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| Hydrogen Market |
The hydrogen market is primarily driven by its use in various industrial applications such as refineries, ammonia production, methanol production, steel production, edible fats and oils production, and power generation. Some key advantages of hydrogen include its versatility, high energy density, and being carbon-free. The need for clean and efficient energy is propelling the growth of the hydrogen industry. The growing concerns over carbon emission and focus on decarbonization are further boosting the demand for hydrogen as an alternative fuel.
The Global hydrogen market is estimated to be valued at US$ 174.53 Billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period
2024 to 2030.
Key Takeaways
Key players operating in the hydrogen market are IBM Corporation, Informatica
LLC, Riversand Technologies, Inc., SAP SE, and Salsify Inc. These players are
focusing on developing advanced hydrogen production technologies and expanding
their production facilities to cater to the growing demand.
The key opportunities in the hydrogen market include the increasing adoption of
fuel cell vehicles and integration of hydrogen with renewables. Several
countries are offering incentives and subsidies for the deployment of hydrogen
infrastructure and fueling stations for transportation which is providing new
avenues for market growth.
The growing focus on developing a hydrogen economy is encouraging companies to
expand globally. Major players are investing aggressively in Asian and European
markets where demand for clean energy is rising significantly. Partnerships
with local companies and governments will help global players strengthen their
footprint in emerging hydrogen markets.
Market drivers: The rapid growth in clean energy demand and stringent emission
norms are the major market drivers. The adoption of hydrogen as an alternative
fuel for transportation and power generation is anticipated to grow
substantially, driven by government support for decarbonization.
Market restraints: High production and infrastructure costs are a major
challenge restricting the large-scale adoption of hydrogen. Developing low-cost
hydrogen production and distribution technologies at scale will be critical to
overcoming this restraint. Safety concerns related to the handling and
transportation of hydrogen is another factor restraining market growth.
Segment Analysis
The hydrogen market can be segmented by production and delivery method, end-use
industry, and region. Based on production and delivery method, the market is
segmented into centralized production and centralized delivery, centralized
production and distributed delivery, and distributed production and distributed
delivery. The centralized production and centralized delivery segment dominates
as most hydrogen is produced in large centralized facilities and delivered
through pipelines or trucks to industrial consumers.
End-use industries in the Hydrogen
Market Demand include chemicals, refining, general industry, metal
production, food and beverage, and others. The chemicals segment dominates as
hydrogen is widely used as a feedstock in ammonia and methanol production for
fertilizers and other applications.
Global Analysis
Regionally, Asia Pacific holds the largest share of the global hydrogen market
and is expected to witness the highest growth during the forecast period. This
is due to the massive chemical and petroleum refining industries in China,
Japan, and India that are major consumers of hydrogen. These countries are also
focusing on deploying hydrogen fuel cells for transportation and adopting
hydrogen for power generation to reduce emissions. Europe is another major
regional market, driven by government initiatives and investments to develop a
hydrogen economy as part of the overall transition towards renewable energy.
For more insights, read- https://www.newsstatix.com/hydrogen-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/under-the-hood-a-comprehensive-guide-to-the-automotive-parts-remanufacturing-market
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