Hydrogen Market Growth Analysis By Manufacturers, Regions, Types And Application Forecast

The industrial hydrogen market in U.S., Europe (U.K. & Germany), and Asia (South Korea & Japan) is estimated to be valued at US$ 13.6 Bn, with hydrogen consumption pegged at 1,826.0 KT by the end of 2016. Sales revenue of industrial hydrogen is expected to increase at a CAGR of 4.9% over the forecast period (2016–2024), to be valued at US$ 19.8 Bn by the end of 2024. In a new report titled “Industrial Hydrogen Market: U.S., Europe, and Asia Industry Analysis & Forecast 2016-2024”, Persistence Market Research provides a comprehensive analysis of the industrial hydrogen market across these regions and offers insights into the key factors and trends likely to shape the market in the next eight years.

Request For Report Sample@ https://www.persistencemarketresearch.com/samples/11812

industrial-hydrogen-market-market-bytes

Hydrogen is touted as the clean fuel of the future and finds application in various industries including chemical, electronics, glass, metal production, pharma and biotech, and welding and metal fabrication. Increasing demand from various end-use industries such as electronics, glass, metal production, welding, and metal fabrication is anticipated to boost growth of the industrial hydrogen market over the forecast period. Preference for onsite hydrogen generation systems and increasing technological advancements that promote reduction in the overall hydrogen production cost by electrolysis of water are other factors likely to push the demand for industrial hydrogen through 2024. However, a high cost of hydrogen production by electrolysis of water as compared to other conventional methods of production is likely to pose a challenge for the sustained growth of the electrolytic hydrogen market.

Global hydrogen production – both captive and merchant – is estimated to be pegged at 57.5 Mn metric tons by the end of 2016. Globally, 4% of total hydrogen is produced by electrolysis of water. The Electrolysis segment in the industrial hydrogen market is estimated to expand at a higher CAGR compared to the Conventional & Others segment. Technological advancements leading to reduced cost of production are expected to support growth of this segment over the forecast period. The Conventional & Others segment is expected to hold a disproportionately large market value share in the industrial hydrogen market throughout the forecast period. This segment is expected to hold 92.5% value share by the end of 2024, representing a sales revenue of US$ 18.3 Bn.

For in-depth competitive analysis, buy now@ https://www.persistencemarketresearch.com/checkout/11812

By application, the Electronics segment is estimated to expand at the fastest CAGR over the forecast period; macroeconomic growth of the electronics industry is expected to be the major factor driving demand and fueling growth of the industrial hydrogen market over the forecast period. Also, an increasing use of hydrogen as a carrier gas in the manufacture of LED and semi-conductors is expected to drive growth of this segment. The Electronics segment is likely to dominate the industrial hydrogen market with 22.0% market share, valued at US$ 2.98 Bn by the end of 2016. In terms of value CAGR, the Electronics segment is estimated to be followed by the Metal Production and the Pharmaceuticals & Biotechnology segments respectively.

Producer Analysis

Air Liquide
Air Products & Chemicals Inc.
Praxair inc.
The Linde group
Messer Group GmbH
Get similar report for Reference @ https://www.globenewswire.com/news-release/2020/03/19/2003448/0/en/Hydrogen-Market-to-Reach-US-260-Bn-by-2029-End-Growing-Preference-for-Renewable-Energy-Sources-Further-Propels-Demand-Says-a-PMR-Study.html

Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com

About us:

Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers’ experience by acting as the “missing” link between “customer relationships” and “business outcomes’. The best possible returns are assured therein.

This release was published on openPR.