Japan has embraced technological upgradations and aims to build a 'hydrogen society.' While several auto companies plan on improving electric car models and benefit from the sales, Japan has shown its reliance on 'hydrogen fuel cell vehicles' rather than the battery-powered electric car. This is set to bring a disruption in the hydrogen market. Toyota Motor Corporation, a Japanese automotive company, has built its first hydrogen-powered fuel-cell car, called Mirai, meaning future. The rising concern for CO2 emission has escalated the idea of electric cars. However, Japan is betting big on hydrogen fuel cell vehicles, which emit only water. The tiny factory is currently generating only ten cars regularly, which is assembled by hand. Though the cost of the fuel cell production is becoming a hindrance and escalating the car price, but Toyota has promised that it will drop soon with the widespread production.

Furthermore, the city of Tokyo has planned to deploy 100 hydrogen fuel cell buses during the Olympics 2020. The energy ministry plans on possessing 40,000 fuel cell electric vehicles on the road, which is targeted to reach 200,000 in the upcoming six years. Moreover, the Japanese government has collaborated with Toyota to build and operate 100 hydrogen fueling stations, which are set to escalate till 900 by 2030. Joining Toyota in the fuel cell vehicle movement are other automobile companies, such as Volkswagen, Hyundai Motor Group (HMG), and Volvo. Amidst these, HMG's FCEV Vision 2030 plan is the most lucrative one for the hydrogen market leaders. The company's hydrogen bus pilot project estimates to put a total of 30 FCEV Buses into operation and supply 1,000 hydrogen fuel cell trucks to the Swiss commercial vehicle industry, during the course of five years, initiating from 2019. This severance in the automobile industry related to hydrogen is set to heighten hydrogen market size exponentially in the upcoming years. 

As of 2018, Hydrogen Market earned a revenue of around $118.1 billion, which is evaluated to increase at a CAGR of 5.48% during the forecast period 2019-2025.

A global leader in car manufacturing and commercial vehicles (2018), China has been facing threats with its massive pollution problems. This concern led the country to discover the world's first hydrogen-powered tramcar in October 2017. Innovations haven't stopped yet, as recently in May 2019, China Youngman Automobile Group Co, announced their latest vehicle that would be driven by water-hydrogen engines. Although, it was denied later, and Nanyang's bureau highlighted that the project is still being tested and under development. Soon China can expect another breakthrough by its automobile leaders that would instantly create a demand influx in the hydrogen market.

Moreover, in April 2019, Chinese scientists discovered a cheaper way to extract hydrogen energy by creating a new catalyst. As per the analysis of the researchers from the University of Science and Technology of China (USTC), this new catalyst can hugely reduce the cost of hydrogen generation systems, through electrolysis of water, compared to iridium dioxide. This generation of clean energy will take the hydrogen market share to the next level, benefiting end-users of various industries, such as automobile, oil & gas, pharmaceutical, and others.

Hydrogen Market Overview in APAC:

APAC has been undergoing an impressive industrial expansion for quite a few years now. Government and overseas investors are executing policies and funding projects for the region's growth through various enterprises such as oil & gas, transportation, pharmaceutical, and others. The growing agricultural and aviation sector is equally contributing to the enhanced production of hydrogen in the country. Amidst the various global opportunities, APAC held the largest hydrogen market share of 55% in 2018. As per the reports of Asia Pacific Energy Research Centre (APERC), the demand for hydrogen in the entire APAC region is going to estimate at around 352 mtoe by 2050, which is equivalent to 7% of the current primary energy supply. 

· China's Plan to Build Four "Hydrogen Corridors" in the Yangtze River Delta Region to Bring Change in APAC Hydrogen Market Outlook –

The International Hydrogen Fuel Cell Association (IHFCA), along with the Society of Automotive Engineers of China (SAE-China), in conjunction with Suzhou, Rugao, Nantong, Yancheng, and Shanghai has planned to build a "hydrogen corridor." With technical and economic feasibility, Shanghai, from the southeast end of the corridor, has planned to build numerous fuel cell vehicle demonstration centers with needed hydrogen infrastructure by 2025. It includes 50 hydrogen refueling sites for 20,000 fuel cell passenger cars and 10,000 fuel cell commercial vehicles. These new emergences are going to directly contribute to the growth of the hydrogen market in the APAC region.

· Hyundai Motor Group's 'Hydrogen Energy Fund' in Collaboration with BTIRDI to Boom APAC Hydrogen Market –

In October 2018, HMG and Beijing-Tsinghua Industrial R&D Institute (BTIRDI) signed a memorandum of understanding (MOU), to establish Hydrogen Energy Fund. This agreement plans to raise a total of USD 100 million. It will seek various companies, who will possess several hydrogen-related infrastructures and power in core hydrogen technologies. The primary purpose of this binational initiative is to push investment in hydrogen market and value chain while encouraging the growth of promising startups in Korea and China. Hydrogen Market will experience an upheaval by these happenings.

