U.S. Europe and Asia Industrial Hydrogen Market

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U.S., Europe, and Asia Industrial Hydrogen Market
is poised for significant growth
U.S., Europe, and Asia Industrial Hydrogen
Market The global U.S., Europe, and Asia
Industrial Hydrogen Market is estimated to be
valued at US 14.7 billion in 2018 and is
expected to exhibit a CAGR of 5.0 over the
forecast period (2019-2027), as highlighted in a
new report published by Coherent Market
Insights. A) Market Overview Industrial
hydrogen is extensively used in various
industries such as petrochemicals, electronics,
metal processing, and transportation, among
others. It is a key feedstock for numerous
chemical processes and also holds great potential
as a clean energy source. The market offers a
wide range of hydrogen production technologies
including steam methane reforming, electrolysis,
and coal gasification, among others. Rising
concerns about climate change and the need
for sustainable alternatives have led to a surge
in demand for industrial hydrogen. B) Market
Dynamics Driver 1- Growing demand for clean
energy The industrial hydrogen market is driven
by the increasing demand for clean energy
sources. Hydrogen, being the most abundant
element in the universe, has the potential to
play a vital role in achieving carbon neutrality.
It is a versatile fuel that can be used in fuel
cells to produce electricity, emitting only water
vapor as a byproduct. The shift towards cleaner
and greener energy sources is expected to drive
the demand for industrial hydrogen in the coming
years. Driver 2- Increasing investments in
hydrogen infrastructure Governments and private
organizations are making significant investments
in developing hydrogen infrastructure to support
the widespread adoption of hydrogen as an
alternative fuel. For instance, the European
Union launched the European Hydrogen Strategy in
July 2020, aiming to install at least 6 gigawatts
of renewable hydrogen electrolyzers in the EU by
2024, and at least 40 gigawatts by 2030. Such
investments in hydrogen infrastructure are
expected to boost the demand for industrial
hydrogen.
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C) Segment Analysis Among the various
applications of industrial hydrogen, the
petrochemicals segment dominates the market. This
can be attributed to the extensive use of
hydrogen in the production of chemicals such as
ammonia, methanol, and hydrochloric acid, among
others. The petrochemicals industry requires
hydrogen in large quantities for various
processes, making it the dominant segment in the
U.S., Europe, and Asia Industrial Hydrogen
Market. D) PEST Analysis ? Political
Government initiatives and policies supporting
the development of clean energy and sustainable
alternatives are driving the growth of the
industrial hydrogen market. ? Economic The
demand for industrial hydrogen is influenced by
economic factors such as the growth of end-use
industries, investments in hydrogen
infrastructure, and global energy prices. ?
Social The increasing awareness about the need
for sustainable energy sources and the
rising concerns about environmental pollution are
driving the demand for industrial hydrogen. ?
Technological Advancements in hydrogen
production technologies, such as electrolysis and
steam methane reforming, are enabling efficient
and cost-effective hydrogen production, further
fueling the growth of the industrial hydrogen
market. E) Key Takeaways ? The global U.S.,
Europe, and Asia Industrial Hydrogen Market is
expected to witness high growth, exhibiting a
CAGR of 5.0 over the forecast period, due to
increasing demand for clean energy and growing
investments in hydrogen infrastructure. ? The
Asia-Pacific region is expected to be the
fastest-growing and dominating region in the
industrial hydrogen market, owing to the
rapid industrialization and increasing focus
on sustainable development in countries like
China and India. ? Key players operating in the
global U.S., Europe, and Asia Industrial Hydrogen
Market include Air Liquide, Air Products
Chemicals Inc., Praxair Inc., Linde Plc., and
Messer Group GmbH. These players are focusing on
strategic collaborations, partnerships, and
investments in research and development to
enhance their market presence and gain a
competitive advantage. In conclusion, the U.S.,
Europe, and Asia Industrial Hydrogen Market is
poised for significant growth, driven by the
increasing demand for clean energy and the
investments in hydrogen infrastructure. The
market offers immense opportunities for key
players to capitalize on the growing demand for
industrial hydrogen and contribute to the global
transition towards a sustainable future.