U.S., Europe and Asia Industrial Hydrogen Market

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U.S., EUROPE AND ASIA INDUSTRIAL HYDROGEN MARKET
ANALYSIS

• U.S., Europe and Asia Industrial Hydrogen Market,
  By Production Method (Electrolysis, Conventional
  Method Others), By End Use (Chemicals,
  Electronics, Food Beverage, Glass, Metal
  Production, Pharmaceutical Biotechnology,
  Welding Metal Production, Others) - Size,
  Share, Outlook, and Opportunity Analysis, 2019 -
  2027

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• Hydrogen is a chemical compound with atomic
  number 1 and is widely used in the production of
  carbon steels, semiconductors, and
  special metals. It is used as a reducing agent
  and carrier gas in the electronic industry.
  Nowadays it is also used across various
  industrial applications such as it are used as
  reducing agent in the metallurgical industry and
  as a basic building block in the production
  of ammonia for fertilizers and methanol for the
  production of polymers. Moreover, in refineries
  hydrogen is used in the processing
  of intermediate oil products.
• The U.S., Europe and Asia industrial hydrogen
  market is projected to reach US 22.8 billion by
  the end of 2027, in terms of revenue, growing at
  CAGR of 5.0 during the forecast period (2019 to
  2027).
• Drivers
• Growing demand for fertilizers owing to the
  rising need for quality yield due to rising
  population is expected to augment the market
  growth of industrial hydrogen. Industrial
  hydrogen is used in the production of ammonia and
  ammonia is widely used in the production
  of fertilizers. Moreover, hydrogen is also used
  in the electronic, metal fabrication, and
  pharmaceutical industry and microeconomic growth
  of these industries is expected to foster the
  market growth industrial hydrogen in U.S., Europe
  and Asia.

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• Market Restraints
• The production cost of hydrogen is high, as it is
  mainly produced from natural gas, coal and
  various hydrocarbons and only a small fraction
  of hydrogen, in the range of 3-4, is produced
  during electrolysis of water because it is
  relatively more energy-intensive.
  Moreover, overall production of hydrogen is
  expensive than conventional production.
  Therefore, the high cost of the hydrogen is
  estimated to restrict the market growth of
  hydrogen over the forecast period.
• Use of hydrogen that is produced by electrolysis
  is limited to energy sectors where renewable
  energy such as solar or wind is used for
  producing electricity for electrolyzers.
  Therefore, the limited application of hydrogen
  that is produced by the electrolysis process
  is projected to hinder the market growth of
  hydrogen.

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Figure 1.  U.S., Europe and Asia Industrial
Hydrogen Market, Revenue Share (), By Region,
2018
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• Market Opportunities
• Higher emphasis on enhancing overall process
  economics owing to the high production costs of
  electrolytic hydrogen. Many manufacturers are
  focusing on increasing overall efficiency of the
  process such as advancements in membrane and
  catalyst are projected to cut down the overall
  production cost significantly in the near future.
  Moreover, rising focus on a technical scale of
  production i.e. development of high-pressure
  electrolyzers and overvoltage reduction of the
  oxygen evolution reaction (OER) in electrolyzers
  is further projected to offer significant growth
  opportunities to the market of hydrogen.
• Increasing usage of hydrogen as a fuel in rockets
  since it is highly flammable and efficient is
  projected to propel the market growth. Hydrogen
  is enough to offer power to powerful machines
  such as spaceships and also it is environmentally
  friendly and much safer choice as compared to
  other fuel sources which are further propelling
  the market growth of hydrogen. Moreover, rising
  demand for hydrogen as a fuel is also attributed
  to the fact that it is three times as powerful as
  gasoline and other fossil fuels which is
  also predicted to foster market growth.

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Figure 2. U.S., Europe and Asia Industrial
Hydrogen Market Opportunity Analysis
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• Key Takeaways
• An increasing partnership among major players to
  build a new hydrogen plant in order to meet the
  rising demand is expected to propel the market
  growth over the forecast period. For instance, in
  September 2019, Hyundai and Hydrospider enter
  into a partnership to build an industrial
  hydrogen ecosystem. This partnership focused on
  the promotion of clean transportation in
  Switzerland and European countries in the near
  future. Therefore, increasing the expansion of
  the hydrogen production plant is expected to
  augment the market growth of hydrogen over the
  forecast period.
• Increasing investment in the production of green
  hydrogen is expected to augment the market growth
  of hydrogen over the forecast timeframe. For
  instance, in October 2019, the Ministry of
  Education and Research announced the investment
  of US 333 million more into research on green
  hydrogen and has promised that Germany will
  become the worlds largest market in hydrogen
  technologies by 2023. Hence, rising such
  investment on the promotion of green hydrogen
  will favor market growth.

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Figure 3. U.S., Europe and Asia Industrial
Hydrogen Market, Revenue Share (), By End Use,
in 2018
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• Competitive Section
• Key players active in the U.S., Europe, and Asia
  Industrial Hydrogen market are Air Liquide, Air
  Products Chemicals Inc., Praxair Inc., Linde
  Plc., and Messer Group GmbH
• Few Recent Developments
• Air Liquide
• In November 2015, Air Liquide signed an agreement
  to acquire Airgas, one of the leading suppliers
  of medical, industrial and specialty gases in the
  U.S. 
• In 2015, the company deployed its newly developed
  Cryocap technology for capturing CO2 released
  during the production of hydrogen through a
  natural gas reforming process.
• Air Products and Chemicals Inc.
• In July 2016, the company set up a new
  world-scale hydrogen production facility in Ft.
  Saskatchewan, Canada

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