· Hydrogen Market Scope to Expand with Air Liquide and Houpu's Hydrogen Refueling Infrastructure –

Air Liquide and Sichuan Houpu Excellent Hydrogen Energy Technology went into an agreement in November 2018 that would foster the manufacturing, development, and commercialization of hydrogen stations for fuel cell electric vehicles. This signing happened in the context of the Chinese government's 13th five-year plan, aiming to the development and sale of hydrogen-powered electric vehicles serving clean mobility. This happening will create a demand influx in the APAC hydrogen market.

· Nuvera and Fuyang Government's Clean Transportation Solutions to Result in Hydrogen Market Demand –

To reduce harmful vehicle emissions, the Chinese government has signed a cooperation agreement with Nuvera Fuel Cells, LLC. It employs Nuvera's current generation fuel cell stacks to produce 45kw engines for delivery vehicles, transit buses, and other mobile applications in China. Hence, hydrogen market vendors will experience immense returns in the next years.

Hydrogen Market Industry Analysis: Key Application

The utilization of hydrogen can be observed in multiple sectors such as petroleum refining, metal processing, producing edible fats & oils, glass industry, and others. This chemical element attained from various processes such as steam reforming, metal-acid process, thermochemical cycles, anaerobic corrosion process, and others is the most favorite for the end-users of the chemical industry due to its variable usage. As per the analysis of the International Council of Chemical Associations (ICCA), the chemical industry contributed around $5.7 trillion to the global GDP in 2017. This amazing statistics is evidencing enough that a substantial part of the chemical vertical is indulging in the robust usage of hydrogen, which is expected to grow at a CAGR of 4.5% from 2019 to 2025.

Hydrogen Market Growth Drivers & Trends:

The increasing requirement for energy will augment hydrogen production in the various refineries across the world. Owing to its multifarious forms such as slush, solid, liquid, gaseous, and metallic and also its highly combustible nature, hydrogen is utilized in a gamut of industries for a myriad of purposes. Here are the growth drivers and trends that are going to create surplus opportunities for hydrogen business leaders –

· The U.S. Department of Energy's National Energy Technology Laboratory's (NETL) Novel Catalytic Process to Uplift Hydrogen Market –

NETL'S invention using reduced metal oxide or coal or steam coupled with a chemical looping process produced hydrogen synthesis gas in 2018. This rich syngas had a higher energy value than commercially produced hydrogen from coal. This gas can be used in the production of ammonia and others. According to the International Trade Center (ITC), the global trade of ammonia estimated to $6,382,688 thousand in 2018, and the future foresees increased demand for ammonia in the HVAC sector as it is used as a refrigerant. Hence, with this new technology, hydrogen market vendors are going to reap off impeccable benefits.

· Semiconductors Industry to Create Demand Influx in Hydrogen Market Growth –

Hydrogen is ever-present during the processing and germination of semiconductors as it is extensively used as a carrier gas. The global semiconductor market collected a revenue avenue of around $426.4 billion as of 2018, and the demand for the same is projected to observe a substantial CAGR of 5.88% over the forecast period of 2019 to 2025. This growth of the semiconductors industry is poised to enhance the expansion prospects of the hydrogen market.

· Increasing Global Fertilizer Production to Enhance Hydrogen Market Growth Prospects –

The fertilizer market oozed global opportunities worth $61,530 million as of 2018, which is suspected to increase at a CAGR of 3.67% through to 2025. Fertilizers use ammonia in manufacturing and hydrogen is a key component of the same. Therefore, this growth in the fertilizer industry will generate lucrative opportunities in the hydrogen market. 

Hydrogen Market: Competitive Landscape

The major business leaders who are currently holding maximum shares and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players in the hydrogen market are Praxair, Inc., Air Liquide S.A., INOX Air Products Private Limited, Airgas, an Air Liquide company, Iwatani Corporation, Hydrogenics, The Linde Group, and The Messer Group GmbH.

Innovations by the Major Market Players –

1. In 2018, Praxair Linde became the global gas leader by completing a $90 billion worth merger.

2. Air Gas – An Air Liquide company completed the acquisition of T.A. Corporate Holdings Inc. (Tech Air), in 2019, which will help the company to hold his position in the hydrogen market.

3. In May 2018, Toshiba and Iwatani commenced a presentation project to build a low-carbon hydrogen supply chain in Hokkaido.

4. In January 2019, The Hydrogen Company of Air Liquide obtained common shares of Hydrogenics Corporation, resulting in the increasing demand for hydrogen in various verticals.


Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=501664

Related Reports:

a) Diammonium Hydrogen Phosphate Market

https://www.industryarc.com/Report/15913/diammonium-hydrogen-phosphate-market.html

b) Merchant Hydrogen Market

https://www.industryarc.com/Report/19098/merchant-hydrogen-market

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

To request for a quote, provide your details in the below link:

https://www.industryarc.com/reports/request-quote?id=501664

Media Contact:

Mr. Venkat Reddy

Sales Manager          

Email: [email protected]

Contact Sales: +1-614-588-8538 (Ext-101)

About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.