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Hydrogen is a colorless chemical compound with atomic number 1. It has the lowest density of all gases which makes it ideal for a wide range of industrial applications. In the pharmaceutical industry it is used in the production of drugs and in the oil and gas industry it is used to remove sulfur from fuels during the oil-refining process. Moreover, it is also used in the production of plastics. Electronic and agriculture are some of the other applications of hydrogen.

Market Statistics:

The global hydrogen market is expected to surpass US$ 175.1 Bn in terms of value by the end of 2028.

Global Hydrogen Market: Drivers

Increasing production of ammonia for fertilizer is fueling the market growth of hydrogen. Ammonia is a major raw material used in the manufacturing of fertilizer, as over 80% of ammonia is used in the production of fertilizers. Fertilizers are gaining huge demand on the account of growing need for food due to growing population. This is propelling the market growth of hydrogen. According to the Food and Agriculture Organization of the United Nations, nitrogen fertilizer demand is projected to increase from 110 million t in 2015 to almost 119 million t by 2020.

Global Hydrogen Market: Opportunities

Various manufacturers are focusing on developing advanced membranes and catalyst to cut down the overall cost of production cost. This is expected to offer potential market opportunities over the forecast period. Moreover, shifting focus of manufacturer on a technical scale of production i.e. development of an overvoltage reduction of the oxygen evolution reaction (OER) and high-pressure electrolyzers is again expected to offer lucrative growth opportunities to the market of hydrogen.

Global Hydrogen Market: Recent Developments

1)1st February 2021, Japanese research entities New Energy and Industrial technology (NEDO) and other leading companies together has settled a plant for green Hydrogen Production alkaline electrolyzer project of 10MW ‘Fukushima Hydrogen Energy Research field’. Hydrogen from the alkaline electrolyzer project is being used mostly to power stationary hydrogen fuel cell systems and fuel cell vehicles.      

2)26th May 2021, A new technology that generates hydrogen from conventional natural gas or renewable natural gas made from biomass ,This technology is was developed by ‘U S Department of Energy’s Pacific Northwest Laboratories’. This could be next big thing to advance in fuel cell vehicle and trucks for transportation.

3)4th October 2021, The US Department of Energy (DOE) US $52.5 Million to fund 31 projects to develop next generation Clean Hydrogen Technologies and support DOE’s recently announced Hydrogen Energy Earthshot initiatives to reduce the cost and breakthrough in the clean energy sector.

Global Hydrogen Market: Restraints

Hydrogen produced by electrolysis is limited to the energy industry where renewable energy such as solar or wind is used for producing electricity for electrolyzers. Thus, the limited application of hydrogen that is produced by the electrolysis process is expected to restrict the market growth of hydrogen over the forecast period.

Global Hydrogen Market - Impact of Coronavirus (Covid-19) Pandemic

Covid-19 pandemic lockdown has slow down the world economic system. In the U.S., from 3 January 2020 to 5:15pm CEST, 30 September 2021, there have been 42,966,938 confirmed cases of COVID-19 with 688,099 deaths, reported to WHO. As of 23 September 2021, a total of 389,142,237 vaccine doses have been administered. Energy consumed by transport and industrial sectors needs to be shifted to viable, readily available, economically and environmentally friendly with no carbon build up post Covid-19 pandemic. Thus, post covid-19 pandemic, the global energy shift toward hydrogen economy, is expected to aid in growth of the global hydrogen market.

Key Takeaways:

  • The global hydrogen market was valued at US$ 145.4 Bn in 2020 and is forecast to reach a value of US$ 175.1 Bn by 2028 at a CAGR of 2.20% between 2021 and 2028.
  • The Refineries application segment was volumes at 204.3 BCM in 2020 and is expected to witness a CAGR of 4.20% over the forecast period

Indian Oil Corporation India’s largest oil firm is set to build country’s first green hydrogen plant at its Mathura refinery as it prepares for the future catering countries growing demand for both oil and cleaner form of  energy .

To know the latest trends and insights prevalent in the Global Hydrogen Market, click the link below:

Market Trends:

Growing partnership and agreement among key players to build a new hydrogen plant in order to meet the rising demand is a major trend in the market. For instance, in September 2019, Hyundai and Hydrospider enter into an agreement to build an industrial hydrogen ecosystem. This partnership focus on the promotion of clean transportation in Switzerland and European countries in the near future. Therefore, increasing expansion of the hydrogen production capacity is expected to augment the market growth of hydrogen over the forecast period.

Increasing investment by the government for the development of green hydrogen is projected to augment the market growth of hydrogen over the forecast timeframe. For instance, in October 2019, the Ministry of Education and Research announced the investment of 300 million euros more into research on green hydrogen and has promised that Germany will become the “world number one” in hydrogen technologies by 2023. Hence, rising such investment on the promotion of green hydrogen will favor market growth.

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 2018: Air Liquide announced that it is building the first world-scale liquid hydrogen production unit for energy markets, located in the Western U.S., and has signed a long-term agreement with FirstElement Fuel Inc (FEF), to supply hydrogen to FEF’s retail liquid hydrogen fueling stations in California.

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