Press release
Industrial Hydrogen Market to Spread a Predictable Worth of US$ 19.8 Billion by 2024
Industrial Hydrogen Market
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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.
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.
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In terms of region, the U.S market emerged as the dominant market in 2016 with over 50% market share owing to a high demand for hydrogen from across various end-use industries. This market is estimated to expand at a higher CAGR than that of Europe and Asia over the forecast period.
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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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