Fort Collins, Colorado, Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the hydrogen gas market size was valued at 92.5 Million Tons in 2022 and is projected to arrive at 145.4 Million Tons by 2032 with a CAGR of 4.7%.
The hydrogen gas market is expanding to meet the growing demand in industries, power generation, and transportation as a fuel source. Also, hydrogen is popular in pursuing a carbon-free environment, especially with the rise of electric cars and vehicles.
Hydrogen's versatility makes it crucial in several industries, including petroleum refining, metal treatment, and fertilizer production. Its demand is increasing due to its significance in carbon-free ammonia, renewable energy storage, and fertilizer production. Developing countries like India are establishing green hydrogen plants that produce hydrogen from renewable sources through the electrolysis process.
The demand for hydrogen gas has increased due to its use as a carrier gas in the semiconductor industry. Hydrogen production from natural gases and coal has led to a rise in annual CO2 emissions in Indonesia and the U.K. But, Toyota and Hyundai's introduction of hydrogen fuel cell vehicles for personal use has opened up new opportunities for alternative fuel sources in the market.
Request Sample Report:
https://datahorizzonresearch.com/request-sample-pdf/hydrogen-gas-market-2225
Segmentation Overview:
The global hydrogen gas market has been segmented into production method and end-use. Steam Methane Reforming is the primary method for producing hydrogen gas. The Offices of Energy Efficiency and Office of Fossil Energy (FE) are working together to reduce its production costs. The demand for hydrogen has increased due to the recoil in worldwide crude processing and guidelines demanding lower sulfur emission limitations for marine bunkers.
Buy This Research Report:
https://datahorizzonresearch.com/checkout-page/hydrogen-gas-market-2225
Hydrogen Gas Market Report Highlights:
- The global hydrogen gas market growth is anticipated at a CAGR of 4.7% by 2032.
- The growth is foreseen to be driven by the need for cleaner fuel and the amplifying governmental regulations for desulphurizing petroleum products.
- Hydrogen demand is highest in North America, but APAC is projected to dominate the market, led by China, due to government-friendly policies, increased fuel demands, and regional infrastructure investments. Europe has also invested in enhancing hydrogen production capabilities.
- Some prominent players in the hydrogen gas market report include Cummins Inc., Air Products Inc., ITM Power, Iberdrola, Green Production Method, Plug Power Inc., Starfire Energy, Aquahydrex.
Industry Trends and Insights:
- ITM Power has launched a 20 MW core electrolysis procedure module called 'Poseidon' with an amplified footprint for scaling up into extensive facilities.
- Arcadia eFuels has established Plug Power Inc. to provide a 280 MW PEM electrolyzer system to build SAF at its Vordingborg plant.
Looking Exclusively For Region/Country Specific Report?
https://datahorizzonresearch.com/ask-for-customization/hydrogen-gas-market-2225
OR
Ask For Discount
https://datahorizzonresearch.com/ask-for-discount/hydrogen-gas-market-2225
Hydrogen Gas Market Segmentation:
- By Distribution Channel: Pipeline, Bulk Tank, Cylinders, Others.
- By Production Method: Steam Methane Reforming, Coal Gasification, Electrolysis, Ammonia Cracking.
- By End-use: Petroleum Refineries, Ammonia Production, Transportation, Energy & Power, Methanol Production
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Agricultural Adjuvants Market 2023 to 2032
Ammonia Market 2023 to 2032
Adhesives And Sealants Market 2023 to 2032
Hydrogen Peroxide Market 2023 to 2032
Electric Vehicle Fluids Market 2023 to 2032
