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Industrial Hydrogen Market Segmented By Electrolysis, Conventional Production Method in Chemicals, Electronics, Food and Beverage, Glass, Metal Production, Pharmaceutical and Biotechnology, Welding and Metal Fabrication
The industrial hydrogen market in the US, Europe, and Asia are estimated to grow at a healthy pace by 2027. Multiplicity in end-use of industrial hydrogen such as electronics, metal fabrication, pharmaceutical sector, and fertilizer sector is expected to fuel this market growth. Rapidly growing LED and semiconductor industry is projected to generate growth prospects in the coming years, creating revenue prospects in the market.
The stagnant manufacturing and production during the COVID-19 have crippled the progress of the market in the US, Europe, and Asia. Low demand is set to dampen the growth rate of the market. The market is expected to resume the usual business as the relaxations increase in activities.
Market players are exploring advanced methods to cuts down high production costs. Cost-effectiveness is expected to drive the competition in the market. The manufacturers are exploring opportunities in the fuel sector to expand their product portfolio. To satiate the growing demand in the market, the market competitors are collaborating and indulging in partnerships.
They are investing in green hydrogen to strengthen their market presence. Established players in the global market include Air Liquide, The Linde group, Air Products & Chemicals Inc., Messer Group GmbH, and Praxair inc.
The industrial hydrogen market for U.S., Europe (U.K. & Germany), and Asia (South Korea & Japan) is anticipated to grow from US$ 13.6 Bn in 2016 to US$ 19.8 Bn by 2024, expanding at a CAGR of 4.9% in terms of revenue during the forecast period (2016–2024). The Electrolysis production method segment is expected to expand at a higher CAGR over the forecast period while the Electronics application segment is expected to expand at the fastest value CAGR over the forecast period.
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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.
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Get a Customized VersionThe 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.
The Electronics segment is estimated to dominate the industrial hydrogen market with 22.0% market share, valued at US$ 2.98 Bn by the end of 2016. The Electronics segment is expected to expand at the highest CAGR in terms of value during the forecast period. In terms of revenue, this segment is expected to reach a market value of US$ 4.69 Bn by 2024, expanding at a CAGR of 5.8%. In terms of value CAGR, the Electronics segment is anticipated to be followed by the Metal Production and the Pharmaceuticals & Biotechnology segments respectively.
The Glass, Metal Production, and Welding & Metal Fabrication segments are estimated to collectively account for a market volume share of 46.2% in the market by the end of 2016. The Glass, Metal Production, and Welding & Metal Fabrication segments are also expected to create significant opportunities in the industrial hydrogen market between 2016 and 2024.
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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