Market Segmentation Analysis Reveals Steam Methane Reforming Dominance and Rapid Growth in Mobility Sector in the Global Hydrogen Market
DUBLIN, Nov. 6, 2023 /PRNewswire/ -- The "Global Hydrogen Market: Analysis By Demand, By Production, By Sector, By Source, By Technology, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen market, which had a value of $156.76 billion in 2022, is anticipated to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 6.37% during the forecast period from 2023 to 2028.
This growth is attributed to the increasing demand for hydrogen-based fuels, a growing focus on industrial decarbonization and desulfurization to meet sustainability goals, and ongoing developments in steel and power generation industries to address the rising global electricity demand.
Hydrogen as a Clean Energy Solution
Hydrogen, a colorless and odorless gas with the lowest density among all gases, is gaining prominence as a crucial means of decarbonizing the global economy. Its ability to reduce greenhouse gas emissions and mitigate the effects of global warming positions it as a vital component of sustainable energy solutions. While hydrogen has traditionally been used in industries such as refining crude oil, ammonia fertilizer production, and metal processing, efforts are underway to harness it as a renewable energy source. Hydrogen's advantage as an energy carrier lies in the fact that it produces only water and heat as byproducts when it reacts with oxygen, making it a clean energy option.
Market Segmentation Analysis
Impact Analysis of COVID-19 and Way Forward:
COVID-19 brought in many changes in the world in terms of reduced productivity, loss of life, business closures, closing down of factories and organizations, and shift to an online mode of work. The COVID-19 pandemic had a detrimental impact on the hydrogen market.
The initial shockwave of the pandemic disrupted supply chains and slowed down industrial activities, causing a drop in hydrogen demand across various sectors. Lockdowns and economic uncertainties prompted curbs on investment, causing a slowdown in the expansion of clean energy initiatives, including hydrogen-related projects.
Lockdowns and economic uncertainties led to project delays and cancellations, especially in industries heavily reliant on hydrogen, such as automotive and manufacturing. As governments redirected resources towards pandemic relief efforts, funding for hydrogen research and infrastructure projects often took a backseat, resulting in a slowdown of hydrogen-related initiatives. This lack of financial support hindered the development and scaling up of hydrogen technologies.
The global hydrogen market is mildly consolidated with the top players of the market acquiring majority of the market share, and increasing number of regional and local players worldwide catering to the local demand and engaging in various research & development activities and initiatives, collaborations and products launches to develop and deploy new and more efficient products in the market.
For instance, On April 20, 2023, Linde plc announced that the company has signed a long-term agreement to supply green hydrogen to Evonik, a specialty chemicals company, where Linde will build, own and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore, to produce green hydrogen. Similarly, on May 26, 2022, ACWA power, OQ and Air Products signed joint development agreement toward world-scale green hydrogen-based ammonia production facility in Oman.
The key players of the hydrogen market are:
Key Topics Covered:
1. Executive Summary
6. Market Dynamics
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SOURCE Research and Markets