What is Industrial Hydrogen?
Industrial hydrogen is widely used across various industries from petroleum to metal, glass, semiconductors, etc. for refining and manufacturing of fertilizers. The increasing initiative of the government towards the production of low-carbon emission fuels and green hydrogen will accelerate the growth of industrial hydrogen. The hydrogen can be produced either from renewable sources or fossil fuels or coal. The upsurging demand for hydrogen in the industries has led manufacturers to adopt renewable sources, new technologies, and methods to reduce carbon emissions during the hydrogen production process. Other than petroleum and agrochemicals, it can also be used in the food processor to turn unsaturated fats into saturated oils and fats and prevent the oxidation effect during glass manufacturing.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Linde plc (Ireland), Air Products & Chemicals (United States), Air Liquide (France), Reliance Industries Ltd (India), Universal Industrial Gases, Inc. (Nucor) (United States) and Messer Group (Germany) |
CAGR | 4.66% |
The study covers a detailed analysis segmented by key business segments i.e. by type (Electrolytic Hydrogen and Conventional Hydrogen) , by application (Petroleum Refinery, Treating Metals, Food Processing, Agrochemicals, Semiconductor Electronics and Others) and major geographies.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Industrial Hydrogen market report suggests strategies that Vendors can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, some of them are Linde plc (Ireland), Air Products & Chemicals (United States), Air Liquide (France), Reliance Industries Ltd (India), Universal Industrial Gases, Inc. (Nucor) (United States) and Messer Group (Germany).
Market Overview:
In 2020, Plug Power, Inc., a leading provider of hydrogen engines and fueling solutions completed the acquisition of United Hydrogen Group Inc. and Giner ELX with the aim of becoming the largest green hydrogen generation in the US. The United Hydrogen Group is the largest privately-held merchant hydrogen producer and Giner ELX has the most experienced teams in the world in PEM electrolysis. The acquisition will enhance Plug Power’s position in the hydrogen industry with capabilities in the generation, liquefaction, and distribution of hydrogen fuel across various industries.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Growing Popularity of Electrolysis Method for Green Hydrogen Production
Market Growth Drivers:
Surging Demand for Hydrogen in the Petroleum Refineries to Lower Sulfur Content of Fuels and High Adoption of Industrial Hydrogen in Ammonia, Methanol, and Steel Production
Challenges:
Availability of Other Alternatives of Substitutes of Hydrogen in the Market
Restraints:
High Production Cost and Difficulty in Storage and Transportation of Industrial Hydrogen
Opportunities:
Need for Hydrogen-based Fuels in the Shipping and Aviation Due to Availability of Limited Low Carbon Fuel Option
Key highlights of the Global Industrial Hydrogen market Study:
CAGR of the market during the forecast period 2023-2030
In-depth information on growth factors that will accelerate the Industrial Hydrogen market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Industrial Hydrogen market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Industrial Hydrogen Vendors
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Industrial Hydrogen market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Industrial Hydrogen market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Industrial Hydrogen Manufacturers & Suppliers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.