Increasing Demand for Clean Energy Worldwide to Augment Growth of the Hydrogen Market

 

Hydrogen Market

Hydrogen is a flammable, tasteless, odorless, and colorless gaseous substance that exists in molecular forms on the earth. It is widely used across various end-use industries, such as food and beverages, telecommunications, semiconductor, aerospace, petroleum, power generation, automotive, chemicals, nuclear energy, etc. for a wide range of applications. Hydrogen is the cleanest form of energy as well as it does not emit carbon or any residue on combustion. Moreover, hydrogen is the most abundant chemical substance in the universe, accounting for about 75% of all baryonic mass.

Market Dynamics:

Increasing demand for clean energy worldwide, as hydrogen is the cleanest form of energy as well as it does not emit carbon or any residue on combustion, is expected to propel the growth of the hydrogen market. For instance, in February 2021, Royal HaskoningDHV awarded a contract for environmental consultancy services for NortH2, a large offshore wind-to-hydrogen project being developed by a consortium comprising Shell, Gasunie, Equinor, and RWE, and supported by Groningen Seaports and Province of Groningen.

Moreover, increasing demand for hydrogen fuel cell vehicles across the world is expected to augment the growth of the hydrogen market. For instance, in 2019, Air Products planned to build a second liquid hydrogen production facility in California to meet increasing product demand from several customer markets, including the growing fleet of hydrogen fuel cell vehicles in the state.

Moreover, increasing focus on developing hydrogen-based economy and the development of green hydrogen production technologies is expected to offer lucrative growth opportunities for players in the hydrogen market.

Asia Pacific is expected to witness substantial growth in the hydrogen market, owing to the increasing demand for clean energy in the region. For instance, in February 2021, Acme Solar Holdings Ltd. (India) planned to jointly produce green hydrogen in India and Europe with Lhyfe Labs SAS of France.

Competitive Analysis:

Major players operating in the hydrogen market are H2Scan Corporation, Messer Group GmbH, Avalence LLC, Hydrogenics Corporation, Xebec Adsorption Inc., Air Products & Chemical Inc., Airgas Inc., Burckhardt Compression, and Air Liquide.

Major players in the market are adopting various strategies, such as partnership, collaboration, etc., to strengthen their market position. For instance, in January 2021, Air Liquide and Cummins entered into a joint venture agreement to promote green hydrogen. Moreover, in July 2020, ThyssenKrupp Uhde Chlorine Engineers and Air Products collaborated to develop projects supplying green hydrogen.


Location: India

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