Global Hydrogen Market

The global hydrogen market is anticipated to exhibit a CAGR of 5.9% during the forecasted period, 2021-2028. Hydrogen is formed using many resources such as natural gas, biomass, and coal along with numerous other non-renewable and renewable sources of energy. Electricity can be stored in the form of hydrogen by using the electrolysis process. The stored hydrogen can then be used again as electricity.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing greenhouse emissions due to the consumption of fossil fuels and rapid industrialization is estimated to fuel the market growth.
• High cost of hydrogen energy storage can create challenges for the market growth.
• The concept of green hydrogen is still in its nascent stage, and many organizations are investing in setting up new green hydrogen production plants to reducing GHG emissions. Thus, increasing investment in the R&D activities is estimated to spur the market growth.
• A rapid increase in the demand for clean and green fuel with the increasing pollution levels coupled with the stringent government rules to control and curb the sulphur content in fuel is anticipated to increase the proliferate the generation of hydrogen across the globe.

Scope of the report:

The report of hydrogen market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Hydrogen Market Segment Insights

Merchant segment is projected to grow at a robust rate:

On the basis of delivery & generation modes, the market can be bifurcated into merchant and captive. The merchant segment is projected to grow at a robust rate during the forecasted period. An increase in the production of large-scale hydrogen with the help of water electrolysis and natural gas process is anticipated to increase the growth of merchant segment. Merchant hydrogen can be produced by both natural gas and water electrolysis processes. This method reduces the requirement for making a new infrastructure for hydrogen electrolysis.

Blue hydrogen segment is anticipated to register a high CAGR during the forecast period

In terms of sources, the market can be segmented into blue hydrogen, green hydrogen, and grey hydrogen. The blue hydrogen segment is anticipated to register a high CAGR during the forecast period. Blue hydrogen is a resultant of natural gas, produced through steam methane reforming process. Steam methane reforming combines natural gas with hot steam in the occurrence of a catalyst and the chemical reaction results in the formation of carbon monoxide and hydrogen. Extra water is added to the mixture changing the carbon monoxide to carbon dioxide, leading to the formation of hydrogen. The carbon dioxide emissions produced are then taken and stored underground using the carbon capture utilization storage technology leaving almost pure hydrogen. The price of creating blue hydrogen is quite low.

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Transport segment is projected to hold a significant share

Based on applications, the market can be segmented into transport, petroleum refinery, ammonia production, methanol production, power generation other applications. The transport segment is projected to hold a significant share during the forecast period. A rapid increase in demand for fuel cell electric vehicles in Asia Pacific is increasing the growth of the market segment. Hydrogen is used as application in various modes of transportation such as trains, busses, fuel cell electric vehicles (FCEV), and others such as airplanes and drones. CEVs are powered with hydrogen and they are more effective than normally used internal combustion engine vehicles.

Steam methane reforming segment is anticipated to grow at a robust rate

In terms of technologies, the market can be segmented into steam methane reforming, partial oxidation, coal gasification, electrolysis. The steam methane segment held a market share of more than 60% in 2020. Steam methane reforming is a technique of creating hydrogen along with other gases including carbon dioxide and carbon monoxide. The growing demand for hydrogen across the world is the key factor for the growth of steam methane reforming technology as it is the most profitable and cheap technology for the generation of hydrogen.

The market in Asia Pacific to exhibit a high CAGR

In terms of regions the market can be divided into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific accounted for a major share of the market. The countries in Asia Pacific is at the foremost when it comes to acceptance of green technologies to achieve the government targets for reducing GHG emissions. Japan is the first country to sell fuel cells and is helping the projects to grow which are related to the use of fuel cells in automotive and residential uses, and its aim is to deploy green hydrogen on a large-scale in the coming years.

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Segments

• Blue Hydrogen
• Green Hydrogen
• Grey Hydrogen

• Merchant
• Captive

• Transport
• Petroleum Refinery
• Ammonia Production
• Methanol Production
• Power Generation
• Other Applications

• Steam Methane Reforming
• Partial Oxidation
• Coal Gasification
• Electrolysis

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East & Africa

• Linde
• Air Liquid
• Air Products & Chemicals
• Uniper
• Engie

Competitive Landscape

The key players of the market are Linde, Air Liquide, Air Products &Chemicals, Uniper, and Engie. These players have a significant share in the market are anticipated to grow at a robust rate during the forecasted year.