Hydrogen Market analysis and Demand Forecast to 2023
The increasing use of hydrogen in petroleum industries is propelling the growth of the global hydrogen market. The other end-user industries for hydrogen include metal processing industries, chemical manufacturing, pharmaceuticals, and food processing.
The increasing use of hydrogen in petroleum industries is propelling the growth of the global hydrogen market. The other end-user industries for hydrogen include metal processing industries, chemical manufacturing, pharmaceuticals, and food processing.
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Global <strong>Hydrogen</strong> <strong>Market</strong> Size, Share, Development,<br />
Growth <strong>and</strong> Dem<strong>and</strong> <strong>Forecast</strong> <strong>to</strong> <strong>2023</strong><br />
The dem<strong>and</strong> for hydrogen in petroleum refining has increased significantly<br />
over the last few years, owing <strong>to</strong> stringent mo<strong>to</strong>r vehicle emissions<br />
regulations imposed by various governments.
The increasing use of hydrogen in petroleum industries is propelling the growth of the global<br />
hydrogen market. The other end-user industries for hydrogen include metal processing industries,<br />
chemical manufacturing, pharmaceuticals, <strong>and</strong> food processing.<br />
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The rising per capita vehicle ownership <strong>and</strong> consequential dem<strong>and</strong> for petroleum is fuelling the<br />
dem<strong>and</strong> for hydrogen globally. Apart, their scope in refineries as a chemical compound further acts<br />
as a driving fac<strong>to</strong>r for the hydrogen market.<br />
Some of the other drivers behind the growing global dem<strong>and</strong> of hydrogen include increasing<br />
dem<strong>and</strong> of hydrogen from refinery hydro-processing industry, <strong>and</strong> growing concept of power-<strong>to</strong>gas.<br />
Power-<strong>to</strong>-gas concept is designed <strong>to</strong> conserve energy <strong>and</strong> optimally utilize renewable<br />
sources.<br />
On the basis of production <strong>and</strong> delivery, the global hydrogen market can be segmented in<strong>to</strong><br />
merchant production <strong>and</strong> captive production. On the basis of production process, the hydrogen<br />
market can be classified as gasification of coal, steam reforming of natural gases, partial oxidation<br />
of hydrocarbons, electrolysis of water, <strong>and</strong> others.<br />
Geographically, Asia-Pacific is the largest revenue generating region globally for the hydrogen<br />
market. Rise in number of ammonia production plants <strong>and</strong> increasing refinery output is driving the<br />
Asia-Pacific hydrogen market, particularly in countries such as India, China, <strong>and</strong> Malaysia. North<br />
America is the second-largest market for hydrogen.<br />
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Some of the key players in the global hydrogen market include Messer Group GmbH, Airgas Inc.,<br />
Taiyo Nippon Sanso Corporation, Iwatani Corporation, <strong>Hydrogen</strong>ics Corporation, Air Products <strong>and</strong><br />
Chemicals Inc., Showa Denko K.K, Air Liquide S.A. <strong>and</strong> Praxair Inc.<br />
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