Selbyville, Delaware, April 06, 2021 (GLOBE NEWSWIRE) -- The hydrogen market revenue is expected to surpass USD 300 Billion by 2027, as reported in the latest study by Global Market Insights Inc. Increasing focus toward clean energy in the emerging economies coupled with rising utilization of hydrogen in new application areas comprising metal refining, power generation and heating for buildings among others will positively enhance the industry outlook.
New capacity additions in refineries along with the enhanced utilization in chemical and fertilizer manufacturing will contribute to the exiting demand of hydrogen. The conventional production methods contribute to both greenhouse gas and carbon dioxide emissions. Stringent government standards & policies in various countries regulating the use of conventional methods are set to drive the global hydrogen market share.
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Gradual shift of the economies from grey to green hydrogen, development of CCUS facilities along with growing adoption of clean production methods will augment the overall hydrogen demand. Various technological advancements in the production processes along with reduced production costs are some of the vital factors contributing to the market trends. Ongoing research & development activities toward utilization of hydrogen in niche application areas will further contribute to the industry landscape.
Some major findings of the global hydrogen market report include:
- Growing number of electrolyzer projects across economies comprising Japan & China will augment the demand for hydrogen, thereby driving the industry trends.
- Rising concerns toward growing emissions and air pollution combined with development of country hydrogen roadmaps is set to stimulate the market statistics.
- Mandates to decarbonize the energy end use along with growing stringency to desulfurize the refinery activities will accelerate the green hydrogen deployment.
- Rising measures to achieve energy security & conservation across the regions will boost the product adoption.
- Key players operating across the hydrogen market include Cummins, Iwatani Corporation, Messer Group, Nel ASA, Nuvera Fuel Cells and Air Products & Chemicals, among others.
Browse key industry insights spread across 180 pages with 123 market data tables & 41 figures & charts from the report, “Hydrogen Market Statistics by Application (Petroleum Refinery, Chemical), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hydrogen-market
Use of hydrogen as a synthetic fuel across marine & aviation sectors, enhanced use in the transportation sector including the FCEVs along with large scale production & distribution infrastructure development is anticipated to enhance the product deployment. Large scale adoption of fleet vehicles in countries comprising Japan, extensive potential of hydrogen in power generation & heating for buildings along with use of H2 as blended fuel in methanol production will propel the global hydrogen market statistics.
Europe hydrogen industry is expected to register over 12% CAGR through 2027. Development of hydrogen roadmaps across various countries of the region, increasing deployment of electrolyzer projects along with stringency in policies to minimize the carbon footprint will accelerate the deployment of green hydrogen production methods. The impact of COVID-19 has led to latent industrial demand of H2, leading to delay in number of infrastructure & distribution projects but with the introduction of vaccines & fewer cases encountered will fuel the overall market forecasts.
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Browse Related Report:
Hydrogen Generator Market By Capacity (<100 Nm3/h, 100-2,000 Nm3/h, >2,000 Nm3/h), Product (Onsite, Portable), Process (Steam Reformer, Electrolysis), Application (Chemical Processing, Petroleum Recovery, Fuel Cells, Refinery), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.gminsights.com/industry-analysis/hydrogen-generator-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.