The global hydrogen market size is expected to witness potential gains in the future, and register a significant CAGR of 8.74% over the forecast period (2019 - 2027).
Hydrogen is a colorless, odorless, tasteless, and flammable gaseous substance that exists in molecular forms such as water or organic compounds on the earth. It is used in a wide range of application in industries such as petroleum, chemicals, automotive, power generation, nuclear energy, aerospace, telecommunications, food and beverages, and semiconductor. The reforming of natural gas by applying heat is currently the most economical process for producing hydrogen.
Increasing demand for clean energy is a major factor booting growth of the hydrogen market. Hydrogen is the cleanest form of energy as it does not emit carbon or any residue on combustion. Major economies around the world are focused on mitigating the impact of greenhouse gas emission and carbon footprint on the environment. This in turn is expected to boost use of hydrogen as fuel in the automotive industry. Proton exchange membrane cell uses hydrogen gas and oxygen gas as fuel. These fuel cells only emit water and heat and are therefore convenient as a renewable source of energy.
However, hydrogen is an extremely flammable gas and lacks smell. This makes it challenging to detect leaks. Its low density poses several difficulties in storage and transport. Moreover, in terms of energy production, electrolysis and steam reforming, the two main processes of hydrogen extraction are extremely expensive. These factors are expected to adversely impact the market size over the forecast period.
Europe is expected to hold dominant position in the global hydrogen market over the forecast period. This is due to stringent regulations and targets put up by the European Union regarding carbon and greenhouse gas emission.
North America is expected to witness significant growth in the market due to increasing demand for ammonia. Moreover, increasing use of fuel cells as a source of energy in the automotive industry is also expected to boost enhance the market share in the region.
Increasing demand for petroleum products from refineries is expected to impact the market growth in Asia Pacific. The market in Middle East and Africa is mainly driven by high demand for fertilizers.
Major players operating in the global hydrogen market include. Air Liquide, Airgas Inc., Air Products & Chemical Inc., Xebec Adsorption Inc., Hydrogenics Corporation, Avalence LLC, Messer Group GmBH, and H2Scan Corporation.
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