What is Industrial Hydrogen Market Scope?
Industrial hydrogen is widely used across various industries from petroleum to metal, glass, semiconductors, etc. for refining and manufacturing of fertilizers. The increasing initiative of the government towards the production of low-carbon emission fuels and green hydrogen will accelerate the growth of industrial hydrogen. The hydrogen can be produced either from renewable sources or fossil fuels or coal. The upsurging demand for hydrogen in the industries has led manufacturers to adopt renewable sources, new technologies, and methods to reduce carbon emissions during the hydrogen production process. Other than petroleum and agrochemicals, it can also be used in the food processor to turn unsaturated fats into saturated oils and fats and prevent the oxidation effect during glass manufacturing.
The Industrial Hydrogen market study is being classified by Type (Electrolytic Hydrogen and Conventional Hydrogen), by Application (Petroleum Refinery, Treating Metals, Food Processing, Agrochemicals, Semiconductor Electronics and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Linde plc (Ireland), Air Products & Chemicals (United States), Air Liquide (France), Reliance Industries Ltd (India), Universal Industrial Gases, Inc. (Nucor) (United States) and Messer Group (Germany) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Industrial Hydrogen market by Type, Application and Region.
On the basis of geography, the market of Industrial Hydrogen has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2020, Plug Power, Inc., a leading provider of hydrogen engines and fueling solutions completed the acquisition of United Hydrogen Group Inc. and Giner ELX with the aim of becoming the largest green hydrogen generation in the US. The United Hydrogen Group is the largest privately-held merchant hydrogen producer and Giner ELX has the most experienced teams in the world in PEM electrolysis. The acquisition will enhance Plug Power’s position in the hydrogen industry with capabilities in the generation, liquefaction, and distribution of hydrogen fuel across various industries.
Influencing Market Trend
- Growing Popularity of Electrolysis Method for Green Hydrogen Production
Market Drivers
- Surging Demand for Hydrogen in the Petroleum Refineries to Lower Sulfur Content of Fuels
- High Adoption of Industrial Hydrogen in Ammonia, Methanol, and Steel Production
Opportunities
- Need for Hydrogen-based Fuels in the Shipping and Aviation Due to Availability of Limited Low Carbon Fuel Option
Restraints
- High Production Cost and Difficulty in Storage and Transportation of Industrial Hydrogen
Challenges
- Availability of Other Alternatives of Substitutes of Hydrogen in the Market
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Industrial Hydrogen Manufacturers & Suppliers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
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Frequently Asked Questions (FAQ):
1. At what growth rate would the Industrial Hydrogen market expands?
The Global Industrial Hydrogen market is expected to see a growth of % during projected year 2021 to 2027.
2. Who are the prominent players of the Global Industrial Hydrogen market?
The prominent players of Global Industrial Hydrogen market are Linde plc (Ireland), Air Products & Chemicals (United States), Air Liquide (France), Reliance Industries Ltd (India), Universal Industrial Gases, Inc. (Nucor) (United States) and Messer Group (Germany), to name a few.
3. What are the top priorities to focus for Industrial Hydrogen market’s growth?
In this highly competitive & fast evolving Industrial Hydrogen industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.