U.S., Europe and Asia Industrial Hydrogen market (covid 19 impact analysis) on various vendors

Hydrogen is a chemical compound with atomic number 1 and is widely used in the production of carbon steels, semiconductors, and special metals. It is used as a reducing agent and carrier gas in the electronic industry. Nowadays it is also used across various industrial applications such as it are used as reducing agent in the metallurgical industry and as a basic building block in the production of ammonia for fertilizers and methanol for the production of polymers. Moreover, in refineries hydrogen is used in the processing of intermediate oil products.

The U.S., Europe and Asia industrial hydrogen market is projected to reach US$ 22.8 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.0% during the forecast period (2019 to 2027).

Top Key Players in U.S., Europe and Asia Industrial Hydrogen  market: Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH

Regional Analysis For U.S., Europe and Asia Industrial Hydrogen  Market:

Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the U.S., Europe and Asia Industrial Hydrogen market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.

• North America [U.S., Canada, Mexico]
• Europe [Germany, UK, France, Italy, Rest of Europe]
• Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
• South America [Brazil, Argentina, Rest of Latin America]
• Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

The production cost of hydrogen is high, because it is especially produced from gas , coal and various hydrocarbons and only alittle fraction of hydrogen, within the range of 3-4%, is produced during electrolysis of water because it’s relatively more energy-intensive. Moreover, overall production of hydrogen is dear than conventional production. Therefore, the high cost of the hydrogen is estimated to limit the market growth of hydrogen over the forecast period.

Use of hydrogen that’s produced by electrolysis is restricted to energy sectors where renewable energy like solar or wind is employed for producing electricity for electrolyzers. Therefore, the limited application of hydrogen that’s produced by the electrolysis process is projected to hinder the market growth of hydrogen.

Higher emphasis on enhancing overall process economics owing to the high production costs of electrolytic hydrogen. Many manufacturers are focusing on increasing overall efficiency of the process such as advancements in membrane and catalyst are projected to cut down the overall production cost significantly in the near future. Moreover, rising focus on a technical scale of production i.e. development of high-pressure electrolyzers and overvoltage reduction of the oxygen evolution reaction (OER) in electrolyzers is further projected to offer significant growth opportunities to the market of hydrogen.

Increasing usage of hydrogen as a fuel in rockets since it is highly flammable and efficient is projected to propel the market growth. Hydrogen is enough to offer power to powerful machines such as spaceships and also it is environmentally friendly and much safer choice as compared to other fuel sources which are further propelling the market growth of hydrogen. Moreover, rising demand for hydrogen as a fuel is also attributed to the fact that it is three times as powerful as gasoline and other fossil fuels which is also predicted to foster market growth. 

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