Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Hydrogen Gas Market is poised for significant expansion, with market analysis projecting an increase from 105.58 million tons in 2023 to a substantial 127.53 million tons by 2028. This remarkable growth trajectory, estimated at a CAGR of 3.85% during the forecast period, underscores the pivotal role of hydrogen gas in various industry verticals.
Following a recovery from the impact of the COVID-19 pandemic, the market has witnessed a resurgence in production levels and is set to continue growing steadily over the coming years. Notwithstanding the high production costs associated with blue and green hydrogen, this essential gas remains key in multiple transformative technologies shaping the future.
Ammonia Production Leads Hydrogen Gas Demand
Ammonia production stands at the forefront of hydrogen gas consumption, leveraging traditional methods such as the Haber-Bosch process to meet vast global demands. Industrial nitrogen fixation, a significant segment within the hydrogen gas market, is pivotal for synthesizing ammonia, with fossil fuel feedstocks predominantly serving as the primary hydrogen source.
Innovations and developments in green hydrogen solutions, such as the recent construction of an integrated green hydrogen and ammonia plant by a Brazilian company, highlight the industry's commitment to a sustainable low carbon economy.
Asia-Pacific Region Dominates Market Landscape
- The dominance of the Asia-Pacific region in the global hydrogen gas market remains unchallenged, signified by considerable demand from powerhouse economies like China and India.
- China's march towards a domestic hydrogen industry, supported by the release of a comprehensive long-term plan, accentuates its role as a global leader in hydrogen gas application and innovation.
- India's green hydrogen policy further contributes to the robust market dynamics, aiming to transform the nation into a 'green hydrogen hub' and encouraging the setting up of pilot plants for hydrogen production.
- Ammonia production within the Asia-Pacific region, specifically in China and India, greatly contributes to the hydrogen gas market's growth trajectory, backed by the agricultural sector's demand for fertilizers.
Competitive Landscape and Major Market Players
The competitive landscape of the hydrogen gas market remains consolidated with a handful of key industry players. These market leaders are playing a monumental role in addressing the burgeoning demand for hydrogen gas across various sectors, including chemicals, refining, and emerging clean technologies. Their influence is expected to continue shaping market trends over the forecast period.
A selection of companies mentioned in this report includes:
- Aditya Birla Chemicals
- Air Liquide
- Air Products and Chemicals, Inc.
- BASF SE
- Equinor ASA
- Gujarat Alkalies and Chemicals Limited
- Gulf Cryo
- Linde plc
- Lords Chloro Alkali Limited
- Matheson Tri-Gas Inc.
- Messer SE & Co. KGaA
- PAO NOVATEK
- TAIYO NIPPON SANSO CORPORATION
- Universal Industrial Gases Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rd42mk
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