Hydrogen Market - Forecast(2023 - 2028)

Report Code: CMR 56405 Report Format: PDF + Excel

Hydrogen Market Overview:

According to the findings in the World Oil Outlook, 2018 by the Organization of Petroleum Exporting Countries (OPEC), the total primary energy requirement was valued to be 276 Mboe/d in 2015, and the organization has projected the demand to attain 298.2 Mboe/d mark in 2020, 339.4 Mboe/d in 2030, and a massive figure of 371.6 Mboe/d in 2040.[1] This increasing demand for energy will translate to a definite demand for oil which will lead to an augmented production of oil in the refineries worldwide. Hydrogen is used in refineries for oil refining as it enables the process of converting crude oil into refined fuels such as gasoline and diesel while it also removes contaminants such as sulfur from these fuels. The foreseeable growth of the petroleum industry will lead to a demand influx in the hydrogen market that was valued to be $118.1 billion as of 2018. Furthermore, the demand for hydrogen in various industries is projected to grow with a healthy compound annual growth rate (CAGR) of 5.48% during the forecast period of 2019 to 2025.

APAC has been observing an impressive industrial growth for quite a few years now. The oil & gas and pharmaceutical industries are booming in the region with a lot of investments being made by the governments and overseas investors. China’s aerospace industry is advancing in a rapid manner which is increasing the demand for hydrogen in the country. The perpetually growing agricultural industry in APAC has led to enhanced production of fertilizers, which is significantly supporting the hydrogen market. APAC had the maximum hydrogen market share of 55% in 2018.

Hydrogen Market Outlook:

Hydrogen is a chemical element with symbol H which is produced by electrolysis of water, steam reforming, metal-acid reaction, thermochemical reaction or anaerobic corrosion. Owing to its highly combustible nature and the fact that it occurs in various forms such as gaseous, liquid, slush, solid, and metallic, hydrogen is utilized in a gamut of industries for a myriad of purposes.

The key application of hydrogen is found to be in ammonia production. According to the International Trade Center (ITC), the global trade of ammonia was valued to be $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.[2] The demand for hydrogen in ammonia production is projected to increase with a CAGR of 2.5% through to 2025.

Hydrogen Market Growth Drivers:

· The Growing Sales in the Semiconductor Market –

The semiconductor market was valued to be $426.4 billion as of 2018, and the demand for semiconductors is projected to observe a substantial CAGR of 5.88% over the forecast period of 2019 to 2025. Hydrogen is omnipresent during the growth and processing of semiconductors as it is used as a carrier gas. Perceptibly, the estimated growth in demand for semiconductors is poised to enhance growth prospects in the hydrogen market.

· The Augmented Production of Fertilizers –

According to the Food and Agricultural Organization of the United Nations (FAO), the global demand for phosphate fertilizer will be 118,763 thousand tons in 2020 as the organization projects that it will grow with a CAGR of 1.54% during the forecast period of 2015 to 2020.[3] Fertilizers utilize ammonia in production, and hydrogen is a key component of the same. The future foresees growth of the agriculture industry which will play a vital role in fulfilling the sustainable development goals (SDGs) of the United Nations (UN). This growth will create a demand influx the fertilizers market which will generate lucrative opportunities in the hydrogen market.

· The Application in Pharmaceutical Industry –

Hydrogen finds application in pharmaceutical plants as it is used to manufacture vitamins and other pharmaceutical products. The pharmaceutical industry is projected to have a valuation of $1,430 billion by 2020,[4] according to the International Federation of Pharmaceutical Manufacturers Association (IFPMA). The growth prospects for the hydrogen vendors in the pharmaceutical market will be on the rise, and therefore, there will be a demand influx in the hydrogen market.  

Hydrogen Market Trends:

·        In October 2018, Praxair Linde completed $90 billion merger and became the global gas leader.

·       In March 2019, Air Gas – An Air Liquide company completed acquisition of TA Corporate Holdings Inc. (Tech Air). This will help company position itself in the gas market, especially hydrogen.

·        In May 2018, Toshiba and Iwatani started a demonstration project in order to establish low-carbon hydrogen supply chain in Hokkaido.

·       In January 2019, The Hydrogen Company of Air Liquide acquired common shares of Hydrogenics Corporation. This is attributed to the increasing demand for hydrogen in various industries. 

·        In March 2019, Messer CV finalized acquisition of Linde-Praxair Americas business. The major share of this acquisition are that of North America.

Hydrogen Market Challenges:

Even though hydrogen has penetrated in many industries, but hydrogen fuel cells are still facing challenges due to their high capital cost. Furthermore, their installation cost is exorbitant which dwarfs the hydrogen market size. However, the vendors are trying to cut the cost by reducing the material or exploring low-cost material. Reducing the complexity of the integrated system and minimization of temperature constraints which adds cost to the system can ameliorate the problem. The future foresees streamlined manufacturing process with reduced footprints, and that will open up the floodgates in the hydrogen market.   

