January 10, 2022
According to the research report titled ‘Global Hydrogen Market: Analysis By Distribution Type, Production Type, End User, By Region, By Countries (2020 Edition) : Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global hydrogen market was worth USD 151.80 billion in the year 2019 and is projected to grow substantially at a CAGR of 5.25% during the forecast timespan of 2020-2025.
Rising levels of harmful elements in the air, along with the aggressive plan undertaken by authorities to combat climate change following the 2015 Paris Climate Conference are the major factors driving global hydrogen market growth. Moreover, technological progress in the production and delivery of hydrogen will have a favorable impact on the industry demand in the upcoming years.
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Based on production type, the market is split into coals, natural gas, and others. Among these, natural gas is likely to witness increasing demand as the cost of manufacturing hydrogen using natural gas as a feedstock is relatively cheap. Over 60% of hydrogen is produced from natural gas using the Steam methane reforming process (SMR).
With respect to end-user, worldwide hydrogen market is fragmented into ammonia, refining, methanol, DRI, and others. Refineries have emerged as the most prominent end-users as hydrogen is utilized as a feedstock in the conversion of fuel into a variety of value-added goods. In addition, the government's mandates to limit the amount of sulphur in petroleum products are boosting the demand for hydrogen for deduplication of petroleum products.
From a regional perspective, as per report, the industry size spans across North America (U.S., Canada), Europe (UK, Germany, Netherlands, France), and Asia Pacific (China, Japan, India, South Korea). Among these, APAC currently leads the industry growth and will likely continue to serve as a major growth avenue in the ensuing years.
Considering the competitive landscape, Air Liquide SA, Royal Vopak N.V., Snam S.p.A, Caloric Corp., Linde plc, TotalEnergies SE, BP plc, Royal Dutch Shell plc, Hydrogenics Corp., and Air Products are the major contenders in the industry.