According to a 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 Market Study Report, global hydrogen market valuation reached USD 151.8 billion in 2019 and is expected to record 5.25% CAGR through 2025.
 

As per report findings, international communities are employing aggressive strategies to regulate the alarming increase in air toxicity and climate change since the Paris Climate Conference in 2015, hence boosting worldwide hydrogen industry growth. Recent improvements in hydrogen production and distribution technology will also stimulate industry demand.
 

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Furthermore, hydrogen is being used extensively in place of redundant petroleum products as strict laws are enforced by governments to reduce sulphur quantity from petrol products, which is stimulating hydrogen industry remuneration.
 

However, coal and natural gas, both prominent sources for hydrogen production, release carbon dioxide during conversion process. Hence, hydrogen production leads to a considerable amount of greenhouse gas emissions, posing as major challenge for the industry growth.
 

Based on distribution type, global hydrogen market is split into merchant supply, and on-site production among others.
 

Moving on to production type, the industry can be classified into coal, natural gas, and others. As per the report, natural gas is reckoned to gain significant traction in the coming years, due to lower costs associated with hydrogen production using natural gas as feedstock. Apparently, 60% of hydrogen is sourced from natural gas by employing steam methane reforming process.
 

Elaborating on end user spectrum, worldwide hydrogen industry comprises of ammonia, methanol, refining, DRI, and others. Refineries are slated to generate modest revenues for the market by the year 2025, as hydrogen is used as a feedstock to convert fuel into other useful products.
 

On the regional front, Asia pacific held significant portion of worldwide hydrogen market share in the recent past, with India, China, Japan, and South Korea being generous contributors.
 

Key contenders in global hydrogen market are Air Products & Chemicals Inc., Royal Vopak N.V., Hydrogenics, Snam S.p.A., Royal Dutch Shell plc, Caloric Anlagenbau GmbH, BP plc, Air Liquide S.A., Linde plc, and Total SE.