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Surging Production of Electric Vehicles Support the Global Hydrogen Market

Date: 1st May 2021 | Category: Energy & Utilities

The global hydrogen market is expected to record a value of US$184.10 billion in 2025, progressing at a CAGR of 6.09% for the period spanning 2021-2025. The market experienced growth accruing to several factors such as rising consumption of agricultural fertilizers, escalating demand in metallurgical industries, mounting concerns regarding carbon emissions worldwide, surging demand for electricity generation and upswing in margarine demand. However, the market growth would be challenged by high cost of hydrogen production & transportation, storage of hydrogen and health effects of hydrogen. A few notable trends may include expanding demand from oil refineries, rapid expansion of aerospace industry, surging production of hydrogen fuel cell electric vehicles, growing demand of hydrochloric acid and upsurge in pharmaceutical industry. 

The global hydrogen market is categorized on the basis of production process and application. According to production process, the market can be split into natural gas steam reforming, coal gasification, oil partial oxidation and water electrolysis. The global hydrogen market can be bifurcated into ammonia production, petroleum refinery, methanol production, transportation, power generation and others, in term of application. 

The fastest growing regional market is Asia Pacific owing to increasing consumption of agricultural fertilizers on account of growing population, rising number of petrochemical complexes and refineries in the region, upsurge in pharmaceutical industry, expansion in China’s aerospace industry and surging investments by government for the development of hydrogen plants. 

Scope of the report:

• The report provides a comprehensive analysis of the global hydrogen market segmented on the basis of production process, application and region.

• The major regional and country markets (Asia Pacific, Europe, North America, Middle East & Africa and Central & South America, along with the U.S.) have been analyzed. 

• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. 

• The competitive landscape of the market, along with the company profiles of leading players (Linde PLC, Air Liquide S.A., Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, Messer Group GmbH and Nel ASA) are also presented in detail. 

Key Target Audience:

• Hydrogen Manufacturers

• Energy Sector

• End Users (Automobile Industry, Oil and Gas Industry, Steel Industry, etc.) 

• Consulting and Advisory Firms 

• Investment Banks

• Government Bodies & Regulating Authorities