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Advanced Report on Industrial Hydrogen Market 2023 Trend, Share and Forecast to 2033
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One of the primary drivers of the industrial hydrogen market is the rising demand for hydrogen as a clean energy source. Hydrogen has gained significant attention as a potential solution for decarbonizing various sectors, such as transportation, power generation, and industrial processes. It can be used in fuel cells to produce electricity with zero emissions, making it an attractive option for achieving sustainability goals. As countries and industries strive to reduce their carbon footprint, the demand for industrial hydrogen as a clean energy alternative is expected to grow.
Companies
Air Liquide
Air Products & Chemicals Inc.
Praxair inc.
The Linde group
Messer Group GmbH
Others.
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Moreover, advancements in hydrogen production technologies have contributed to the growth of the industrial hydrogen market. Traditional methods of hydrogen production, such as steam methane reforming, are being complemented by emerging technologies like electrolysis, biomass gasification, and renewable hydrogen production. These technologies enable the production of hydrogen from renewable sources, such as wind and solar power, thereby reducing reliance on fossil fuels. As these technologies become more efficient and cost-effective, they are driving the expansion of the industrial hydrogen market.
The shift towards decarbonization and the implementation of stringent environmental regulations have also influenced the industrial hydrogen market. Many countries and industries are adopting policies and targets to reduce greenhouse gas emissions. Hydrogen can play a crucial role in decarbonizing industries that are difficult to electrify, such as steel production and heavy transportation. The use of hydrogen as a replacement for carbon-intensive fuels can help industries meet their emission reduction goals, leading to increased demand for industrial hydrogen.
Furthermore, the industrial hydrogen market is driven by the increasing adoption of hydrogen in various sectors. Hydrogen is used as a feedstock in the production of chemicals, such as ammonia and methanol, which are essential in the manufacturing of fertilizers, plastics, and other products. Additionally, hydrogen is used in refining processes to remove impurities from fuels, enabling the production of cleaner-burning fuels. The wide range of applications for hydrogen across industries contributes to its growing demand in the industrial sector.
Market projections by segmentation
The Electrolysis segment in this market is estimated to expand at the fastest CAGR over the forecast period in terms of revenue. Sales revenue from this segment is expected to reach a market value of US$ 1.49 Bn by 2024, increasing at a CAGR of 5.2% over the forecast period.
The Conventional & Others segment is expected to hold a market value share of 92.5% by the end of 2024, representing a sales revenue of US$ 18.3 Bn. This segment is likely to expand at a CAGR of 4.8% over the forecast period.
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Key regions
In 2016, the U.S. dominated the overall industrial hydrogen market - accounting for more than 50% market share - owing to a high demand for hydrogen from across various end-use industries. The U.S. market is expected to expand at a higher CAGR than that of the Europe and Asia markets over the forecast period.
A rising demand from the electronics industry is expected to drive growth of the U.S. industrial hydrogen market. In the Europe market, sales of industrial hydrogen in Germany are expected to increase at a higher CAGR than that of the U.K. due to a strong economic outlook of the country over the forecast period.
In Asia, the industrial hydrogen markets in Japan and South Korea are expected to expand significantly over the forecast period, owing to a strong presence of electronics and glass industries in both countries.
Air Liquide, Air Products and Chemicals Inc., The Linde Group, Praxair Inc., and Messer Group GmbH are some of the primary producers of industrial hydrogen across the world.
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