NEW YORK, Jan. 12, 2021
NEW YORK, Jan. 12, 2021 /PRNewswire/ -- The global population is set to reach 10.9 billion in 2100 from 7.7 billion in 2019, says the United Nations (UN). This is expected to be the key factor to drive the global hydrogen market to $196,934.5 million by 2030 from $136,185.0 million in 2019, at a 4.3% CAGR between 2020 and 2030. The industry growth would be aided by the rising per capita income of people, which is driving the demand for food, according to the market research report published by P&S Intelligence.
Hydrogen is used to produce ammonia, which is then used during the manufacturing of fertilizers. As per the Food and Agriculture Organization (FAO), compared to 153,646 thousand tons in 2016, 163,219 thousand tons of ammonia will be shipped around the world in 2022. The rising demand for ammonia-based fertilizers acting as a key driver for the hydrogen market is owed to the declining area of agricultural land due to urbanization. As per the World Bank, the availability of arable land for each individual reduced to 0.19 hectares in 2016 from 0.2 hectares in 2011.
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During the COVID-19 pandemic, the hydrogen market growth has suffered the ill-impact of factory shutdowns. The low supply of natural gas has led to the lower production of hydrogen. Similarly, several industries where hydrogen gas is used, including chemical, crude oil refining, and steel manufacturing, were shut down to a certain extent, which reduced the demand for it.
In the years to come, the highest value CAGR in the distribution method segment of the hydrogen market, of 4.5%, will be seen in the on-site generation category. This method is less complex and also cost-effective in the long run, compared to the tanker and cylinder methods of hydrogen transportation. Additionally, in this method, the gas is produced near the end-use factory, which reduces the risks that come with the supply chain.
Browse detailed report with COVID-19 impact analysis on Hydrogen Market Research Report: By Production Process (Steam–Methane Reforming, Coal Gasification, Electrolysis, Partial Oxidation), Distribution Method (On-Site Generation, Cylinder, Tanker), End User (Chemical, Refineries, Metal Processing)– Global Industry Outlook and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/hydrogen-market
Asia-Pacific (APAC) has been the largest hydrogen market till now, and it is also expected to witness the fastest industry growth in the near future. Hydrogen consumption is rising in the region as a result of economic growth and expansion of the chemical, refining, metal processing, petrochemical, and electronics sectors. Even companies from North America and Europe are setting up manufacturing plants in the region, as it accounts for less-strict environmental regulations and cheaper labor and raw materials.
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The most prominent companies in the global hydrogen market include Air Products and Chemicals Inc., Air Liquide S.A., Showa Denko K.K., Linde Plc, Yateem Oxygen, Messer Group GmbH, SOL SpA, Iwatani Corporation, Nel ASA, Air Water Inc., HyGear, and Cummins Inc.
Key Findings of Global Hydrogen Market Report
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Industrial Gases Market
In the years to come, the highest industrial gases market CAGR, in terms of value, of 6.0%, would be experienced by the on-site generation division, under segmentation by delivery. The burgeoning population is leading to the increasing demand for various products, in turn, fueling industrialization.
Hydrogen Storage Market
Globally, the hydrogen storage market recorded the highest growth in Asia-Pacific in the past. The region will also witness rapid expansion of the industry in the future.
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