of fuel is projected to boost demand over the coming years. The expanding chemical and petrochemical manufacturing and consumption in the North American and European region is expected to boost demand over the coming years.
The large chemical manufacturing capabilities in North America, Europe, and Asia Pacific coupled with investment in the Central & South American and Middle Eastern region is expected to positively impact market growth. Hydrogen is widely used in the production of ammonia and methanol. It is used in the petrochemical industry for oil refining to extract sulfur from fuels. The growing demand for electric vehicles in countries such as China and the U.S. is projected to increase demand for hydrogen used in developing fuel cells.
Hydrogen Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase hydrogen over the coming years. Some leading consumers in the market include Reliance Jamnagar Refinery, Paraguana Refining Centre, and Ulsan Refinery among others.
Hydrogen Market: Competitive Landscape
Some of the prominent companies in the hydrogen market are Air Liquide S.A., Iwatani Corporation, Air Products and Chemicals, Inc, Linde AG, Taiyo Nippon Sanso Corporation, Hydrogenics Corporation, Praxair, Inc., Messer Group GmbH, Caloric Anlagenbau GmbH, Airgas, Inc., Hygear, Erredue S.P.A., and Showa Denko K.K.
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