Major players in the hydrogen market are Praxair, Inc, Air Liquide S.A, Air Products and Chemicals, Inc, INOX Air Products Ltd, Iwatani Corporation, Hydrogenics Corporation, Linde AG, Messer Group GmbH, Nuvera Fuel Cells, and Taiyo Nippon Sanso Corporation.
The global hydrogen market is expected to grow from $11.29 billion in 2021 to $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 19.7%. The market is expected to grow to $26.66 billion in 2026 at a CAGR of 18.5%.
The hydrogen market consists of sales of hydrogen and its related services for industrial and other purposes.Hydrogen is produced as a by-product of industrial chlorine production by electrolysis.
Although it requires expensive technologies, hydrogen can be cooled, compressed, and purified for use in other processes on-site or sold to a customer via pipeline, cylinders, or trucks.
The mode of distribution of the hydrogen in the pipeline, high-pressure tube trailers, cylinders.The pipeline is a line of pipe with pumps, valves, and control devices for conveying liquids, gases, or finely divided solids.
The applications involved are a chemical, refinery, metal processing, and other applications. The various end-users are chemicals, aerospace and automotive, energy, refining, glass, welding, metal fabrication, and other end-users.
Asia Pacific was the largest region in the hydrogen market in 2021.North America was the second-largest region in the hydrogen market.
The regions covered in the hydrogen report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
New developments are taking place in healthcare with increasing emphasis on a healthier, better quality of life.Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products.
Hospitals such as St.Francis and VA Loma Linda have already an installed capacity of hydrogen plants for the power generation process.
Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high-grade industrial gases.
During the forecast period, high transportation and storage costs of hydrogen are expected to restrain the hydrogen market. Hydrogen is not just the smallest element on earth, it is also the lightest—as a point of comparison, the mass of one gallon of gasoline is approximately 2.75 kgs whereas one gallon of hydrogen has a mass of only 0.00075 kg (at 1 atm pressure and 0°C). In order to transport large amounts of hydrogen, it must be either pressurized and delivered as a compressed gas, or liquefied. Where the hydrogen is produced can have a big impact on the cost and best method of delivery and its broad flammability range relative to hydrocarbons. Hydrogen is transported from the point of production to the point of use via pipeline, over the road in cryogenic liquid tanker trucks or gaseous tube trailers, or by rail or barge. These factors are expected to have a negative impact on the hydrogen market.
Hydrogen manufacturing companies have started adopting technology of manufacturing hydrogen from sewage.Hydrogen gas can be manufactured from sewage sludge for use in the chemicals, fertilizers, transportation, and manufacturing industries.
In this process, the weight of the sewage sludge is reduced by means of dehydration followed by incineration, melting, composting, and drying.This process can be used to produce hydrogen on a large scale for supply to the manufacturing and transportation industries.
Companies such as Fuel Cell Energy and Graforce Hydro are investing in this technology. Los Angeles Fuel Cell Energy Inc. is one of the hydrogen manufacturers which operates the world’s largest “tri-generation plant” that converts sewage into electrical power and renewable hydrogen for transportation fuel.
In September 2019, Cummins, a US-based company that designs, manufactures, and distributes engines, filtration, and power generation products acquired Hydrogenics for an undisclosed amount.This acquisition of Hydrogenics will strengthen Cummins’ fuel cell capabilities.
Hydrogenics is a Canada-based developer and manufacturer of hydrogen generation and fuel cell products.
The countries covered in the hydrogen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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