Industrial Hydrogen Market to reach cross US $ 19 Bn by 2030, After Covid-19 Crisis gets weaned off
Published On : Nov 19, 2021
The industrial hydrogen market is primarily driven by the ever-increasing demand for curbing the dissipation of carbon coupled with regulations by various governments regarding desulphurization on the part of refinery activities. The other factor driving the market includes growing demand for the same hydrogen in transportation.
As of now, industrial hydrogen is produced using natural gas. The steam methane reformers make use of natural gas to produce industrial hydrogen. However, it needs to be noted that pyrolysis and electrolysis are being tried out to facilitate bulk production.
PMR states that the industrial hydrogen market will witness a CAGR of more than 5% between 2020 and 2030.
Key Takeaways from the Industrial Hydrogen Market
- North America leads the industrial hydrogen market due to the fact that the US is an early adopter of the clean energy solutions with respect to transportation, manufacturing, and power generation.
- The Asia-Pacific is expected to be the major revenue generator going forward due to players like Air Liquide and Praxair, Inc. looking towards economies like Indonesia, Vietnam, and the other developing regions for expansion. South Africa is also being explored.
- Steam methane reforming dominates the market in terms of technology due to higher conversion efficiency. Coal gasification technology comes second.
- Merchant-based industrial hydrogen generation holds the largest share of the market, especially due to developed countries like Canada, the US, and Russia having an integrated natural gas pipeline network for transporting and distributing industrial hydrogen.
- Electrolysis is expected to lead in the years to come due to eco-friendliness involved.
How is Industrial Hydrogen Market Structured?
The key players in the industrial hydrogen market include Air Products and Chemicals, Inox, Hydrogenics, Messer, Linde, and Air Liquide. Some of these have collaborated with the local players for rendering affable after-sales services. Organic expansion is also ongoing. For instance – Pacific Northwest National Laboratory, the Stars Corp., and Southern California Gas Co. (SoCalGas), in May 2018, did introduce a new-fangled solar-powered industrial hydrogen generation system. Herein, sunlight is used for converting natural and water into hydrogen. At the same time, carbon dioxide is captured for averting emissions of carbon.
Effect of Covid-19 on Industrial Hydrogen Market
The outbreak of Covid-19 has caused turbulence worldwide. The operations, especially in the manufacturing sector have been suspended in the wake of partial/total lockdowns inflicted all across. This declination in industrial hydrogen market is expected to continue till mid-2021 (till Covid-19 vaccine is in place). New guidelines regarding safety are likely to be set up thereafter.
“Industrial hydrogen is all set to sweep the manufacturing sector due to environmentally-friendliness therein. However, for proper results to be visible, we will have to wait for normalcy to restore”.
Industrial Hydrogen Market: Conclusion
The industrial hydrogen market growth has already been triggered with increase in awareness regarding keeping up with the environment all over. However, concrete developments can’t be expected till Covid-19 phase gets over.
Industrial Hydrogen Market
Industrial Hydrogen Sales on an Upsurge In US, Europe, And Asia, Driven by High Adoption Rate in LED and Semiconductor Industry
Industrial Hydrogen Sales on an Upsurge In US, Europe, And Asia, Driven by High Adoption Rate in LED and Semiconductor IndustryRequest TOC