U.S., Europe and Asia Industrial Hydrogen Market | U.S., Europe, and Asia Industrial Hydrogen market are Air Liquide, Air Products & Chemicals Inc.

Hydrogen is a chemical compound with atomic number 1 and is widely used in the production of carbon steels, semiconductors, and special metals. It is used as a reducing agent and carrier gas in the electronic industry. Nowadays it is also used across various industrial applications such as it are used as reducing agent in the metallurgical industry and as a basic building block in the production of ammonia for fertilizers and methanol for the production of polymers. Moreover, in refineries hydrogen is used in the processing of intermediate oil products.

The U.S., Europe and Asia industrial hydrogen market is projected to reach US$ 22.8 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.0% during the forecast period (2019 to 2027).

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Detailed Segmentation:

U.S., Europe and Asia Industrial Hydrogen Market, By Production Method:
Electrolysis
Conventional Method & Others

U.S., Europe and Asia Industrial Hydrogen Market, By End Use:
Chemicals
Electronics
Food & Beverage
Glass
Metal Production
Pharmaceutical & Biotechnology
Welding & Metal Production
Others

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Higher emphasis on enhancing overall process economics owing to the high production costs of electrolytic hydrogen. Many manufacturers are focusing on increasing overall efficiency of the process such as advancements in membrane and catalyst are projected to cut down the overall production cost significantly in the near future. Moreover, rising focus on a technical scale of production i.e. development of high-pressure electrolyzers and overvoltage reduction of the oxygen evolution reaction (OER) in electrolyzers is further projected to offer significant growth opportunities to the market of hydrogen.

Increasing usage of hydrogen as a fuel in rockets since it is highly flammable and efficient is projected to propel the market growth. Hydrogen is enough to offer power to powerful machines such as spaceships and also it is environmentally friendly and much safer choice as compared to other fuel sources which are further propelling the market growth of hydrogen. Moreover, rising demand for hydrogen as a fuel is also attributed to the fact that it is three times as powerful as gasoline and other fossil fuels which is also predicted to foster market growth.

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