Global Hydrogen Market: Overview
Hydrogen (H) refers to a flammable, tasteless, odorless, and colorless gaseous substance. It is considered one of the simplest members of the chemical elements family. Hydrogen comes with various uses. In the chemical sector, hydrogen is utilized in the making of ammonia, which finds use as an ingredient of agricultural fertilizer. It is also utilized in the making of methanol and cyclohexane, which act as intermediates in the production process of pharmaceuticals and plastics. The chemical is also utilized in the process of removal of sulfur from fuels at the time of oil refining. Such varied uses of the chemical are likely to encourage growth of the global hydrogen market over the analysis timeframe, from 2020 to 2030.
In addition, hydrogen is regarded as a very flexible element that finds utilization across several applications, including transportation of fuel, chemical and industrial processes. Hydrogen is also used as a heating fuel for the generation of power, cooking and heating purposes. The growth of the global hydrogen market is likely to be driven by the versatile nature of hydrogen and its capability to facilitate services across various sectors, such as industrial, electricity, commercial, and transportation.
Delivery mode, production method, end use, and region are the four important parameters based on which the global hydrogen market has been classified.
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Global Hydrogen Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global hydrogen market is mentioned as below:
- In October 2019, German multinational conglomerate, Siemens AG joined forces with Hydrogen Renewables Australia as a technology partner in a 5 GW solar and wind combined energy project in Western Australia. Siemens is expected to offer its renowned electrolyzer technology for the generation of green hydrogen utilizing the process of renewable-powered electrolysis
Some of the prominent organizations in the global hydrogen market comprise the below-mentioned:
- The Linde Group
- Teledyne Technologies Inc.
- Air Liquide S.A.
- Messer Group GmbH
- Showa Denko K.K.
- Taiyo Nippon Sanso Corporation
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Global Hydrogen market: Key Trends
The global hydrogen market is characterized by the presence of the following restraints, drivers, and opportunities.
Growing Concern for the Environment is Estimated to Surge Demand for Hydrogen
The gradual growth of the global hydrogen market is linked to its direct relevance to the landscape of energy transition. For the production of hydrogen, renewable energy can be utilized and this can give access to industries that are faced with difficulties when it comes to de-carbonization through electrification. Hydrogen holds immense potential for diminishing the potential risk of renewable electricity generator’s exposure to price power volatility. This chemical is considered as a reliable alternative for meeting of various climate compliance and goals with emission regulations of local authorities. The multiple benefits of the chemical is likely to drive the development of the global hydrogen market over the timeframe of analysis, from 2020 to 2030.
Global Hydrogen market: Geographical Analysis
North America is estimated to be a major regional force in the global hydrogen market over the forecast years. Increased awareness about environment together with the benefits of using hydrogen in the region is likely to augur well for the regional hydrogen market. Asia Pacific is expected to emerge as a rapidly growing region with a significant growth rate, thanks to the surging demand for vehicles running on hydrogen-based fuel in countries like Japan. In addition, manufacturers of automotives are planning to come up with auto fuel stations in Asia Pacific, which is likely to augur well for the hydrogen market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.