Hydrogen Market Trends, Business Strategies, Regional Outlook, Challenges and Forecast 2030

According to the Food and Agriculture Organization (FAO), “the area of arable land per person declined from 0.221 hectares in 2000 to 0.184 hectares in 2018”. As per the World Bank, “as of 2018, only 10.825% of the global land was classified as arable”. The declining area of arable land, owing to the injudicious use of agricultural land, is creating a huge requirement for nitrogen-based fertilizers. The surging use of nitrogen-based fertilizers, of which ammonia (NH3) is a key ingredient, is therefore fueling the production of hydrogen, worldwide.

According to P&S Intelligence, the hydrogen market was valued at $136,185.0 million in 2019, and it will generate $196,934.5 million revenue by 2030. Besides, the enforcement of stringent legislations for minimizing sulfur content in oil, on account of the rising need to mitigate air pollution, will also augment the global demand for this gas.

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The distribution method segment of the hydrogen market is classified into tanker, cylinder, and on-site generation. Under this segment, the on-site generation category is expected to demonstrate the fastest growth in the forecast years, owing to the cost-effectiveness of this method. As compared to other distribution methods, on-site generation is a less-intricate method of transporting hydrogen to end users. Additionally, the deployment of this method allows end use companies to smoothen their operations by reducing the risks associated with the supply operations.

Globally, the Asia-Pacific (APAC) hydrogen market generated the highest revenue in 2019, and it is projected to retain its dominance during the forecast period as well. This can be primarily attributed to the presence of umpteen chemical and petrochemical organizations in China, India, Japan, and South Korea, vast population, and high purchasing power of people in the region. Moreover, the region is also expected to showcase the fastest growth in the forecast years, due to the large-scale establishment of the production units of chemical, petrochemical, and electronics industries in the region.

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Thus, the rising NH3 demand and flourishing refinery industry will fuel the consumption of hydrogen in the coming years.

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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.

This release was published on openPR.