Brown Hydrogen Market to Reach $48.9 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research
Presence of abundant reserves and cheap raw materials drives the growth of the global brown hydrogen market.
PORTLAND, Ore., Dec. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Brown Hydrogen Market by Technology (Coal Gasification with Carbon Capture Storage and Coal Gasification without Carbon Capture Storage), and End-Use Industry (Refining, Chemicals, Iron and Steel, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global brown hydrogen industry was estimated at $30.4 billion in 2020, and is anticipated to hit $48.9 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.
Drivers, restraints, and opportunities-
Presence of abundant reserves and cheap raw materials drives the growth of the global brown hydrogen market. On the other hand, high carbon emission through coal gasification impedes the growth to some extent. However, increase in demand for hydrogen through coal gasification with carbon capture storage (CCS) technology is expected to create lucrative opportunities for the key players in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic had a major impact on hydrogen technologies, thereby impacting the global brown hydrogen market negatively, especially during the initial period. The process of raw material procurement was also disrupted, which aggravated the scenario even more.
- However, as the global situation is getting better, the market is projected to recoup soon.
The Coal Gasification without Carbon Capture Storage segment to dominate by 2030-
Based on technology, the Coal Gasification without Carbon Capture Storage segment dominated with the largest share in 2020, holding around 97% of the global brown hydrogen market. This is because the coal gasification without carbon capture storage technology is economic, which is boosting the demand for hydrogen production. The Coal Gasification with Carbon Capture Storage segment, on the other hand, is expected to cite the fastest CAGR of 9.7% throughout the forecast period. This segment is gaining traction as it catches and sequesters carbon dioxide (CO2) emissions to a significant extent.
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The chemicals segment to maintain the dominant share-
Based on end use industry, the chemicals segment held the highest market share in terms of revenue, accounting for nearly half of the global brown hydrogen market. The same segment is also estimated to exhibit the fastest CAGR of 5.0% during the forecast period. This is due to its vast use in the chemical industries.
Asia-Pacific garnered the major share in 2020-
Based on region, the market across Asia-Pacific dominated the market with major share in 2020, accounting for around four-fifths of the global brown hydrogen market. This is attributed to the rising interest for brown hydrogen from countries such as India, Australia and others. However, the market across Europe is expected to witness the fastest CAGR of 6.1% from 2021 to 2030.
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Key players in the industry-
- Air Products
- Sinopec
- Iwatani Corp
- J-Power
- Air Liquide
- Sasol
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