close
Enquiry IconContact Us
Logo

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Hydrogen is a chemical compound that is widely used across various industries. Majorly it is used in the production of semiconductors, ammonia, carbon steels, methanol for polymer, and special metals. Moreover, it is also used in the electronic industry as a reducing agent and carrier gas. Furthermore, it is also used in refineries in the processing of intermediate oil products.

The global hydrogen market is estimated to be valued at US$ 148.9 Billion in 2021 and is expected to exhibit a CAGR of 2.2% over the forecast period (2021-2028).

Recent Developments:

  • 4thOctober 2021, New Mexico is Positioning itself as a ‘Hydrogen Energy leader ‘Industry and Government Officials ,both state and Federal level believe hydrogen could provide a powerful tool to accelerate the transition to a clean energy system.
  • 4th December 2021, Mitsubishi Power and Magnum developments are working on a project in Utah to build a storage facility of 1000 megawatt of clean power in the form of Hydrogen generated from the electrolysis process, the hydrogen would be stored in the salt caverns and then utilized, this plant could be in Operation form 2025.
  • 13th January 2021,Linde to build its own PEM (Proton exchange Membrane) to produce Green Hydrogen , the 24 megawatt electrolyser produce Green Hydrogen to supply Lindes Industrial customers through companies existing pipelines .

Europe region held dominant position in the global hydrogen market in 2020, accounting for 35.21 % share in terms of volume, followed by Middle East and Asia pacific respectively.

Europe has set itself a goal of decarbonising its economy by2050, Hydrogen is likely to  play an important role in achieving net zero carbon emission .The European commission has set its hydrogen strategy which provides for addition of 40 gigawatts of Electrolyser by 2030 to meet its hydrogen demand .

Figure 1. Global Hydrogen Market Value (US$ Bn), by Region, 2020

Hydrogen  | Coherent Market Insights

Global Hydrogen Market: Drivers

Increasing desulfurization is driving demand for hydrogen in refineries due to stringent fuel emission norms. For instance, fuel emission norms have become stricter due to global environmental concerns. In order to adhere to norms such as EURO 5 and 6, crude oil refineries around the globe are reducing sulfur content in end products, which in turn driving demand for hydrogen. This is expected to raise the demand for hydrogen over the forecast timeframe.

The growing production of methanol is augmenting the market growth of hydrogen. Hydrogen is largely used in the production of methanol and methanol is widely used as a raw material in the production of various chemicals such as formaldehyde, methanol-to-olefins (MTO), Methyl Tertiary-Butyl Ether (MTBE), and petrol blending. Moreover, methanol is also used in the production of polymers, thus increasing demand for polymers is projected to foster the market growth of hydrogen. 

Global Hydrogen Market: Opportunities

The growing use of hydrogen as a fuel in rockets as hydrogen is a highly flammable fuel is projected to bring profitable opportunities in the hydrogen market. Hydrogen is highly powerful for machines such as spaceships. Moreover, it is also an environmentally friendly and ideal choice of fuel when compared to other fuel sources. Furthermore, hydrogen is three times as powerful as gasoline and other fossil fuels. This factor is also projected to serve major growth opportunities.

Researchers around the globe are focusing on developing an efficient storage system for the storage of hydrogen at low pressure without the need for compression. The volume to weight ratio of hydrogen is high which demand high volume capacity for the storage system. This is expected to provide potential market opportunities over the forecast period. Hence growing focus on the development of such advanced technology is projected to offer significant growth opportunities for the hydrogen market in the near future. 

request-sample

Hydrogen Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 148.9 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 2.2% 2028 Value Projection: US$ 175.1 Bn
Geographies covered:
  • Regions: North America ,Latin  America ,Europe ,Middle East & Africa ,Asia Pacific
Segments covered:
  • By Production Source: Natural gas, Coal, Other hydrocarbons, Electrolysis & other sources
  • By Application: Refineries, Ammonia, Methanol & Other Chemicals, Metals & Fabrication, Electronics, Food & Beverage, Glass & Ceramics, Others
  • By Mode of Delivery: Merchant, Captive
Companies covered:

Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc

Growth Drivers:
  • Increasing desulfurization
  • Growing production of methanol
Restraints & Challenges:
  • High cost of hydrogen production
  • Highly flammability of hydrogen

Market Trends:

The development of eco-friendly production technologies such as photo biological, photo bioreactors, etc. is a major trend in the market. Moreover, various companies are undertaking initiatives to modify and develop the existing production process of hydrogen in a carbon-free method which is further projected to upsurge the market growth of hydrogen in the near future.

