This is according to the latest report from ResearchandMarkets, Hydrogen Global Market Opportunities And Strategies To 2030, By Mode Of Distribution, End-User, Application lays.
The report highlights that the market is expected to grow to $12.17 million in 2025 at a rate of 4.4% and $15 million in 2030 at 4.3% CAGR. Such growth owes to growing demand from energy, oil and gas end user industries, which is expected to drive the demand for hydrogen.
Growing economies, growing demand from energy, oil and gas industries, and an increase in mergers and acquisitions (M&As) of industrial gas players are expected to drive the market.
High capital cost, reduction in free trade and Covid-19 impacts are major factors that could hinder the market’s future growth.
According to report, the hydrogen market is segmented by mode of distribution into pipeline, high-pressure tube trailers and cylinders.
Cylinders was the largest segment of the hydrogen market by mode of distribution, accounting for 56% of the total market in 2020. Going forward, high-pressure tube trailers is expected to be the fastest growing segment in the hydrogen market, at a CAGR of 4.9%.
In terms of segment, the refinery market was the largest segment of the hydrogen market segmented by application, accounting for 52.4% of the total in 2020.
The hydrogen market is also segmented by end-user into chemicals, refining, aerospace and automotive, energy, glass, welding and metal fabrication and others.
The refining market was the largest segment of the hydrogen market segmented by end use, accounting for 52.4% of the total in 2020. Going forward, the refining segment is also expected to be the fastest growing segment in the hydrogen market, at a CAGR of 4.7% during 2020-2025.
Asia Pacific was the largest region in the hydrogen market, accounting for 40.2% of the total in 2020. It was followed by Western Europe, North America and other regions.
Going forward, the fastest-growing regions in the hydrogen market will be South America and Middle East, where growth will be at CAGRs of 9.5% and 7.8% respectively.
These will be followed by Africa and Asia Pacific, where the markets are expected to register CAGRs of 6.1% and 5.3% respectively.
The hydrogen market size will gain the most in China at $603.3 million.
Market-trend-based strategies for the hydrogen market include increasing investments in promoting green hydrogen, production of hydrogen from sewage waste, and developing customised air separation plants. Player-adopted strategies in the hydrogen market include acquiring emerging technological companies, expanding brand portfolios through new product launches and expanding business operations in other regions.
Hydrogen manufacturing companies are recommended to consider IoT technology in hydrogen manufacturing and focus customised air separation plants to improve quality and achieve optimum production.
Further consideration should extend to:
• Establishing operations in emerging markets to gain market share
• Scaling up through M&As
• Offering competitive pricing
• Increasing visibility through websites
• Focusing on new application industries
Hydrogen Global Market Opportunities And Strategies To 2030, By Mode Of Distribution, End-User, Application can be accessed online.