Hydrogen Market Trend Analysis and Future Growth Prospects to 2030

Hydrogen Market Overview:
The global market for hydrogen (H2) was highly robust in 2021 and is expected to demonstrate a high compound annual growth rate (CAGR) in the coming years. The use of hydrogen in the refining industry, particularly in crude oil refineries to produce gasoline and diesel, as well as in general industries for the commercial production of ammonia and steel, are driving the growth of market revenue.

Hydrogen is the lightest chemical element and the most abundant in the universe. It can be produced through water electrolysis or methane pyrolysis, and the process is eco-friendly since no carbon dioxide is released. However, due to the large volume of hydrogen required, storing and transporting it poses a challenge. Liquid hydrogen is preferred due to its mobility and lower volume, although compressed hydrogen is also used in on-site production plants attached to petroleum refineries. Hydrogen is extensively used in refiners for de-sulfurizing crude oil, owing to its low sulfur content. It is also a cooling agent for electricity generators and a propulsion fuel carrier for aircraft and spacecraft.

In recent years, research has led to newer possibilities for hydrogen's application in the cryogenics field, particularly in cooling semiconductors. Additionally, nuclear power production uses it for fusion experiments. As the focus shifts toward greener power sources, hydrogen is seen as a sustainable alternative fuel since its combustion does not release greenhouse gases. Encouraging its usage, multiple agencies, including the U.S. Department of Energy, the European Union (EU), and the United Nations (UN), are implementing various policies and goals, resulting in an increase in demand for this product.

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Hydrogen Market Segments:
The global hydrogen market is expected to experience a high Compound Annual Growth Rate (CAGR) over the forecast period with a significant market size in 2021. The use of hydrogen in refining industries such as crude oil refineries, the commercial production of steel and ammonia, and its adoption in general industries are major factors driving market revenue growth. The market can be segmented into two types of hydrogen, including compressed hydrogen gas and liquid hydrogen, which contribute to the market's revenue growth.

Hydrogen is the lightest element in the universe, and it is regarded as the most abundant element. It can be produced through electrolysis of water or pyrolysis of methane and is eco-friendly since no carbon dioxide is released in the process. The storage and transportation of large volumes of hydrogen are challenging, and hence, liquid hydrogen is preferred for its mobility and lower volume. Compressed hydrogen gas and other variants are also used in on-site production plants attached to petroleum refineries. Hydrogen is used extensively in refining industries for de-sulfurizing crude oil due to its low sulfur content, and it is a cooling agent for electricity generators. Hydrogen is also a propulsion fuel carrier for aircraft and spacecraft, and newer research possibilities have opened up its application in cryogenics fields, where it is implemented in cooling semiconductors. Nuclear power production uses hydrogen for fusion experiments.

The market can also be segmented based on its application and end-use outlook, including general industry, metalworking, refining, and chemical industries, contributing to the market's revenue growth. With the focus shifting towards greener power sources, hydrogen is seen as a sustainable alternate fuel, since its combustion does not release greenhouse gases. The usage of hydrogen is being encouraged by multiple agencies, such as the U.S. Department of Energy, the European Union (EU), and the United Nations (UN) through various policies and goals, which is increasing demand for this product.

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Hydrogen Market Strategic Developments:
Air Liquide S.A. (France) successfully completed the acquisition of Sasol Ltd.'s (South Africa) 16 Air Separation Units, the world's largest manufacturing site of oxygen, in June 2021. The acquisition is aimed at improving the operation of air separation units and upgrading the production of commercial gases. This move is expected to facilitate the manufacturing process in industries.

FuelCell Energy Inc. (U.S.) acquired a 14.9 megawatt fuel cell park from Dominion Energy Inc. (U.S.) in May 2019. This acquisition is a strategic move that allows FuelCell Energy to increase its revenue and offer more cost-effective storage systems for power.

Hydrogen Market Competitive landscape:
The global industrial gas market is dominated by several key players, including Linde PLC, Air Liquide S.A., Nel ASA, Nippon Sanso Holdings Corporation, FuelCell Energy Inc., Yingde Gases Group Company, Uniper SE, The Messer Group GmbH, Iwatani Corporation, ITM Power PLC, Air Products and Chemicals Inc., and Xebec Adsorption Inc. These companies are involved in the production and distribution of various industrial gases, such as oxygen, nitrogen, and hydrogen, among others.
Linde PLC, headquartered in Ireland, is one of the largest industrial gas companies in the world. The company offers a wide range of gases and services to various industries, including healthcare, chemicals, and metallurgy. Air Liquide S.A., based in France, is another major player in the market, specializing in the production and distribution of gases for the energy, healthcare, and manufacturing industries.

Nel ASA, based in Norway, is a leading provider of hydrogen solutions, including electrolyzers and fueling stations. Nippon Sanso Holdings Corporation, headquartered in Japan, offers various gases and equipment for industrial, medical, and specialty applications.

FuelCell Energy Inc., based in the U.S., provides clean energy solutions, including fuel cell power plants for various applications. Yingde Gases Group Company, based in China, is a leading manufacturer and supplier of industrial gases, with a focus on the Chinese market.

Other key players in the market include Uniper SE and The Messer Group GmbH, both based in Germany, Iwatani Corporation in Japan, ITM Power PLC in the UK, Air Products and Chemicals Inc. in the U.S., and Xebec Adsorption Inc. in Canada. These companies offer a wide range of industrial gases and related products and services to various industries and regions around the world.

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