Press release
Hydrogen Market to Grow Significantly at a CAGR of 10.0% by 2023 | Praxair, Inc., Air Liquide S.A., Air Products and Chemicals, Inc., INOX Air Products Ltd., Iwatani Corporation
Hydrogen Market
The global hydrogen market was worth $0.25 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10% and reach $0.38 billion by 2023.
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Scope of the Report:
Markets Covered: 1) By Mode Of Distribution: Pipeline; High-Pressure Tube Trailers; Cylinders 2) By End Use: Chemicals; Aerospace and Automotive; Energy; Refining; Glass; Welding and Metal Fabrication; Others
Companies Mentioned: Praxair, Inc., Air Liquide S.A., Air Products and Chemicals, Inc., INOX Air Products Ltd., Iwatani Corporation, Hydrogenics Corporation, Linde AG, Messer Group GmbH, Nuvera Fuel Cells, Taiyo Nippon Sanso Corporation
Countries: Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Market Insights:
New developments are taking place in healthcare with increasing emphasis on a healthier, better quality of life. Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products. Hospitals such as St. Francis and VA Loma Linda have already an installed capacity of hydrogen plants for power generation process. Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high grade industrial gases.
During the forecast period, high transportation and storage costs of hydrogen are expected to restrain the hydrogen market. Hydrogen is not just the smallest element on earth, it is also the lightest as a point of comparison, the mass one gallon of gasoline is approximately 2.75 kgs where one gallon of hydrogen has a mass of only 0.00075 kg (at 1 atm pressure and 0C). In order to transport large amounts of hydrogen it must be either pressurized and delivered as a compressed gas, or liquefied. Where the hydrogen is produced can have a big impact on the cost and best method of delivery and its broad flammability range relative to hydrocarbons. Hydrogen is transported from the point of production to the point of use via pipeline, over the road in cryogenic liquid tanker trucks or gaseous tube trailers, or by rail or barge. These factors are expected to have a negative impact on the 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.
In August 2018, PAG, a Hong-Kong based private equity firm, acquired a 51% majority stake in Baosteel Gases for $610 million. Baosteel Gases is a Chinese provider of industrial gases, with businesses in cryogenic air separation plants (ASUs), synthetic gases, hydrogen, clean energy gases, and packaged gases.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Hydrogen Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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Note: All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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