Dublin, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The "Hydrogen Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen market will grow from $13.57 billion in 2022 to $15.96 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The hydrogen market is expected to grow from $29.54 billion in 2027 at a CAGR of 16.6%.
Asia Pacific was the largest region in the hydrogen market in 2022. North America was the second-largest region in the hydrogen market. The regions covered in the hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The mode of distribution of the hydrogen in the pipeline is high-pressure tube trailers or cylinders. A pipeline is a line of pipe with pumps, valves, and control devices for conveying liquids, gases, or finely divided solids. The applications involved are chemicals, refineries, metal processing, and other applications. The various end-users are chemicals, aerospace and automotive, energy, refining, glass, welding, metal fabrication, and other end-users.
New developments are taking place in healthcare with an increasing emphasis on a healthier, better quality of life. Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products. Hospitals such as St. Francis and VA Loma Linda have already installed hydrogen plants for the power generation process. Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high-grade industrial gases.
During the forecast period, high transportation and storage costs of hydrogen are expected to restrain the hydrogen market. Hydrogen is not just the smallest element on earth, it is also the lightest - as a point of comparison, the mass of one gallon of gasoline is approximately 2.75 kg, whereas one gallon of hydrogen has a mass of only 0.00075 kg (at 1 atm pressure and 0C). In order to transport large amounts of hydrogen, it must be either pressurized and delivered as a compressed gas or liquefied. Where the hydrogen is produced can have a big impact on the cost, best method of delivery, and its broad flammability range relative to hydrocarbons. Hydrogen is transported from the point of production to the point of use via pipeline, over the road in cryogenic liquid tanker trucks or gaseous tube trailers, or by rail or barge. These factors are expected to have a negative impact on the hydrogen market.
Hydrogen manufacturing companies have started adopting the technology of manufacturing hydrogen from sewage. Hydrogen gas can be manufactured from sewage sludge for use in chemicals, fertilizers, transportation, and manufacturing industries. In this process, the weight of the sewage sludge is reduced by means of dehydration, followed by incineration, melting, composting, and drying. This process can be used to produce hydrogen on a large scale for supply to the manufacturing and transportation industries. Companies such as Fuel Cell Energy and Graforce Hydro are investing in this technology. Los Angeles Fuel Cell Energy Inc. is one of the hydrogen manufacturers that operates the world's largest ""tri-generation plant"" that converts sewage into electrical power and renewable hydrogen for transportation fuel.
In August 2022, Phoenix Motor Inc, a US-based automobile company acquired hydrogen fuel cell manufacturing assets including an automated, robotic fuel cell assembly line from Altergy Systems for an undisclosed sum. This acquisition enables Phoenix to leverage Altergy's manufacturing facility to develop hydrogen fuel cells to serve automotive needs. Altergy Systems is a US-based firm offering hydrogen fuel cell systems.
The countries covered in the hydrogen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
Scope
Markets Covered:
1) By Mode of Distribution: Pipeline; High-Pressure Tube Trailers; Cylinders
2) By Application: Chemical; Refinery; Metal processing; Other Applications
3) By End User: Chemicals; Aerospace and Automotive; Energy; Refining; Glass; Welding and Metal Fabrication; Other End Users
A selection of companies mentioned in this report includes
- Praxair, Inc.
- Air Liquide S.A.
- Air Products and Chemicals, Inc.
- INOX Air Products Ltd.
- Iwatani Corporation
- Hydrogenics Corporation
- Linde AG
- Messer Group GmbH
- Nuvera Fuel Cells
- Taiyo Nippon Sanso Corporation
- Caloric Anlagenbau
- Xebec Adsorption
- Showa Denko K.K. (SDK)
- Nel ASA
- Plug Power
- Ally Hitech Co. Ltd.
- Gulf Cryo
- Teledyne Technologies
For more information about this report visit https://www.researchandmarkets.com/r/jknhh4-global?w=12
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