Hydrogen Market Size Is Projected to Reach USD 286,789.2 Million by 2027 | CAGR: 6.6% | Astute Analytica

NEW DELHI, Dec. 16, 2021 /PRNewswire/ -- According to the report by Astute Analytica, the global hydrogen market generated a revenue of US$ 187,517.3 million in the year 2020, the market is growing at a CAGR of 6.6% during the forecast period of 2021-2027. In terms of volume, the global hydrogen market is estimated at 67,672.9 tons in the year 2020.

Request for A Sample Report:  https://www.astuteanalytica.com/request-sample/hydrogen-market

Hydrogen is the lightest element which has intrinsic properties like tasteless, odorless, colorless. Hydrogen is a highly flammable gas. Hydrogen is the most essential element for existence of life.

The carbon intensity of hydrogen use is dependent on whether grey, blue, brown, or green hydrogen is being utilized. Although green and blue hydrogen are low carbon energy solution, their utilization is constrained due to lack of infrastructure and higher cost of production. Grey hydrogen is the most cost effective with average cost ranging from less than US $1 to US $2/kg compared to green hydrogen that has cost ranging for more than US$ 3/kg.

Among all the types of Thermal Process and Electrolytic Process used for production of hydrogen, Coal Gasification is the cheapest source with a cost of US$ 2.08 per ton but Steam Methane Reforming holds the highest market share and generated a revenue of US$ 88,135.1 million in 2020. Polymer electrolyte membrane (PEM) electrolyzer is the most emerging production process with a CAGR of 9.5% but it is the most expensive with cost ranging more than US$ 7 per ton.

Hydrogen-powered fuel cells is estimated to project the highest CAGR of 11.1% among all other applications of Hydrogen. Hydrogen-powered fuel cells are being used in the automotive industry due to its high efficiency and being a zero-emission source of energy for electrical vehicles.

The impact on energy systems around the world has been major due to COVID-19 pandemic. Due to lockdown and limited mobility in some countries, market suppliers and manufacturers encountered disruption in the hydrogen supply chain. The pandemic resulted in curbs on Investment and slowdown of expansion of clean energy. The global hydrogen market experienced negative growth rate during the pandemic. But global commitment towards mitigating climate change will lead to increased adoption of hydrogen and will boost the market growth further in the coming years.

Exclusive Discount Offer on this Research Report: https://www.astuteanalytica.com/request-sample/hydrogen-market

What drives Global Hydrogen Market?

• Within the energy sector, hydrogen containing ammonia plays an excellent transition fuel. Many companies are looking for ammonia powered fuel cells. For instance, Woodside Petroleum recently announced that it will invest more than US$ 1 Billion to build a plant for hydrogen and ammonia production. There was 36,934.3 tons of ammonia production in the year 2020 which is highest among all other applications of Hydrogen.
• Hydrogen-based iron is technically feasible and various producers are working to develop this option due to its lower cost production.
• Many companies are striving to invest and develop techniques to increase the use of hydrogen in aviation and maritime sector. Shipping and aviation have limited low-carbon fuel options available therefore, there is possible opportunity for hydrogen-based fuels in these sectors.
• Steam Methane Reforming is the most cost effective and efficient way of producing high grey hydrogen. Its specific energy consumption is best among current commercially available hydrogen production methods. SMR is by far the most important industrial process for hydrogen manufacturing which amounts to 40% of hydrogen production in the world.
• According to International Renewable Energy Agency (IRENA), the Solar PV and wind installed capacity grew over 14 and 3 times respectively over this decade, with costs dropping significantly throughout the years. This made electricity, the main cost-component for green hydrogen much cheaper.
• Green hydrogen using renewable electricity is expanding rapidly. Recently, Gail Ltd. announced that it will build India's largest green hydrogen manufacturing plant to provide 'carbon-free' fuel.
• The use of hydrogen as chemical storage, energy carrier, and feedstock for industrial production can substantially reduce GHG emissions in hard-to-abate sectors and can help countries to easily comply with the Paris Agreement's long-term goal.

Where does opportunities lie in the market?

With increasing environment awareness, there is a great scope in the global hydrogen market. There is growth opportunity of US$ 91,890.2 million in the market during the period of 2021-2027.

• Hydrogen is one of the most promising zero-emission technologies for future aircraft. Hydrogen eliminates CO2 emissions in flight and can be produced carbon-free. The latest estimates shows that H2 combustion could reduce climate impact in flight by 50% to 75%, and fuel-cell propulsion by 75% to 90%.
• As global economies aim to become carbon neutral, competitive hydrogen produced with renewables has emerged as a key component of the energy mix. Falling renewable power costs and improving electrolyser technologies could make "green" hydrogen cost competitive by 2030.
• Fuel cell electric vehicles (FCEVs) are powered by hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no tailpipe emissions, they only emit water vapor and warm air. Hydrogen has been proposed as a future transportation fuel for zero emission vehicles for its potential to reduce greenhouse gas emissions in the transport sector as well as air pollutant emissions.
• Many automotive companies are using hydrogen combustion engines instead of traditional gasoline ones. Like, Toyota Motor Corporation recently announced that it is testing their hydrogen engines in motorsports. After successful testing, the company hopes to use the technology in commercial vehicles.

Competitors in the market

Many companies are striving in the global hydrogen market. Companies like Air Liquide International S.A and Linde plc are investing heavily in the research and development in hydrogen market.

The cumulative market share of four major players is close to 48.8%, hence there is oligopoly nature in the market. The market witnessed a key presence of nine major companies with 68.50% of shareholding. Some of the major competitors in the market are:

• Air Liquide International S.A.
• Air Products and Chemicals, Inc.
• Hydrogenics
• Linde plc
• NEL Hydrogen
• Showa Denko
• Iwatani CO
• Messer Group GmbH
• Teledyne Technologies Inc.
• Claind
• Cummins
• HyTech Power
• Inox
• ITM Power
• PowerTap
• Weldstar, Inc.
• Other prominent players

Market Segmentation

The market for Hydrogen is segmented based upon Technology, Application, Delivery Mode and Region. In 2020, Asia-Pacific hold the largest share of 71% of total revenue of Global hydrogen market. This is due to the increasing international attention towards China as  world's biggest hydrogen producing country.

By Technology 

• Thermal Process
• Steam Methane Reforming (SMR)
• Partial Oxidation (POX)
• Coal Gasification
• Biomass Gasification
• Electrolytic Process
• SOEC
• SOFC
• PEM
• Others

By Application

• Methanol Production 
• Ammonia Production 
• Petroleum Refinery 
• Heat Treatment 
• Transportation 
• Power Generation 
• Renewable Energy 
• Hydrogen Fuel Cell
• Fuel Cell Vehicles
• Fuel Cell Ships
• Fuel Cell Battery
• Mobile Power Generation
• Others

By Delivery Mode

• Captive
• Merchant

By Region/ Country 

• North America
• The U.S.
• Canada
• Europe
• The UK
• Germany
• France
• Norway
• The Netherlands
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
• Rest of the World
• Middle East & Africa (MEA)
• Latin America

Have Any Query Or Specific Requirement? Feel Free To Ask Our Industry Experts At : https://www.astuteanalytica.com/request-sample/hydrogen-market

Find more research reports on Energy Domain by Astute Analytica

About Astute Analytica 
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost effective, value added package from us, should you decide to engage with us.

Contact us:
Nishi Sharma
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4251598 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com
Follow US: LinkedIn | Twitter

SOURCE Astute Analytica

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED