Global hydrogen market to reach $196,934.5 million by 2030 from $136,185.0 million in 2019, at a 4.3% CAGR between 2020 and 2030.
The industry growth would be aided by the rising per capita income of people, which is driving the demand for food.
Hydrogen is used to produce ammonia, which is then used during the manufacturing of fertilizers. As per the Food and Agriculture Organization (FAO), compared to 153,646 thousand tons in 2016, 163,219 thousand tons of ammonia will be shipped around the world in 2022.
The rising demand for ammonia-based fertilizers acting as a key driver for the hydrogen market is owed to the declining area of agricultural land due to urbanization. As per the World Bank, the availability of arable land for each individual reduced to 0.19 hectares in 2016 from 0.2 hectares in 2011.
During the COVID-19 pandemic, the hydrogen market growth has suffered the ill-impact of factory shutdowns. The low supply of natural gas has led to the lower production of hydrogen. Similarly, several industries where hydrogen gas is used, including chemical, crude oil refining, and steel manufacturing, were shut down to a certain extent, which reduced the demand for it.
The steam-methane reforming category is predicted to continue holding the largest share in the hydrogen market in the coming years, based on production process. Via this process, hydrogen can be produced cost-effectively, and the feedstock used during it is also readily available. Moreover, the supply chain for hydrogen production via this process is rather well-developed.
In the years to come, the highest value CAGR in the distribution method segment of the hydrogen market, of 4.5%, will be seen in the on-site generation category. This method is less complex and also cost-effective in the long run, compared to the tanker and cylinder methods of hydrogen transportation. Additionally, in this method, the gas is produced near the end-use factory, which reduces the risks that come with the supply chain.
The chemical category dominated the hydrogen market in the past, based on end user. Hydrogen finds high-volume application in the production of methanol and ammonia, the latter of which is itself used in the production of fertilizers. The demand for methanol is increasing in India, China, and Germany for the manufacturing of polymers, which is resulting in its increasing consumption in chemical factories.
Asia-Pacific (APAC) has been the largest hydrogen market till now, and it is also expected to witness the fastest industry growth in the near future. Hydrogen consumption is rising in the region as a result of economic growth and expansion of the chemical, refining, metal processing, petrochemical, and electronics sectors. Even companies from North America and Europe are setting up manufacturing plants in the region, as it accounts for less-strict environmental regulations and cheaper labor and raw materials.
The most prominent companies in the global hydrogen market include Air Products and Chemicals Inc., Air Liquide S.A., Showa Denko K.K., Linde Plc, Yateem Oxygen, Messer Group GmbH, SOL SpA, Iwatani Corporation, Nel ASA, Air Water Inc., HyGear, and Cummins Inc.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Production Process
4.1.2 By Distribution Method
4.1.3 By End User
4.2 Market Dynamics
184.108.40.206 Increasing number of mergers and acquisitions
220.127.116.11 High demand for hydrogen for the production of ammonia-based fertilizers
18.104.22.168 Increasing demand for hydrogen in refining industry
22.214.171.124 Rising investment toward hydrogen-powered society
126.96.36.199 Impact analysis of drivers on market forecast
188.8.131.52 Fluctuating feedstock price and high cost associated with the storage and transportation of hydrogen
184.108.40.206 Impact analysis of restraints on market forecast
220.127.116.11 Producing hydrogen by using environment-friendly process
4.3 Value Chain Analysis
4.4 Impact of COVID-19
4.5 Porter’s Five Forces Analysis
Chapter 5. Regulation Analysis
Chapter 6. Import-Export Analysis
6.3 Saudi Arabia
6.5 South Korea
Chapter 7. Global Market Size and Forecast
7.1 By Production Process
7.2 By Distribution Method
7.3 By End User
7.3.1 Hydrogen Market, By Chemical Industry
7.4 By Region
Chapter 8. North America Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. APAC Market Size and Forecast
Chapter 11. LATAM Market Size and Forecast
Chapter 12. MEA Market Size and Forecast
Chapter 13. Major Market: Segment Analysis
13.1 U.S. Hydrogen Market
13.2 China Hydrogen Market
13.3 Saudi Arabia Hydrogen Market
13.4 Germany Hydrogen Market
13.5 South Korea Hydrogen Market
Chapter 14. Competitive Landscape
14.1 Market Share Analysis of Key Players
14.2 Competitive Benchmarking of Key Players
14.3 List of Other Players
14.4 Global Strategic Developments of Key Players
14.4.1 Product Launches and Approvals
14.4.2 Mergers and Acquisitions
Chapter 15. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/w3h32x
Research and Markets
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