Hydrogen Market size to exceed $300bn by 2027
Published Date: April 5, 2021 Authors: Ankit Gupta, Srishti Agarwal
Hydrogen Market size is projected to surpass USD 300 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
The global hydrogen industry will grow on account of 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 business landscape. Increasing crude oil consumption along with enhancing capacity of the oil & gas refineries will enhance the industry outlook over the forecast 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.
Growing investments toward building the storage & distribution infrastructure will improve the global hydrogen market share
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 augment the global hydrogen industry trends. Introduction of funding programs for demonstration projects coupled with policy measures to commercialize the use of green hydrogen will augment the product demand.
Shifting focus toward decarbonizing energy end-use along with development of green hydrogen production technologies is fostering the hydrogen market demand
Low-cost hydrogen production coupled with its enhanced use in industry as a fuel for methanol production is anticipated 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 on account of 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 set to accelerate the business landscape.
Numerous funding programs in upcoming clean hydrogen production projects is set to spur the Asia Pacific hydrogen market share
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 boosting the hydrogen development. Signing of contracts & agreements by the leading industry players is set to accelerate 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.
Browse key industry insights spread across 180 pages with 123 market data tables & 41 figures & charts from the report, “Hydrogen Market Forecasts by Application (Petroleum Refinery, Chemical), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The major players operating across the global hydrogen 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 among others. In addition, the manufacturers are working in close coordination with each other to explore the potential of hydrogen. For instance, the companies in Singapore are working with Mitsubishi & Chiyoda to evaluate the commercial & technical feasibility of hydrogen usage in the country.
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.
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