By 2030, Hydrogen Industry to Hit $196,934.5 Million Revenue

Although it has a significant challenge to achieve net zero, the chemical industry is a crucial sector in creating creative solutions to allow the transition to a circular and sustainable economy.

Energy efficiency can only go so far in achieving the net-zero goal, which highlights the need for additional solutions like carbon capture, hydrogen, and electrification in the chemical sector.

Currently, the EU uses more than 9 million tons of hydrogen annually, mostly as a feedstock for the manufacture of ammonia and in the refining sector. The two main low-CO2 alternatives to grey hydrogen, which accounts for more than 90% of today's hydrogen generation, are blue and green hydrogen.

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Hydrogen presents a significant potential for chemical businesses to create new, sustainable revenue streams in addition to being a critical enabler for the sector to reach net-zero status. Making wise decisions based on the capacity and wiliness for various markets and concentrating on client centricity will enable the deployment of new company and pricing models in a successful manner.

Worldwide demand for hydrogen is rising as a result of the development of the crude oil refining sector and rising agricultural fertilizer need. Ammonia is made from hydrogen, and ammonia is then utilized to make nitrogen-based fertilizers.

A significant need for hydrogen is also being created by the growing number of laws that are being passed to lower the Sulphur content of crude oil to safeguard the environment. Due to these aspects, the hydrogen market will reach $196,934.5 million worth by 2030.

Geographically, APAC is projected to see the highest demand for hydrogen in the next years due to the region's expanding activity in crude oil refining and chemical manufacture. The hydrogen industry is growing as a result of increased investments and activities in the fuel-cell car sector.

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Market Segmentation by Production Process
• Steam-Methane Reforming
• Coal Gasification
• Electrolysis
• Partial Oxidation
• Others (Renewable Liquid Reforming, Fermentation, Methanol Reforming, and Ammonia Cracking)
Market Segmentation by Distribution Method
• On-Site Generation
• Cylinder
• Tanker
Market Segmentation by End User
• Chemical
o Ammonia
o Methanol
o Polymer
o Resin
• Refineries
• Metal Processing
• Others (Transport, Aviation, and Marine)
Market Segmentation by Region
• North America Hydrogen Market
o By production process
o By distribution method
o By end user
o By country - U.S. and Canada
• Europe Hydrogen Market
o By production process
o By distribution method
o By end user
o By country - Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia-Pacific (APAC) Hydrogen Market
o By production process
o By distribution method
o By end user
o By country - China, India, Japan, South Korea, Australia, and Rest of APAC
• Latin America (LATAM) Hydrogen Market
o By production process
o By distribution method
o By end user
o By country - Brazil, Mexico, Argentina, Chile, and Rest of LATAM
• Middle East and Africa (MEA) Hydrogen Market
o By production process
o By distribution method
o By end user
o By country - Saudi Arabia, U.A.E., South Africa, and Rest of MEA
• Major Market
o U.S. hydrogen market
 By production process
 By distribution method
 By end user
o China hydrogen market
 By production process
 By distribution method
 By end user
o Saudi Arabia hydrogen market
 By production process
 By distribution method
 By end user
o Germany hydrogen market
 By production process
 By distribution method
 By end user
o South Korea hydrogen market
 By production process
 By distribution method
 By end user

Browse more reports:

Industrial Gases Market Report - https://www.psmarketresearch.com/market-analysis/industrial-gases-market

Hydrogen Energy Storage Market Report - https://www.psmarketresearch.com/market-analysis/hydrogen-storage-market

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This release was published on openPR.