Many companies are focusing on providing on-site hydrogen generation plant on rent. This is expected to be one of the major trends in the market of hydrogen. According to the Coherent Market Insights, Australia-based Gas Generators International is offering rental plans for on-site hydrogen generators, which is used across various end-use sectors, in which, the company builds, installs, and maintains the complete H2 generation plant while charging only the rental amount from its customers. These generators apply natural gas reforming technology for hydrogen generation.

Figure 2. Global Hydrogen Market Share, By Production Source, 2020

Hydrogen  | Coherent Market Insights

Key Takeaways of the Graph:

  • Among the production source segment, the Natural Gas sub-segment held dominant position in the market and accounted for 51.29 % share in the global hydrogen market in 2020. The segment is expected to reach 303.1 BCM by volume in 2028.

According to International Energy Agency, over 96% of the world Hydrogen is produced using the steam Methane Reforming process (SMR) .In this reaction Natural Gas is reacted with steam at an elevated temperature to produce carbon monoxide and hydrogen.

Global Hydrogen Market: Restraints

The high cost of hydrogen production is expected to hinder the market growth. The cost of hydrogen production is very high due to the need for high investment in technologies such as Steam Methane Reforming (SMR). Thus the high cost of production is hampering the product demand.

Hydrogen gas is highly flammable as it is a very powerful source of fuel is estimated to inhibit market growth. Moreover, the production of hydrogen highly depends on the availability of fossil fuels which is again anticipated to restrict the market growth of hydrogen

Global Hydrogen Market: Competitive Landscape

Major players operating in the global hydrogen market include, Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc.

Recent Developments

November 2019: Linde announced that it has signed a memorandum of understanding (MoU) with Baowu Steel Group's new subsidiary, Baowu Clean Energy Ltd, to jointly cooperate on research and development to further develop China's hydrogen market for industrial and mobility applications.

Hydrogen fuel is simply a zero emission fuel burning with oxygen; as such it is produced in a completely zero carbon manner. It can easily be utilized in internal combustion engines or fuel cells. This type of fuel has no pollutants and no carbon emissions associated with it. Hydrogen is also very easy to manage and handle. The main reason for the rising popularity of hydrogen is because it is an abundant source of energy that can easily be harnessed by our vehicles. Even though there are several other fuels that are much more abundant in terms of volume and use, it still cannot be compared to hydrogen in terms of its availability.

Market Dynamics:

Increasing production of hydrogen is expected to propel growth of the global hydrogen market over the forecast period. For instance, in August 2021, Linde signed a long-term agreement with Infineon Technologies for the on-site production and storage of high-purity green hydrogen. The agreement also involves the supply of other industrial gases.

The global hydrogen market is witnessing rise in prices of products. For instance, from October 2021, or as contracts permit, Air Products announced to increase product pricing, monthly service charges, and surcharges for liquid and bulk industrial gas products for merchant customers in North America.

Key features of the study:

  • This report provides in-depth analysis of the global hydrogen market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global hydrogen market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global hydrogen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen market

 Detailed Segmentation:

