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Hydrogen Market worth over $300bn by 2027

  • Published Date: April 5, 2021

Hydrogen Market Size is set to surpass USD 300 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

The global market growth is attributed to the rising awareness toward energy security & conservation along with measures for CO2 & GHG emissions control. Stringent regulations targeted at desulfurization of the petroleum products will augment the market expansion.
 

Increasing crude oil consumption along with enhancing capacity of the oil & gas refineries will enhance the industry outlook during the forecasted timeline. Additionally, widespread utilization in niche application areas comprising FCEVs, heating for buildings and power generation among others will positively affect the overall demand for hydrogen.
 

The outbreak of corona virus, also known as COVID-19 had adversely affected the global economic growth. The shut down of various facilities owing to lockdown enforcement led to major operational & production delays across the economies. Delay of hydrogen infrastructure development projects contributed to the latent industrial demand, thereby limiting the commercial operation of hydrogen. Nevertheless, development and large scape distribution of vaccines will support to restore the minimum production in the industries and positively impact the overall business landscape.
 

Growing investments toward building the storage & distribution infrastructure will improve the global market progression

Increasing research & development in advanced technologies focusing on carbon capture, utilization & storage is anticipated to witness growth on account of rising infrastructure expansion. Development of dedicated pipeline networks to supply hydrogen, increasing adoption of electrolyzers along with the abundance of storage resources available at economies including Brazil & Australia will stimulate the global industry growth. Introduction of funding programs for demonstration projects coupled with policy measures to commercialize the use of green hydrogen will accelerate the product demand.
 

Browse key industry insights spread across 180 pages with 123 market data tables & 41 figures & charts from the report, “Hydrogen Market Size By Application (Petroleum Refinery, Chemical), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hydrogen-market

 

Shifting focus toward decarbonizing energy end-use along with development of green hydrogen production technologies is fostering the global demand for hydrogen

Low-cost hydrogen production coupled with its enhanced use in industry as a fuel for methanol production is predicted to improve the market statistics for hydrogen substantially. The majority of the hydrogen generated is from the conventional fuels using steam reforming & coal gasification process attributed to it being a cost-effective method.
 

The clean fuel can be generated from a range of renewable resources comprising solar PV, biomass, and wind energy among others. Usage of the above sources for clean H2 production will further encourage its adoption across the regions. In addition, large scale investments in storage, transport & distribution infrastructure development is poised to boost the business landscape.
 

Numerous funding programs in upcoming clean hydrogen production projects to spur the Asia Pacific hydrogen market value

Increasing funding from various research institutes & industry players coupled with shifting government focus toward advanced production technologies will positively impact the business scenario. For instance, the government in Australia introduced the Renewable Hydrogen Development Plan in March 2021 and allocated USD 10 million for impelling the hydrogen development. Signing of contracts & agreements by the leading industry leaders is slated to influence the product demand in the coming times. For instance, Linde entered into an agreement with Hyosung Group to build the largest liquid hydrogen plant by 2022. The USD 244 million project will further develop 50 new H2 charging stations and further expand the existing facilities in South Korea.
 

The major companies operating across the market consist of Nel ASA, Showa Denko K.K, Nuvera Fuel Cells, Hydrogenics Corporation, Iwatani Corporation, Air Liquide SA, Caloric Anlagenbau, Air Products & Chemicals Inc. and Messer Group GmbH. In addition, the manufacturers are working in close coordination with each other to explore the potential of hydrogen.
 

Authors: Ankit Gupta, Srishti Agarwal

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