According to the research report titled ‘Hydrogen Market Size By Application (Petroleum Refinery, Chemical), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with Market Study Report, global hydrogen market is slated to record a strong CAGR through 2027.
 

Flourishing transport vertical, large-scale deployment of electrolyzer projects, coupled with surging demand for petroleum products are catalyzing the growth of worldwide hydrogen market.
 

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Additionally, soaring focus toward cleaner energy, favorable governmental directives as well as technological advancements are propelling the industry outlook.
 

For the unversed, hydrogen is a colorless, odorless, and flammable gas and is widely used across various industries for a several purposes. This gaseous element can be produced from all the energy resources.
 

Elaborating on the negatives, dearth of strict regulations in developing economies as well as safety concerns are likely to hamper the growth of this business domain over the projected timeframe.
 

Speaking of application, global hydrogen market sphere is classified into petroleum refining, chemical, and others. The petroleum refining segment is slated to grow momentously over 2021-2027, accredited to enhancement of existing refining capacity, and increasing domestic & international demand of diesel fuel. On the other hand, chemical segment is poised to record a growth rate of 8% through 2027, owing to product adoption in making ammonia for agricultural fertilizers.
 

Parallelly, the others segment is expected to witness significant growth through 2027, creditable to adoption of the product as a fuel and its utilization in power generation. Hydrogen is also used as a flushing gas while manufacturing silicon chips in the electronics industry. It is employed for a protective atmosphere for blowing flat glass sheets in glass industry, while to produce hydrogenated vegetable oils in food industries.
 

Regionally, Europe market is slated to grow notably during 2021 and 2027, owing to low-or-zero carbon hydrogen-based projects introduced by various companies. Parallelly, Asia Pacific industry is anticipated to witness momentous gains over the forecast period, creditable to flourishing research & development activities.
 

Leading companies in global hydrogen market sphere include Cummins Inc., Air Liquide S.A., Iwatani Corporation, McPhy Energy SAS, CALORIC Anlagenbau GmbH, Air Products and Chemicals Inc., Xebec Global Corporation, HyGear, Nel ASA, Ballard Power Systems Inc., Plug Power Inc., and The Messer Group GmbH among others.