  • Global Hydrogen Market, By Production Source:
    • Natural gas
    • Coal
    • Other Hydrocarbons
    • Electrolysis & other sources
  • Global Hydrogen Market, By Application :
    • Refineries
    • Ammonia
    • Methanol and other Chemicals
    • Metals & Fabrication
    • Electronics
    • Food & Beverages
    • Glass & Ceramics
    • Others
  • Global Hydrogen Market, By Mode Of Delivery:
    • Merchant
    • Captive
  • Global Hydrogen Market, By Region:
    • North America
      • North America Hydrogen Market, By Production Sources:
        • Natural gas
        • Coal
        • Other Hydrocarbons
        • Electrolysis & other sources
      • North America Hydrogen Market, By Application :
        • Refineries
        • Ammonia
        • Methanol and other Chemicals
        • Metals & Fabrication
        • Electronics
        • Food & Beverages
        • Glass & Ceramics
        • Others
      • North America Hydrogen Market, By Mode of Delivery:
        • Merchant
        • Captive
    • Latin America
      • Latin America Hydrogen Market, By Production Sources:
        • Natural gas
        • Coal
        • Other Hydrocarbons
        • Electrolysis & other sources
      • Latin America Hydrogen Market, By Application :
        • Refineries
        • Ammonia
        • Methanol and other Chemicals
        • Metals & Fabrication
        • Electronics
        • Food & Beverages
        • Glass & Ceramics
        • Others
      • Latin America Hydrogen Market, By Mode of Delivery:
        • Merchant
        • Captive
    • Europe
      • Europe Hydrogen Market, By Production Sources:
        • Natural gas
        • Coal
        • Other Hydrocarbons
        • Electrolysis & other sources
      • Europe Hydrogen Market, By Application :
        • Refineries
        • Ammonia
        • Methanol and other Chemicals
        • Metals & Fabrication
        • Electronics
        • Food & Beverages
        • Glass & Ceramics
        • Others
      • Europe Hydrogen Market, By Mode of Delivery:
        • Merchant
        • Captive
    • Middle East & Africa
      • Middle East & Africa Hydrogen Market, By Production Sources:
        • Natural gas
        • Coal
        • Other Hydrocarbons
        • Electrolysis & other sources
      • Middle East & Africa Hydrogen Market, By Application :
        • Refineries
        • Ammonia
        • Methanol and other Chemicals
        • Metals & Fabrication
        • Electronics
        • Food & Beverages
        • Glass & Ceramics
        • Others
      • Middle East & Africa Hydrogen Market, By Mode of Delivery:
        • Merchant
        • Captive
    • Asia Pacific
      • Asia Pacific Hydrogen Market, By Production Sources:
        • Natural gas
        • Coal
        • Other Hydrocarbons
        • Electrolysis & other sources
      • Asia Pacific Hydrogen Market, By Application :
        • Refineries
        • Ammonia
        • Methanol and other Chemicals
        • Metals & Fabrication
        • Electronics
        • Food & Beverages
        • Glass & Ceramics
        • Others
      • Asia Pacific Hydrogen Market, By Mode of Delivery:
        • Merchant
        • Captive
  • Company Profiles
    • Linde AG
      • Company Overview
      • Product Portfolio
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Praxair, Inc.
    • Air Products & Chemicals Inc.
    • Air Liquide SA
    • Airgas Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Production Source
      • Market Snippet, By Application
      • Market Snippet, By Mode of Delivery
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • PEST Analysis
      • PORTER’s Five Forces Analysis
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
  4. Global Hydrogen Market - Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Hydrogen Market – COVID-19
    • Impact Analysis
  5. Global Hydrogen Market, By Production Source, 2021- 2028 (BCM & US$ Bn)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Natural Gas
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    • Coal
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    •  Other Hydrocarbon
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    •   Electrolysis & Other sources
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
  6. Global Hydrogen Market, By Application, 2021- 2028 (BCM & US$ Bn)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Refineries
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    • Ammonia
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    •   Methanol & other chemicals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    • Metals & Fabrication
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)  
    • Electronics 
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)   
    • Food & Beverages
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    • Glass & Ceramics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)  
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
  7. Global Hydrogen Market, By  Mode of Delivery, 2021-2028 (BCM & US$ Bn)
    • Introduction
      • Market Share Analysis, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Merchant
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
    • Captive
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (BCM & US$ Bn)
  8. Global Hydrogen Market, By Region, 2021- 2028 (BCM & US$ Bn)
    • Introduction
      • Market Share Analysis, By Region, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, For Region, 2021 - 2028
    • North America
      • Market Share Analysis, By Country, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Production Sources, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Mode of Delivery, 2020, 2023 and 2028 (%)
    • Latin America
      • Market Share Analysis, By Country, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Production Sources, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Mode of Delivery, 2020, 2023 and 2028 (%)
    • Europe
      • Market Share Analysis, By Country, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Production Sources, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Mode of Delivery, 2020, 2023 and 2028 (%)
    • Middle East & Africa
      • Market Share Analysis, By Country, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Production Sources, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Mode of Delivery, 2020, 2023 and 2028 (%)
    • Asia Pacific
      • Market Share Analysis, By Country, 2020, 2023 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Production Sources, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2023 and 2028 (%)
      • Market Share Analysis, By Mode of Delivery, 2020, 2023 and 2028 (%)
  9. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • Linde AG
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Air Products & Chemicals Inc.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Praxair, Inc.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Air Liquide SA
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Airgas Inc.
        • Company Overview
        • Component Portfolio
        • Financial Performance
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 50 market data tables* and 45 figures* on "Global Hydrogen Market” - Global forecast to 2028.

FAQgrowicon

Frequently Asked Questions

Increasing desulfurization and growing production of methanol are factors boosting demand for hydrogen.
High cost of hydrogen production and it’s high flammability are factors hindering growth of the market.
The market was valued at US$ 145.40 Billion in 2020.
The refinery application segment held dominant position in the market in 2020.
Development of eco-friendly production technologies and availability of on-site hydrogen generation plant on rent are gaining traction in the market.
Major players operating in the market include, Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc.
Existing Clientele

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients

Our Trusted Patner

Subscribe Newsletter

Kindly subscribe for our latest news & articles.