Hydrogen Market Size 2022 Trends, Segmentation, Outlook, Industry Report to 2027
The global hydrogen market is expected to witness substantial growth in response to rising emphasis on shifting to cleaner fuel sources. Hydrogen is utilized in a myriad of application areas like power generation, metal refining, and for heating of building settings among others. It is used in many industrial sectors, including textile fiber manufacturing, chemicals, glass, electronics, and metallurgy.
Hydrogen, combined with a fuel cell, can produce electricity in fuel cell electric vehicles (FCEVs) or in remote areas that are cut off from the power grid. Rising number of electrolyzer projects across economies including China and Japan could drive the demand for hydrogen. Mandates stated by the government to decarbonize energy use along with growing strictness to desulfurize refinery activities could drive the acceptance of green hydrogen.
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As per a report published by Global Market Insights, the global hydrogen market is anticipated to witness an annual revenue of more than USD 300 billion by 2027.
Highlighting some factors that may endorse this growth:
Prompt acceptance of hydrogen
Expansion of refineries and improved utilization in fertilizer and chemical manufacturing could propel the global demand for hydrogen. Conventional production methods of hydrogen are known to contribute to both carbon dioxide as well as greenhouse emissions. Shifting nature of multiple economies from grey to green hydrogen, development of CCUS facilities along growing adoption of clean production methods could have a positive influence on hydrogen demand.
Strict rules and regulations imposed by the government of various countries for regulating the use of conventional methods may impact hydrogen suppliers. The constant research and development along with the technological advancements combined with reduced costs of production could however contribute towards expansion of the hydrogen market.
Emphasis on carbon footprint in Europe
As per a report, the Europe hydrogen industry is projected to grow more than 12% by 2027. Rising deployment of electrolyzer projects along with strictness in guidelines to diminish carbon footprint will accelerate the deployment of green hydrogen production methods in Europe. Although, the COVID-19 pandemic has impacted hydrogen businesses in the region due to latent industrial demand caused by pause in infrastructure and construction activities. Yet, with vaccine rollout been introduced, businesses could return back to normal state, favoring Europe hydrogen industry outlook.
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Acceptance in transportation application
Hydrogen is being utilized as a synthetic fuel across aviation & marine sectors. It has also gained acceptance in the transportation sector in FCEVs. Large scale production of such vehicles and construction of fuel distribution infrastructure could favor product deployment. Some of the key players operating across the hydrogen generation industry include Messer Group, Cummins, Iwatani Corporation, Nel ASA, Air Products & Chemicals, and Nuvera Fuel Cells among others.
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