Global
Hydrogen Market: Overview
Hydrogen
(H) refers to a flammable, tasteless, odorless, and colorless gaseous
substance. It is considered one of the simplest members of the chemical
elements family. Hydrogen comes with various uses. In the chemical sector,
hydrogen is utilized in the making of ammonia, which finds use as an ingredient
of agricultural fertilizer. It is also utilized in the making of methanol and
cyclohexane, which act as intermediates in the production process of
pharmaceuticals and plastics. The chemical is also utilized in the process of
removal of sulfur from fuels at the time of oil refining. Such varied uses of
the chemical are likely to encourage growth of the global
hydrogen market over the analysis timeframe, from 2020 to 2030.
In
addition, hydrogen is regarded as a very flexible element that finds
utilization across several applications, including transportation of fuel,
chemical and industrial processes. Hydrogen is also used as a heating fuel for
the generation of power, cooking and heating purposes. The growth of the global
hydrogen market is likely to be driven by the versatile nature of hydrogen and
its capability to facilitate services across various sectors, such as
industrial, electricity, commercial, and transportation.
Delivery
mode, production method, end use, and region are the four important parameters
based on which the global hydrogen market has been classified.
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Global
Hydrogen Market: Notable Developments
One of the
relevant and important developments of the market that gives a quick view of
the dynamics pertaining to global hydrogen market is mentioned as below:
·
In October 2019, German multinational conglomerate, Siemens AG
joined forces with Hydrogen Renewables Australia as a technology partner in a 5
GW solar and wind combined energy project in Western Australia. Siemens is
expected to offer its renowned electrolyzer technology for the generation of
green hydrogen utilizing the process of renewable-powered electrolysis
Some of
the prominent organizations in the global hydrogen market comprise the
below-mentioned:
·
The Linde Group
·
Teledyne Technologies Inc.
·
Air Liquide S.A.
·
Messer Group GmbH
·
Showa Denko K.K.
·
Taiyo Nippon Sanso Corporation
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Global
Hydrogen market: Key Trends
The global
hydrogen market is characterized by the presence of the following restraints,
drivers, and opportunities.
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Growing Concern for the Environment is Estimated to Surge Demand
for Hydrogen
The
gradual growth of the global hydrogen market is linked to its direct relevance
to the landscape of energy transition. For the production of hydrogen,
renewable energy can be utilized and this can give access to industries that
are faced with difficulties when it comes to de-carbonization through
electrification. Hydrogen holds immense potential for diminishing the potential
risk of renewable electricity generator’s exposure to price power volatility.
This chemical is considered as a reliable alternative for meeting of various
climate compliance and goals with emission regulations of local authorities.
The multiple benefits of the chemical is likely to drive the development of the
global hydrogen market over the timeframe of analysis, from 2020 to 2030.
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