Global Hydrogen Market Trends And Strategies Of Major Players In The Hydrogen Market 2021-2030
3 Sep, 2021
The hydrogen market consists of sales of hydrogen and its related services for industrial and other purposes. Hydrogen is produced as a by-product of industrial chlorine production by electrolysis. Although it requires expensive technologies, hydrogen can be cooled, compressed and purified for use in other processes on site or sold to a customer via pipeline, cylinders or trucks.
Global Hydrogen Market Size And Drivers:
The global hydrogen market is expected to grow from $9.85 billion in 2020 to $10.28 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.79 billion in 2025 at a CAGR of 3%. The growing demand for global hydrogen market to meet the needs of the rising emphasis on a healthier, better quality of life is expected to drive the global hydrogen.
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Trends In The Global Hydrogen Market
Hydrogen manufacturing companies have started adopting a technology of manufacturing hydrogen from sewage. Hydrogen gas can be manufactured from sewage sludge for use in the chemicals, fertilizers, transportation and manufacturing industries. In this process, the weight of the sewage sludge is reduced by means of dehydration followed by incineration, melting, composting, and drying. This process can be used to produce hydrogen in a large scale for supply to the manufacturing and transportation industries. Companies such as Fuel Cell Energy and Graforce Hydro are investing in this technology. Los Angeles Fuel Cell Energy Inc. is one of hydrogen manufacturers which operates the world’s largest “tri-generation plant” that converts sewage into electrical power and renewable hydrogen for transportation fuel.
Global Hydrogen Market Segments:
The global hydrogen market is further segmented –
By Mode of Distribution: Pipeline, High-Pressure Tube Trailers, Cylinders
By End Use: Chemicals, Aerospace and Automotive, Energy, Refining, Glass, Welding and Metal Fabrication, Others
By Application: Chemical, Refinery, Metal Processing, Others
By Geography: The global hydrogen market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Hydrogen Market At:https://www.thebusinessresearchcompany.com/report/hydrogen-global-market-report
Hydrogen Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hydrogen market overviews, analyzes and forecasts market size and growth for the global hydrogen market, hydrogen market share, hydrogen market players, hydrogen market segments and geographies, hydrogen market’s leading competitors’ revenues, profiles and market shares. The hydrogen market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.