Diversity in production sources makes hydrogen a promising energy carrier, which includes biomass, hydro, wind, solar, geothermal, nuclear, carbon capture, use and storage coal, and natural gas. Key technologies in the hydrogen sector are gradually reaching a moderate stage. Scaling up can furthermore facilitate the necessary cost reductions needed for the technology. Hydrogen is regarded as a possible paradigm shifter. Over the forecast era, hydrogen is anticipated to account for a prominent role alongside electricity, with the versatility to provide mobility, power systems, and heat and industrial services.
Reduction in renewable energy and fuel cell prices, combined with stringent regulations concerning climate change, are factors projected to lead to the growth of the hydrogen market over the forecast period. The combination of these factors gives practical prospects for the hydrogen market in energy transition.
Hydrogen Significantly Contributes toward a Booming Downstream Renewable Power Market
The hydrogen market is gradually growing in direct relevance for energy transition, which forms a potential link in the chain. Renewable electricity can be used to produce hydrogen, which, in turn, can provide access to industries otherwise hard to decarbonize by electrification. Hydrogen holds the potential to reduce the exposure of renewable electricity generators to the risk of power price volatility. Hydrogen is counted as a reliable alternative for meeting climate goals and compliance with local emission regulations.
Developing economies are focused on promoting hydrogen as an energy carrier and reducing emissions due to the consumption of hydrocarbon fuels through ongoing development of technologies in both, public and private sectors such as fuel cells developed for motor vehicles and power generation, infrastructure, and safety codes related to hydrogen energy. The primary cause is attributed to growth of the petroleum refining industry, where hydrogen consumption is primarily driven by low sulfur production and cleaner burning fuels. In the transport sector, electric vehicles powered by hydrogen fuel cells hold the capacity to replace current vehicles, wherein, water would be the only exhaust. This can revolutionize the automotive industry, which currently solely relies on fossil fuel.
There are noticeable emerging prospects for the hydrogen market, for which developing economies are well positioned. Total de-carbonization requires a multidimensional approach that has sparked revived interest in the hydrogen market. Alternatives to steam methane reforming and coal gasification come from commercially feasible and less carbon-intensive processes. Long-term energy policies being implemented and cross-sector cooperation determine the operative use of hydrogen across various industries.
Hydrogen Market: Structure Analysis
Continued funding for R&D and current or expanded programs to reduce the cost of hydrogen, along with its storage and compression through the development of advanced materials, as well as improve the durability of commercial applications, are some of the factors contributing to the growth of the hydrogen market. Increased emphasis on the development and demonstration of solutions, which is not feasible in battery electrical systems for heavy duty transit, marine, and aviation applications, gives the hydrogen market an added edge over other renewable sources.
Hydrogen Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the global hydrogen market. The report provides detailed valuation of key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the hydrogen market structure. This market research report presents exclusive facts and figures about how the hydrogen market is expected to expand over the forecast period.
Key indicators of market growth, such as value chain analysis, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the hydrogen market for the forecast period.
The study is relevant for stakeholders in the hydrogen market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the hydrogen market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro- as well as macroeconomic factors that are impacting the growth of the hydrogen market. The study also offers actionable insights based on the future trends in the hydrogen market. Furthermore, regional players and new entrants in the hydrogen market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Hydrogen Market
PMR’s study on the hydrogen market is divided into four significant segments – delivery mode, production method, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Hydrogen Market Report
Hydrogen Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the hydrogen market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the hydrogen market study, and comprise facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers, to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the hydrogen market more accurate and reliable.