ResearchAndMarkets.com has announced the addition of the “Global Hydrogen Market (by Production Process, Application & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)” study to their offering.
The global hydrogen market is projected to reach $194,8 billion in 2026, expanding at a CAGR of 6.09 percent between 2022 and 2026.
Several factors contributed to the market’s expansion, including the rising consumption of agricultural fertilizers, the escalating demand in metallurgical industries, the growing global concern over carbon emissions, the rising demand for electricity generation, and the increase in margarine demand.
However, the expansion of the market would be hindered by the high cost of hydrogen production and delivery, hydrogen storage, and hydrogen’s adverse health impacts.
Increasing demand from oil refineries, rapid expansion of the aerospace industry, soaring production of hydrogen fuel cell electric vehicles, rising need for hydrochloric acid, and a rise in the pharmaceutical business are examples of important trends.
The worldwide hydrogen market is segmented according to manufacturing method and application. The market can be divided into natural gas steam reforming, coal gasification, oil partial oxidation, and water electrolysis based on the production process.
In terms of application, the worldwide hydrogen market may be segmented into ammonia production, petroleum refining, methanol production, transportation, and power generation, among others.
Asia-Pacific is the fastest-growing regional market due to rising demand for agricultural fertilizers as a result of a growing population, an increase in the number of petrochemical complexes and refineries in the region, a rise in the pharmaceutical industry, the expansion of China’s aerospace industry, and rising government investments in the development of hydrogen plants.
Detailed company profiles of key market participants (Linde PLC, Air Liquide S.A., Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Nel ASA) are also provided.
