WELLESLEY, Mass., May 22, 2018 (GLOBE NEWSWIRE) -- Environmental consciousness, economic development advancements and the drive for energy security are all helping to push growth of the global hydrogen market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 18.6% through 2022, when it could be worth $14.1 billion, according to the report The Global Hydrogen Economy: Technologies and Opportunities Through 2022.
Major players in the market include Acta, Ballard Power Systems, Ceramatec, Diversified Energy, E. I. Du Pont de Nemours, Fuel Cell Energy, General Atomics, H2scan, Innovatek, Linde, Makel Engineering, Nanomix, Plug Power, SECAT, TechnipFMC, Uhde and Weldship.
Research Highlights
- Industry growth will be led by hydrogen production, which expects a CAGR through 2022 of 29.2%. By size, the industry will be led by energy conversion, which anticipates a 2022 value of $10.7 billion. Energy conversion accounts for about 76% of the total market.
- In 2016, roughly 53% of global hydrogen consumption went toward ammonia production, accounting for 33.4 million tons. Next in size was refining at 20% and methanol production at 7%.
- Globally, consumption of hydrogen is expected to increase at a CAGR of 3.8% through 2022, when the market will consume 78.8 million tons.
“The gap between the current technology for hydrogen production, storage and use and that needed for a fully viable hydrogen economy is too wide to bridge in incremental advances,” said report author and BCC Research analyst Andrew McWilliams. “Closing this gap will require fundamental breakthroughs in technology and massive investments in new infrastructure. Hydrogen advocates point out the advantages of a hydrogen-based economy to justify these investments.”
Hydrogen Economy Challenged By Storage
Storage is a key enabling technology for the advance of hydrogen and fuel cell tower technologies in applications such as transportation, stationary and portable applications. The main hurdle to overcome is finding the ability to store enough hydrogen to provide adequate operating abilities in mobile applications. Storage technologies currently under development have the ability to meet U.S. Department of Energy onboard storage targets for 2020 and 2025, including direct storage, hydrocarbons, metal hydrides, ammonia, zeolites and polymers.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.