Global Hydrogen Market is Expected to Witness a CAGR of 4.3% Between 2020 and 2030

Global Hydrogen Market is Expected to Witness a CAGR of 4.3% Between 2020 and 2030
Geographically, the Asia-Pacific (APAC) hydrogen market is expected to consume hydrogen at a fast pace in coming years.

With the surge in the global population and the escalating pollution levels, the availability of large areas of arable land is declining rapidly. This is encouraging farmers and governments to use the available arable land in a very judicious manner. As per the World Bank, the size of per person arable land across the world fell from 0.2 hectares in 2011 to 0.19 hectares in 2016. Moreover, the lack of availability of large areas of arable land is making farmers adopt modern strategies and tools such as fertilizers for enhancing the agricultural productivity.

Additionally, with the mushrooming population in several countries, the demand for agricultural products is skyrocketing, which is, in turn, propelling the requirement for fertilizers. Due to this factor, the popularity of nitrogen-based fertilizers is surging. As hydrogen is an important component of these fertilizers, the soaring use of these fertilizers across the world is fueling the demand for hydrogen, thereby causing the expansion of the global hydrogen market. According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $136,185.0 million in 2019 to $196,934.5 million by 2030.

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Furthermore, the market is predicted to exhibit a CAGR of 4.3% from 2020 to 2030. Apart from the surging usage of ammonia-based fertilizers, the growing utilization of hydrogen in the refining industry for converting long-chain hydrocarbons into shorter chains and eliminating sulfur compounds from crude oil during gasoline production is also propelling the worldwide demand for the gas. Furthermore, the increasing production of heavier crude oil is also positively impacting the sales of hydrogen around the world.

This is because heavier crude oil needs extensive processing, in which, the gas is used in large quantities. In addition to this, the implementation of stringent environmental legislations for minimizing the sulfur content in oil is also fueling the consumption of the gas in refineries. For instance, the International Maritime Organization (IMO) put a cap of 0.5% on the sulfur quantity in fuel on January 1, 2020. Earlier, the cap stood at 3.5%. cap on the sulfur quantity in fuel.

Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the hydrogen market in the upcoming years. This will be because of the soaring chemical production and booming crude oil refining activities in the region. Furthermore, the implementation of various initiatives aimed at augmenting the use of fuel-cell vehicles is also propelling the demand for hydrogen in the region. Additionally, the mushrooming usage of fertilizers, especially in India and China, is also driving the demand for hydrogen in the region.

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Thus, the demand for hydrogen is set to boom in the coming years, owing to the increasing utilization of ammonia-based fertilizers, growing use of hydrogen in the refining industry, and ballooning deployment of fuel-cell vehicles all over the world.

Market Size Breakdown by Segment

By Production Process

  • Steam–Methane Reforming
  • Coal Gasification
  • Electrolysis
  • Partial Oxidation
  • Others (Renewable Liquid Reforming, Fermentation, Methanol Reforming, and Ammonia Cracking)

By Distribution Method

  • On-Site Generation
  • Cylinder
  • Tanker

By End User

  • Chemical
    • Ammonia
    • Methanol
    • Polymer
    • Resin
  • Refineries
  • Metal Processing
  • Others (Transport, Aviation, and Marine)

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    •  U.K.
    •  France
    •  Italy
    •  Spain
  • Asia-Pacific
    •  China
    •  India
    •  Japan
    •  South Korea
    •  Australia
  • Latin America
    •  Brazil
    •  Mexico
    •  Argentina
    •  Chile
  • Middle East and Africa
    •  Saudi Arabia
    •  U.A.E.
    •  South Africa
  • Major Market
    • U.S. hydrogen market
    • China hydrogen market
    • Saudi Arabia hydrogen market
    • Germany hydrogen market
  • South Korea hydrogen market
    • By production process
    • By distribution method
    • By end user

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