NEW YORK, Oct. 11, 2021 /PRNewswire/ — The global hydrogen market value will rise to $196,934.5 million by 2030, at a CAGR of 4.3% from 2020 to 2030. The market is being driven by the surging requirement for ammonia, owing to the mushrooming utilization of ammonia-based fertilizers, and burgeoning need for hydrogen in the refining industry.
The ballooning use of ammonia-based fertilizers is a major hydrogen market growth driver. Because of various human, climatic, and environmental factors, the availability of arable land is declining rapidly. As per the World Bank, arable land per person reduced from 0.2 hectares in 2011 to 0.19 hectares in 2016. This has massively propelled the demand for the judicious use of the available land, thereby driving the use of ammonia-based fertilizers.
Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/hydrogen-market/report-sample
Key Findings of Global Hydrogen Market Report
- The steam–methane reforming production process was the most popular in the hydrogen market in the past. As compared to other processes, hydrogen production via it is cheaper.
- The on-site generation distribution method will exhibit the fastest adoption in the hydrogen market in the upcoming years. The on-site generation method is more cost-effective than the cylinder and tanker methods when utilized for a long period (generally 10–15 years).
- The chemical industry will contribute the highest revenue to the hydrogen market in the future. Hydrogen is used as a raw material in the production of various basic chemicals, such as ammonia and methanol.
- Asia-Pacific (APAC) was the largest hydrogen market in the years gone by because of the existence of several petrochemical and chemical companies in South Korea, Japan, and China. As per the European Chemical Industry Council, China generated the highest revenue in the global chemical industry in 2018.
- APAC will also be the fastest-growing region in the hydrogen market in the coming years owing to the shift of the production facilities of many end-use industries, such as chemical, petrochemical, and electronics, to APAC countries.
Browse detailed report on Global Hydrogen Market Size and Growth Forecast to 2030
The COVID-19 pandemic hampered the progress of the hydrogen market, as the imposition of lockdowns led to the shutting down of various industries, including steel, chemical processing, and crude oil refining. Additionally, the closure of borders caused disruptions in natural gas supply, which subsequently affected the production and sale of hydrogen.
Linde Plc, Air Products and Chemicals Inc., Showa Denko K.K., Iwatani Corporation, Yateem Oxygen, Air Liquide S.A., SOL SpA, Nel ASA, Air Water Inc., and Messer Group GmbH are some of the major hydrogen market players.
Market Size Breakdown by Segment
Hydrogen Market Production Process
- Steam–Methane Reforming
- Coal Gasification
- Partial Oxidation
- Others (Renewable Liquid Reforming, Fermentation, Methanol Reforming, and Ammonia Cracking)
Hydrogen Market Distribution Method
- On-Site Generation
Hydrogen Market End User
- Metal Processing
- Others (Transport, Aviation, and Marine)
Hydrogen Market Geographical Analysis
- North America
- Asia-Pacific (APAC)
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Major Market
- U.S. hydrogen market
- China hydrogen market
- Saudi Arabia hydrogen market
- Germany hydrogen market
- South Korea hydrogen market
- By production process
- By distribution method
- By end user
Browse Other Related Report
Hydrogen Storage Market – The hydrogen storage market is expected to demonstrate a 7.6% CAGR during 2016–2026 (forecast period) owing to the booming demand for low-emission fuels, surging use of hydrogen cells in the lubricant, transportation, and oil and gas industries, and increasing consumption of methanol and ammonia across the world.
Energy Storage Market – Geographically, the energy storage market is expected to boom in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the increasing engineering, procurement, and construction (EPC) activities in the regional countries such as China, India, and Japan.
Flywheel Energy Storage Market – Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period as well.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.