Growing secondary end-user industries and increasing use of hydrogen in refinery hydro-processing are some of the major factors fuelling the growth of the hydrogen market for hydrogen fuel cell vehicles. Since the hydrogen is used in petroleum refining processes, the industry is impacted by unstable growth of the latter. However, increasing demand for clean transportation (the reason for unstable growth of petroleum refining industries) is supporting growth of the hydrogen market in terms of increasing demand for hydrogen fuel stations. Hydrogen is used in petroleum hydro-treating and hydro-cracking in the refinery industry. Demand for hydrogen in petroleum refining has increased significantly over the last few years owing to stringent motor vehicle emissions regulations imposed by various governments. Developed countries follow the latest emission regulations, whereas developing countries frequently revise regulations.
Asia-Pacific is the largest market for hydrogen globally. Increasing demand from countries such as India and China coupled with increasing use of hydrogen in secondary end-user industries is expected to propel the growth of the Asia Pacific market. Some of the major factors contributing the growth of hydrogen market in North America include stringent motor vehicle emission regulations imposed in developed countries, including the U.S., which in turn is increasing the demand for low-sulfur and ultralow-sulfur gasoline and diesel fuels. Moreover, rising need to reduce carbon content in the atmosphere is one of the major factors driving the hydrogen market in Europe.
The report segments the hydrogen market on the basis of production and delivery (merchant and captive production), production process (steam reforming of coal, steam reforming of natural gases, partial oxidation of hydrocarbons, and electrolysis of water), and application (petroleum refinery, chemical production, food processing, pharmaceutical, metal processing and others). The data is represented on the basis of volume (billion cubic meters), value (USD billion), and region North America (the U.S. and Canada), Europe (Western and Eastern Europe), Asia-Pacific (China, India and Japan), and Rest of the World from 2010 to 2020.
Furthermore, current hydrogen market dynamics, including the drivers, restraints, opportunities, and recent developments, have been covered in the report. The Competitive Landscape section of the hydrogen market report includes global market share of the companies operating in the hydrogen market. Some of the major players operating in the global hydrogen market are The Linde Group, Air Liquide S.A., Praxair, Inc., Messer Group GmbH, Airgas, Inc., Taiyo Nippon Sanso Corporation, Iwatani Corporation, Hydrogenics Corporation, Air Products and Chemicals, Inc., and Showa Denko K.K.
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