Global Hydrogen Market: Overview
Hydrogen (H) refers to a flammable, tasteless, odorless, and colorless gaseous substance. It is considered one of the simplest members of the chemical elements family. Hydrogen comes with various uses. In the chemical sector, hydrogen is utilized in the making of ammonia, which finds use as an ingredient of agricultural fertilizer. It is also utilized in the making of methanol and cyclohexane, which act as intermediates in the production process of pharmaceuticals and plastics. The chemical is also utilized in the process of removal of sulfur from fuels at the time of oil refining. Such varied uses of the chemical are likely to encourage growth of the global hydrogen market over the analysis timeframe, from 2020 to 2030.
In addition, hydrogen is regarded as a very flexible element that finds utilization across several applications, including transportation of fuel, chemical and industrial processes. Hydrogen is also used as a heating fuel for the generation of power, cooking and heating purposes. The growth of the global hydrogen market is likely to be driven by the versatile nature of hydrogen and its capability to facilitate services across various sectors, such as industrial, electricity, commercial, and transportation.
Delivery mode, production method, end use, and region are the four important parameters based on which the global hydrogen market has been classified.
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Global Hydrogen Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global hydrogen market is mentioned as below:
- In October 2019, German multinational conglomerate, Siemens AG joined forces with Hydrogen Renewables Australia as a technology partner in a 5 GW solar and wind combined energy project in Western Australia. Siemens is expected to offer its renowned electrolyzer technology for the generation of green hydrogen utilizing the process of renewable-powered electrolysis
Some of the prominent organizations in the global hydrogen market comprise the below-mentioned:
- The Linde Group
- Teledyne Technologies Inc.
- Air Liquide S.A.
- Messer Group GmbH
- Showa Denko K.K.
- Taiyo Nippon Sanso Corporation
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Global Hydrogen market: Key Trends
The global hydrogen market is characterized by the presence of the following restraints, drivers, and opportunities.
Growing Concern for the Environment is Estimated to Surge Demand for Hydrogen
The gradual growth of the global hydrogen market is linked to its direct relevance to the landscape of energy transition. For the production of hydrogen, renewable energy can be utilized and this can give access to industries that are faced with difficulties when it comes to de-carbonization through electrification. Hydrogen holds immense potential for diminishing the potential risk of renewable electricity generator’s exposure to price power volatility. This chemical is considered as a reliable alternative for meeting of various climate compliance and goals with emission regulations of local authorities. The multiple benefits of the chemical is likely to drive the development of the global hydrogen market over the timeframe of analysis, from 2020 to 2030.
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Global Hydrogen market: Geographical Analysis
North America is estimated to be a major regional force in the global hydrogen market over the forecast years. Increased awareness about environment together with the benefits of using hydrogen in the region is likely to augur well for the regional hydrogen market. Asia Pacific is expected to emerge as a rapidly growing region with a significant growth rate, thanks to the surging demand for vehicles running on hydrogen-based fuel in countries like Japan. In addition, manufacturers of automotives are planning to come up with auto fuel stations in Asia Pacific, which is likely to augur well for the hydrogen market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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COVID-19 Impact Analysis on Green Hydrogen Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Green Hydrogen Market include Linde, Air Products and Chemicals, Inc., Siemens, Engie, Hydrogenics, Nel ASA, Air Liquide, Uniper SE, Green Hydrogen, and Toshiba Energy Systems & Solutions Corp..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Green Hydrogen Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/green-hydrogen-market/download-sampleMarket SegmentationThe broad Green Hydrogen Market has been sub-grouped into the Technology and Region.
The report studies these subsets with respect to the geographical segmentation.
With the surge in the global population and the escalating pollution levels, the availability of large areas of arable land is declining rapidly.
This is encouraging farmers and governments to use the available arable land in a very judicious manner.
As per the World Bank, the size of per person arable land across the world fell from 0.2 hectares in 2011 to 0.19 hectares in 2016.
Moreover, the lack of availability of large areas of arable land is making farmers adopt modern strategies and tools such as fertilizers for enhancing the agricultural productivity.Additionally, with the mushrooming population in several countries, the demand for agricultural products is skyrocketing, which is, in turn, propelling the requirement for fertilizers.
Due to this factor, the popularity of nitrogen-based fertilizers is surging.
As hydrogen is an important component of these fertilizers, the soaring use of these fertilizers across the world is fueling the demand for hydrogen, thereby causing the expansion of the global hydrogen market.
The Hydrogen Fuel Cells market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hydrogen fuel cells market include Ballard Power, Toshiba, PLUG Power, Fuelcell Energy, Hydrogenics, Doosan Fuel Cell, Horizon, Intelligent Energy, Hyster-Yale Group, Nedstack, Pearl Hydrogen.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hydrogen Fuel Cells Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/hydrogen-fuel-cells-market/download-sampleMarket DynamicsThe global hydrogen fuel cells market is forecasted to grow at a healthy rate during the forecast period.
High investments by giant organizations into fuel cells production and growing public enthusiasm towards sustainable and environment-friendly products will also amplify hydrogen fuel cells growth.
Prohibition on diesel and gasoline vehicles and encouraging regulations worldwide to reduce carbon emission will open potential doors for the hydrogen fuel cell market.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
