The global hydrogen market has been witnessing unprecedented political and business momentum, owing to rapidly increasing number of policies and projects across the world. Hydrogen has the potential to aid variable renewable energy output, such as solar photovoltaic. Hydrogen is one of the renewable energy storage options that can act as a cost-effective mean of storing large amounts of electricity for a long duration. Hydrogen and hydrogen-based fuels can transport energy for long distances from renewable sources. Further acceleration of efforts is critical for ensuring significant growth of the hydrogen market for energy systems over the stipulated era.
Most environmental solutions necessitate the utilization of hydrogen, and are projected to further boost market growth. The hydrogen market is projected to exhibit a healthy CAGR of around 6% over the forecast period of 2019-2029.
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Key Takeaways of Hydrogen Market Study
- The cost of supplying hydrogen from renewables is anticipated to foresee a drop over the forecast period, while the urgency of eliminating greenhouse gas emissions is increasing manifold. Many countries have started taking concrete action to decarbonize their economies.
- The hydrogen market has evolved over the recent years, with shifting applications from the automotive industry to sectors that are difficult to decarbonize, such as energy-intensive industries, transportation, aviation, shipping, and heating.
- Hydrogen has developed vital synergies with renewable energies over time. The hydrogen market has substantially enhanced the growth potential of renewable solutions in diverse industries. Electrolysers can add flexibility to the demand side, as they integrate variable renewable energy (VRE) into energy systems.
- Renewable hydrogen is technically viable today, and is fast approaching competitiveness in the economy. Rising interest in this supply option is driven by falling renewable energy costs and rising shares of variable renewable power supply.
- The potential of hydrogen is not solely limited to generating electricity. Hydrogen can provide energy through combustion too. In space applications, this is already the case, where it is used to propel rockets. Hydrogen could similarly be used to produce synthetic gas, which could allow more efficient fuels than the ones currently in existence.
- All these factors are projected to lead to the growth of the hydrogen market over the coming decade.
“Hydrogen is being used as a feedstock in a rising number of industries, and, as such, de-carbonization is expected to increase over the time. Adhering to the development of advanced materials, as well as to improve the durability of commercial applications, are some of the factors contributing to the growth of hydrogen market,” says a PMR analyst.
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Hydrogen Market: Competition Overview
The hydrogen market has become increasingly competitive, as manufacturers are launching advanced products that offer various operational benefits, and at the same time complying with existing regulations in the market. Key players involved in the hydrogen market are Air Liquide S.A., The Linde Group, Air Products and Chemicals Inc., Iwatani Corporation, Showa Denko K.K., Messer Group GmbH, and Teledyne Technologies Inc., among others.
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Long-term Outlook Hydrogen Market
The hydrogen market holds mechanisms to decarbonize a range of sectors, which includes intensive and long-haul transportation, chemicals, and iron and steel. These sectors, in particular, are proven to be difficult in case of significant emission reductions, and hence, hydrogen could contribute to improving air quality and energy security. In addition, the flexibility of power systems can also be enhanced. Carbon dioxide emission limits from burning of hydrocarbon fuels have been revised by various countries and regions around the world. With the enforcement of more stringent rules, there is a need to produce cleaner fuels that meet various emission regulations.
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