U.S. Europe and Asia Industrial Hydrogen Market

Global U.S., Europe, and Asia Industrial Hydrogen Market Is Estimated To Witness High Growth Owing To Increasing Demand for Clean Energy Sources

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The global U.S., Europe, and Asia industrial hydrogen market is estimated to be valued at US$ 14.7 billion in 2018 and is expected to exhibit a CAGR of 5.0% over the forecast period, as highlighted in a new report published by Coherent Market Insights. This market is driven by the increasing demand for clean energy sources and the advantages associated with using hydrogen as an industrial fuel.

Market Overview:

Hydrogen is a versatile energy carrier that can be produced from various sources, including natural gas, coal, biomass, and renewable energy sources such as wind and solar power. It is widely used in various industries, including petroleum refining, chemical production, and metal processing. Industrial hydrogen offers several advantages, including high energy density, zero emissions when used in fuel cells, and the ability to store and transport energy efficiently. These factors are driving the growth of the U.S., Europe, and Asia industrial hydrogen market.

Market Key Trends:

One key trend in the U.S., Europe, and Asia Industrial Hydrogen Market is the increasing focus on renewable hydrogen production. Renewable hydrogen is produced through the electrolysis of water using renewable energy sources such as solar and wind power. This method offers a sustainable and environmentally friendly way to produce hydrogen, reducing greenhouse gas emissions and dependence on fossil fuels. For example, major players in the market, such as Air Liquide and Linde Plc., are investing in renewable hydrogen production facilities to meet the growing demand for clean energy sources.

PEST Analysis:

  • Political: Governments worldwide are implementing policies and regulations to promote the use of clean energy sources and reduce greenhouse gas emissions. For example, the European Union has set targets to increase the share of renewable energy in its total energy consumption, which is expected to drive the demand for industrial hydrogen in the region.
  • Economic: The industrial hydrogen market is driven by various economic factors, including economic growth, industrialization, and investments in infrastructure development. The growing industrial sectors in the U.S., Europe, and Asia are creating a significant demand for hydrogen as an industrial fuel.
  • Social: There is a growing awareness among consumers about the need to shift towards clean energy sources to mitigate climate change and reduce air pollution. This is driving the demand for industrial hydrogen as a clean and sustainable energy carrier.
  • Technological: Advances in hydrogen production technologies, such as electrolysis and steam methane reforming, are making hydrogen production more efficient and cost-effective. Moreover, the development of hydrogen storage and transportation infrastructure is facilitating the widespread adoption of industrial hydrogen.

Key Takeaways:

  1. The global U.S., Europe, and Asia industrial hydrogen market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for clean energy sources. The advantages of using hydrogen as an industrial fuel, such as high energy density and zero emissions, are driving its adoption in various industries.
  2. Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the industrial hydrogen market. This can be attributed to the rapid industrialization in countries like China and India, coupled with government initiatives to promote the use of clean energy sources.
  3. Key players operating in the global U.S., Europe, and Asia industrial hydrogen market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. These companies are focusing on renewable hydrogen production and investing in infrastructure development to meet the growing demand for clean energy sources.

In conclusion, the global U.S., Europe, and Asia industrial hydrogen market is witnessing high growth due to increasing demand for clean energy sources. The key trends in the market include a focus on renewable hydrogen production. With favorable political, economic, social, and technological factors, the market is expected to flourish over the forecast period. The Asia Pacific region is expected to dominate the market, and key players are actively investing in renewable hydrogen production and infrastructure development.