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Thursday, June 2, 2022
According to the study undertaken by Astute Analytica the global hydrogen market is anticipated to register a CAGR of 6.6% during the forecast period 2022-2027. The global hydrogen market was valued at $194,899.0 Million in 2021 and is forecasted to reach $286,789.2 Million by 2027. Moreover, in terms of volume, the market in expected to project the CAGR of 6.1% over the forecast period.
Hydrogen can be stored by converting it into the form of liquid by decreasing the temperature of the hydrogen at a constant pressure to obtain the liquid phase. Moreover, the use of hydrogen as chemical storage, energy carrier, and feedstock for industrial production can substantially reduce GHG emissions in hard-to-abate sectors.
Factors such as decrease in the cost of solar PV and wind energy electricity and global shift towards reduction in carbon emission drives the growth in the market over the forecast period. Solar energy is one of the most promising energy sources due to the advantage of high availability, considerable amount of energy-saving and carbon emission reduction. In addition, increased investment in R&D sector by countries in order to increase hydrogen production provides a lucrative growth opportunity in the hydrogen market. However, high cost of production of green hydrogen through electrolysis is one of the major constraints in the overall demand of hydrogen around the world.
Market Insights
On the basis of technology, the thermal process segment is anticipated to grow at the largest share in the hydrogen market over the forecast period. Steam reforming, a high-temperature process in which steam combines with hydrocarbon fuel to produce hydrogen, is a common thermal technique for hydrogen production. Furthermore, electrolytic process segment is expected to grow at the highest CAGR during the forecast period as hydrogen produced by electrolysis can result in zero greenhouse gas emissions.
In terms of application, the ammonia production segment holds the largest market share in 2021 as most current nitrogen-based fertilizers start with ammonia. Ammonia production is applied at a larger scale due to its potential as a carbon-free fuel, hydrogen carrier, and energy store, renewable hydrogen technologies. Moreover, hydrogen fuel cell segment is anticipated to grow at the highest CAGR over the forecast period as hydrogen used in fuel cells has the energy to weight ratio ten times greater than lithium-ion batteries.
By delivery mode, the merchant segment dominated the hydrogen market in 2021. More than 80% of merchant hydrogen is sold to refineries for the purposes of hydrocracking, ultra-low-sulfur diesel hydrotreating, fluid catalytic cracking (FCC), feed (gas oil) hydrotreating, and naphtha hydrotreating. Furthermore, captive segment is expected to project the highest CAGR over the forecast period.
Asia Pacific holds the largest share in the hydrogen market in 2021 due to the presence of large number of refineries in key APAC countries such as China and India. Whereas, North America is anticipated to hold the highest CAGR of 7.7% over the forecast period. The sector has grown swiftly as a result of contributions from each application and technology. In the United States, the use of hydrogen in the production of methanol and ammonia is quickly growing.
For the full announcement or to see a sample copy visit Astute Analytica at www.astuteanalytica.com.
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