Hydrogen Market Key Players Perspective:

The major players crusading for greater hydrogen market share are INOX Air Products Ltd., Airgas, Inc., Air Liquide S.A., Hydrogenics Corporation, Iwatani Corporation, Linde AG, Messer Group GmbH, and Praxair, Inc.

Hydrogen Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the hydrogen market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The hydrogen market research report also analyses the application of hydrogen in petroleum refinery, semiconductors, fertilizer production, pharmaceutical industry, power plant generators, aerospace industry, glass purification, heat treatment of metals, and hydrogen fuel cells.

Hydrogen Market Report: Industry Coverage

The hydrogen market is segmented on the basis of system that includes merchant and captive. Moreover, hydrogen is also used in coal gasification and steam methane reforming.

The hydrogen market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Hydrogen Market Report:

Is the market demand for hydrogen growing? How long will it continue to grow and at what rate?

Which type of home security system presents the major growth opportunities?

Is there a possibility for change in the market structure over time?

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

What are the short-term, long-term, and medium-term growth drivers for the market?

What are the short-term, medium-term, and long-term challenges for the market?

What are the short-term, medium-term, and long-term opportunities for the market

Who are the top players/companies of the market?

What are the recent innovations in the market?

How many patents have been filed by the leading players?

What are the types of patents filed by the leading players?

What is our Vision 2030 for the hydrogen market?

A Few Focus Points Of This Research Are Given Below:

Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies

Provide an overview of the product portfolio, including product planning, development, and positioning

Discuss the role of technology companies in partnerships

Explore the regional sales activities

Analyze the market size and giving the forecast for current and future global hydrogen market during the forecast 2019-2025

Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures

References - 

[1] https://www.opec.org/opec_web/flipbook/WOO2017/WOO2017/assets/common/downloads/WOO%202017.pdf

[2] https://www.trademap.org/Country_SelProduct.aspx?nvpm=1%7c%7c%7c%7c%7c2814%7c%7c%7c4%7c1%7c1%7c1%7c1%7c%7c2%7c1%7c1

[3] http://www.fao.org/3/a-i6895e.pdf

[4] https://www.ifpma.org/wp-content/uploads/2017/02/IFPMA-Facts-And-Figures-2017.pdf 

1. Hydrogen Market - Overview
        1.1 Definitions and Scope
2. Hydrogen Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Hydrogen Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Hydrogen Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Hydrogen Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Hydrogen Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Hydrogen Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Hydrogen Market - By Product Type (Market Size -$Million / $Billion)
        8.1 Market Size and Market Share Analysis
        8.2 Application Revenue and Trend Research
        8.3 Product Segment Analysis
9. Hydrogen Market - By Type (Market Size -$Million / $Billion)
        9.1 Hydrogen Market, By Delivery Mode
            9.1.1 Captive
        And Forecast
            9.1.2 Merchant
        Merchant Hydrogen By Delivery Mode
        9.2 Hydrogen Market, By Technology
            9.2.1 Steam Methane Reforming
            9.2.2 Partial Oxidation Of Oil
            9.2.3 Coal Gasification
            9.2.4 Electrolysis Of Water
            9.2.5 Methanol Reforming
            9.2.6 Ammonia Cracking
        9.3 Hydrogen Market, By End User
            9.3.1 Chemical
            9.3.2 Petroleum Refining
            9.3.3 Metal Processing
            9.3.4 Glass Industry
            9.3.5 Edible Fat And Oil
            9.3.6 Energy
10. Hydrogen - By Application (Market Size -$Million / $Billion)
        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
11. Hydrogen- By Geography (Market Size -$Million / $Billion)
        11.1 Hydrogen Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
         Rest of North America
        11.3 Hydrogen- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
         Costa Rica
         Rest of South America
        11.5 Hydrogen- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
         Rest of Europe
        11.7 Hydrogen - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
         South Korea
         Hong kong
         Rest of APAC
        11.9 Hydrogen - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
         Saudi Arabia
            11.10.6 Africa Segment Analysis
         South Africa
         Rest of Middle East & Africa
12. Hydrogen Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Hydrogen Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Hydrogen Market - Key Company List by Country Premium
15. Hydrogen Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Aditya Birla Chemical Ltd
        15.3 Air Liquide
        15.4 Bhuruka Gas Limited
        15.5 Dcw Limited
        15.6 Ghcl Ltd
        15.7 Gujarat Alkali And Chemical Limited
        15.8 Inox Air Product
        15.9 Linde Limited
        15.10 Praxair Pvt Ltd
        15.11 Tata Chemical Limited
        15.12 Company 11
        15.13 Company 12 & More
*Financials would be provided on a best efforts basis for private companies
16. Hydrogen Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Hydrogen Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends