Hydrogen Market industry Insight by 2024 With Market Growth, Trends And Forecast by 2024


Posted February 22, 2019 by navdeep

Growing investment in research and development for the development of hydrogen as a fuel is a key trend in the global hydrogen market.
 
Growing investment in research and development for the development of hydrogen as a fuel is a key trend in the global hydrogen market. For instance, according to the International Energy Agency (IEA), in 2018, the worldwide hydrogen fuel cars market has reached 8,000 units, in which the U.S. and Japan have contributed to 90% of it. Recently, various countries have introduced different policies to boost the use of this fuel. For instance, the Government of France has launched a $116.8 million ambitious plan for the deployment of hydrogen-based vehicles such as buses, trucks, and boats in the country aiming to reduce carbon emission.

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The hydrogen gas is represented with a molecular formula of H2. Physical properties of this gas include colorless, odorless, tasteless, non-toxic, and non-metallic. Its density at standard temperature and pressure (STP) is 0.08988 g/l. The gas also occurs naturally in air, in extremely minute concentrations. It is also the lightest and the most abundant element in the atmosphere. Japan and the U.S. are the main users of it, apart from these two countries, the five Nordic regions Norway, Finland, Sweden, Denmark, and Iceland have also started using it as a fuel in the form of bio-hydrogen. The hydrogen market is segmented on the basis of distribution, production process, end-use industry, and region.

The hydrogen market is classified on the basis of distribution into pipelines, high pressure tube trailers, and cylinders. Among these, pipeline transportation is the cheapest alternative for gas distribution, as transportation by trailers or cylinders require liquefaction of the gas, which is a very expensive process. Among these three, pipelines are widely used to deliver large volume of gas from one place to another. For example, there are about 1,600 miles of gas pipelines are laid in the U.S. for the gas transportation. The trailers are generally suitable for transportation of the gas over long distances.

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Key factor driving the growth of the hydrogen market is growing hydrogen demand from the chemical industry. There is constant requirement for the gas in refineries in hydrocracker unit. As the refining market specially in countries such as China, India, and the middle eastern countries is growing at a steady rate, this would in turn boost the market growth.

Another key factor for the growth of the hydrogen market is the demand for fuel cells. With the growing concerns over the fossil fuel-based energy, which is degrading the environment, governments of various countries such as the U.S., Japan, and China have taken initiatives to increase the usage of hydrogen-based powered cars. Moreover, it would also decrease the dependency on crude oil to a large extent.
Some of the major players operating in the global hydrogen market are Air Liquide, Linde, Praxair Inc., Air Products and Chemicals Inc., Showa Denko K.K. (SDK), In Hyster-Yale Materials Handling Inc., BASF SE, Messer Group GmbH, Universal Industrial Gases Inc., and Gulf Cryo.

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Issued By navdeep
Country United States
Categories Business
Tags hydrogen market , hydrogen market forecast , hydrogen market growth , hydrogen market scope , hydrogen market size
Last Updated February 22, 2019