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.
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:
Some of the prominent organizations in the global hydrogen market comprise the below-mentioned:
The global hydrogen market is characterized by the presence of the following restraints, drivers, and opportunities.
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.
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.