The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 30, 2023 /PRNewswire/ — As per The Business Research Company’s Hydrogen Global Market Report 2023, the global hydrogen market size will grow from $13.5 billion in 2022 to $15.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 17%. The global hydrogen market size is then expected to grow from $29.5 billion in 2027 at a CAGR of more than 16%.
During the forecast period, the growing demand from the energy sector will support the hydrogen market growth. Hydrogen-oxygen fuel cells are being increasingly used as an energy source to mitigate the pollution crisis. Fuel cells are being increasingly used to generate electricity as an alternative to fossil fuels. Hydrogen oxygen fuel cells are also used in space stations. Hydrogen fuel cells are also expected to be widely used to power cars replacing petroleum as fuel. For example, in June 2022, a new wave of interest emerged in environmentally friendly hydrogen generation technology. This is due to the fact that the potential applications for hydrogen are growing in a variety of fields, including power generation, industrial processes in the production of steel and cement, fuel cells for electric vehicles, heavy transportation like shipping, production of green ammonia for fertilizers, cleaning products, refrigeration, and grid stabilization, as well as fuel cells for electric vehicles.
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The hydrogen market is concentrated, with a few large players. The Linde Group was the largest competitor with 27.5% hydrogen market share, followed by Air Liquide, Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, Air Water Inc., Showa Denko K.K., Iwatani Corporation, Gulf Cryo, Messer Group GmbH and SOL Group.
Companies in the hydrogen market are focusing on adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. Smart systems give information on the working conditions and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. For example, in February 2023, 45-8 Energy, a French provider of energy-based services, and Solexperts, a Swiss mechanical engineering consulting firm, launched SurfMoG H2, a new IoT tool for underground hydrogen monitoring on the occasion of the hydrogen congress Hyvolution.
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The global hydrogen market is segmented –
- By Mode of Distribution: Pipeline, High-Pressure Tube Trailers, Cylinders
- By Application: Chemical, Refinery, Metal processing, Other Applications
- By End User: Chemicals, Aerospace and Automotive, Energy, Refining, Glass, Welding and Metal Fabrication, Other End Users
As per the hydrogen market analysis, the top opportunities in the hydrogen market segmented by mode of distribution will arise in the high-pressure tube trailer segment, by application will arise in the refinery segment, by end user will arise in the refining segment. The industrial hydrogen market size will gain the most in China at $5.1 billion.
View More Similar Market Reports:
Hydrogen Fuel Cells Global Market Report 2023
Hydrogen Energy Storage Global Market Report 2023
Green Hydrogen Global Market Report 2023
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