Yahoo Finance The Hydrogen Market Sees Increased Demand As An Energy Source To Mitigate Pollution
Segments covered: By Mode of Distribution – Pipeline, High-Pressure Tube Trailers, Cylinders; By End Use – Chemicals, Aerospace and Automotive, Energy, Refining, Glass, Welding and Metal Fabrication, Others; By Application – Chemical, Refinery, Metal Processing, Others
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According to The Business Research Company’s hydrogen market report, the increased demand from the energy industry is expected to drive the market for hydrogen in the forecast period. Hydrogen-oxygen fuel cells are being increasingly used as an energy source to mitigate the pollution crisis. Fuel cells are being increasingly used to generate electricity as an alternative to fossil fuels. Hydrogen oxygen fuel cells are also used in space stations. Hydrogen fuel cells are also expected to be widely used to power cars replacing petroleum as fuel.
The rising concerns about greenhouse emissions and consequent climate change are motivating hydrogen manufacturing companies to invest in the production of green hydrogen. Green hydrogen is produced by using electric current to break water, H2O, into its component elements of hydrogen and oxygen without any harmful emissions. The electric current is generated from renewable resources such as onshore and offshore wind and solar power. The green hydrogen is then used in industries or can be stored in existing gas pipelines to power household appliances. To capitalize on the growing trend, in 2020, seven major players involved in hydrogen production — ACWA Power, CWP Renewables, Envision, Iberdrola, Ørsted, Snam, and Yara announced a new global coalition “Green Hydrogen Catapult” initiative to accelerate the scale and production of green hydrogen up to 50-fold in the next six years.
The Business Research Company’s report titled Hydrogen Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major hydrogen companies, hydrogen market share by company, hydrogen manufacturers, hydrogen market size, and hydrogen market forecasts. The report also covers the global hydrogen market and its segments.
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Hydrogen market analysis also shows support from growing demand in the oil and gas industry, due to growing applications of hydrogen to remove the sulfur that is naturally contained in oil. Hydrogen is used in oil refineries to lower the sulfur content of diesel fuel. According to the Bank of America, Hydrogen is expected to take 25% of all oil demand by 2050. The global oil and gas market is estimated to grow at a CAGR of 9.7% during 2020-2025. Increased demand for the hydrogen in the market is supported with massive investments in advanced technologies which drove the hydrogen market to this point and is also expected to continue to drive the market over the next five years.
The global hydrogen market size is expected to grow from $9.85 billion in 2020 to $10.28 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.79 billion in 2025 at a CAGR of 3%.
Asia Pacific is the largest region in the hydrogen market, accounting for 40.2% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the hydrogen market will be South America and Middle East, where growth will be at CAGRs of 9.5% and 7.8% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to register CAGRs of 6.1% and 5.3% respectively.
Market-trend-based strategies for the hydrogen market include increasing investments in promoting green hydrogen, production of hydrogen from sewage waste, and developing customized air separation plants. Companies should also look at adopting the use of Internet of Things (IoT). Player-adopted strategies in the hydrogen market include acquiring emerging technological companies, expanding brand portfolios through new product launches, and expanding business operations in other regions.
Hydrogen Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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