Hydrogen Global Market Report 2023

NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Major players in the hydrogen market are Praxair, Inc, Air Liquide S.A, Air Products and Chemicals, Inc, INOX Air Products Ltd, Iwatani Corporation, Hydrogenics Corporation, Linde AG, Messer Group GmbH, Nuvera Fuel Cells, and Taiyo Nippon Sanso Corporation.

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The global hydrogen market will grow from $13.57 billion in 2022 to $15.96 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hydrogen market is expected to grow from $29.54 billion in 2027 at a CAGR of 16.6%.

The hydrogen market consists of the sales of green hydrogen, blue hydrogen, brown hydrogen, yellow hydrogen, turquoise hydrogen, and pink hydrogen.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Hydrogen is produced as a by-product of industrial chlorine production by electrolysis. Although it requires expensive technologies, hydrogen can be cooled, compressed, and purified for use in other processes on-site or sold to a customer via pipeline, cylinders, or trucks.

Asia Pacific was the largest region in the hydrogen market in 2022.North America was the second-largest region in the hydrogen market.

The regions covered in the hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The mode of distribution of the hydrogen in the pipeline is high-pressure tube trailers or cylinders.A pipeline is a line of pipe with pumps, valves, and control devices for conveying liquids, gases, or finely divided solids.

The applications involved are chemicals, refineries, metal processing, and other applications. The various end-users are chemicals, aerospace and automotive, energy, refining, glass, welding, metal fabrication, and other end-users.

New developments are taking place in healthcare with an increasing emphasis on a healthier, better quality of life.Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products.

Hospitals such as St.Francis and VA Loma Linda have already installed hydrogen plants for the power generation process.

Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high-grade industrial gases.

During the forecast period, high transportation and storage costs of hydrogen are expected to restrain the hydrogen market. Hydrogen is not just the smallest element on earth, it is also the lightest—as a point of comparison, the mass of one gallon of gasoline is approximately 2.75 kg, whereas one gallon of hydrogen has a mass of only 0.00075 kg (at 1 atm pressure and 0°C). In order to transport large amounts of hydrogen, it must be either pressurized and delivered as a compressed gas or liquefied. Where the hydrogen is produced can have a big impact on the cost, best method of delivery, and its broad flammability range relative to hydrocarbons. Hydrogen is transported from the point of production to the point of use via pipeline, over the road in cryogenic liquid tanker trucks or gaseous tube trailers, or by rail or barge. These factors are expected to have a negative impact on the hydrogen market.

Hydrogen manufacturing companies have started adopting the technology of manufacturing hydrogen from sewage.Hydrogen gas can be manufactured from sewage sludge for use in chemicals, fertilizers, transportation, and manufacturing industries.

In this process, the weight of the sewage sludge is reduced by means of dehydration, followed by incineration, melting, composting, and drying.This process can be used to produce hydrogen on a large scale for supply to the manufacturing and transportation industries.

Companies such as Fuel Cell Energy and Graforce Hydro are investing in this technology. Los Angeles Fuel Cell Energy Inc. is one of the hydrogen manufacturers that operates the world's largest ""tri-generation plant"" that converts sewage into electrical power and renewable hydrogen for transportation fuel.

In August 2022, Phoenix Motor Inc, a US-based automobile company acquired hydrogen fuel cell manufacturing assets including an automated, robotic fuel cell assembly line from Altergy Systems for an undisclosed sum.This acquisition enables Phoenix to leverage Altergy's manufacturing facility to develop hydrogen fuel cells to serve automotive needs.

Altergy Systems is a US-based firm offering hydrogen fuel cell systems.

The countries covered in the hydrogen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The hydrogen market research report is one of a series of new reports that provides hydrogen market statistics, including hydrogen industry global market size, regional shares, competitors with a hydrogen market share, detailed hydrogen market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen industry. This hydrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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