The hydrogen is one of the essential industrial chemical used over a variety of applications. Some of its key end use consists of petroleum refining industry for refining the crude oil. The growing concern associated to climate change & global warming, the hydrogen is said to be a superior fuel of future.
According to study, “Global Hydrogen Gas Market to reach USD XX million by 2026” the key companies operating in the global hydrogen gas market are Praxair Inc., Hydrogenics Corporation, Air Liquide S.A., Messer Group GmbH, Air Products and Chemicals Inc., Showa Denko K.K. (SDK), INOX Air Products Ltd., Taiyo Nippon Sanso Corporation, Iwatani Corporation, Ally Hitech Co. Ltd., Linde AG, Xebec Adsorption, Nuvera Fuel Cells, Plug Power, Caloric Anlagenbau, Teledyne Technologies, Nel ASA, Gulf Cryo. Some of the key manufacturers have started emphasizing on expanding their geographical outreach and manufacturing capabilities with wide use of research & development, in order to ensure a prominent positioning in the global competitive hydrogen market.
Based on production process, hydrogen gas market is segmented as natural gas steam reforming, coal gasification, oil partial oxidation, and water electrolysis. Based on generation system, market is segmented as captive and merchant. The merchant segment is expected to be the most lucrative segment owing to rise in demand for hydrogen by various end-user industries during the forecast period. Based on technology, market is segmented as partial oxidation of oil, steam methane reforming, coal gasification, ammonia cracking, methanol reforming, and electrolysis of water. Steam methane reforming segment holds major share in global market due to cost-effective nature of the process along with ease of availability of raw materials, such as methane. Based on distribution, market is segmented as pipeline, cylinders and high-pressure tube trailers. In addition, based on end-user, market is segmented as chemical, metal processing, petroleum refining, automotive fuel, glass industry, energy, edible fats & oils, and others. The petroleum refinery segment dominates the market caused by surge in demand for desulfurization of fuel called for by government regulations.
The hydrogen gas market is driven by rise in demand of hydrogen fuel cell in chemical industries, followed by growth in adoption of hydrogen gas in power generation as hydrogen and increase in investment in research & development (R&D) of technology in order to adapt the hydrogen gas. However, rise in safety concerns regarding the use of hydrogen gas may impact the market. Moreover, rise in demand for oil, increase in production of hydrogen fuel cell electric vehicle, growth in hydrogen demand and rise in demand for hydrochloric acid are key trend for market.
Based on geography, the North-American region holds major share in global hydrogen gas market owing to rise in investment by government in production, exploration, and refining sector in the region. Whereas, the Asian-Pacific and European regions are projected to witness higher growth rate due to growth in infrastructure and architectural applications over the forecast period. In upcoming years, it is predicted that future of the global market will be bright as a result of increase in renovation & residential construction during the forecast period.
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Ankur Gupta, Head Marketing & Communications