Industrial hydrogen is used as an important feedstock and energy source across various industries such as oil refining, chemical synthesis, and fertilizer production. Hydrogen is a clean fuel that produces no carbon emissions and can be produced from diverse domestic resources. The growing demand for low-carbon solutions is driving investments in renewable and low-carbon hydrogen production technologies.
Market key trends:
The increasing focus on developing sustainable and cost-effective hydrogen production is one of the key trends spurring market growth. Various countries are investing heavily in installing electrolyzers powered by renewable energy sources like wind and solar to produce green hydrogen at a competitive price. For instance, the European Union aims to install at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW of renewable hydrogen electrolyzers by 2030. Similarly, many Asian countries like Japan, South Korea and Australia have also unveiled national hydrogen strategies and roadmaps focusing on the deployment of renewable hydrogen production facilities. Such investments in scaling up renewable hydrogen infrastructure will play a vital role in decarbonizing hard-to-abate sectors and accelerating the energy transition in the coming years.
Segment Analysis
The U.S., Europe and Asia Industrial Hydrogen Market is dominated by the refining and chemical sub-segment. This is because refining and chemical processing requires hydrogen as an important input. Hydrogen acts as a feedstock and catalyst in various refining and chemical processes such as hydrocracking, hydrotreating, hydrodesulfurization and ammonia production. The refining and chemical sub-segment accounts for over 60% of the total industrial hydrogen demand.
Key Takeaways
The Global U.S., Europe and Asia Industrial Hydrogen Market Growth is expected to witness high.
The global U.S., Europe and Asia Industrial Hydrogen Market is expected to witness high growth. Regional analysis related content comprises the Asia Pacific region is projected to be the fastest growing as well as the most dominating regional market for industrial hydrogen. This is attributed to the significantly large refining and petrochemical industries in countries such as China, India and Southeast Asian nations. These industries serve as major consumers of hydrogen as a feedstock or processing aid.
Key players related content comprises Key players operating in the U.S., Europe and Asia Industrial Hydrogen Market are Air Liquide, Air Products and Chemicals Inc., Praxair Inc., Linde AG and Taiyo Nippon Sanso Corporation. Linde AG is the market leader with production plants located strategically across all major regions to serve the needs of global industrial customers.
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