Hydrogen Market Projection, Technological Innovation And Emerging Trends 2030
The hydrogen market is expected to capture $196,934.5 million revenue by 2030, attributed to the surging demand for the fertilizers in agriculture and rising establishments of the crude oil refining companies, leading to the worldwide growing demand for hydrogen. The ammonia is produced by hydrogen; it is further used to create nitrogen-based fertilizers. The rising environmental concerns and strict regulations to decrease the sulfur content in crude oil lead to extensive hydrogen demand.
Considering the production process, the hydrogen market is divided into electrolysis, partial oxidation, steam-methane reforming, coal gasification, and others. Steam-methane reforming dominates the market, attributed to its high adoption rate in the hydrogen-producing companies, facilitated by the natural gas supply chain, economic cost and increased operational efficiency. Based on the distribution method, the market is categorized into cylinder, tanker and on-site generation.
The on-site generation category dominates the hydrogen market, and it is expected to witness the fastest growth in the coming years, attributed to the less complicated method of its transportation to end-users. It facilitates companies to ease their operations by declining the risks present in the supply chain.
The surging usage of ammonia-based fertilizer drives the hydrogen market. The decline in the fertile land in recent years due to environmental factors, climate change and human activities has led to the increased usage of ammonia-based fertilizer in the available farms to enhance crop production. The combination of nitrogen and hydrogen produced ammonia, a significant ingredient of the nitrogen-fertilizer, resulting in increased demand for hydrogen in the near future.
The major players in the hydrogen market are focusing on merging or acquiring their competitors to scale themselves geographically and cater to the more extensive consumer base. For instance, the General Motor Company acquired 11% shares of Nikola Corporation in September 2020. Similarly, in October 2019, the Linde plc acquired a minor stake in the U.K.-based company ITM Power Plc.
Therefore, the growing requirement for nitrogen-based fertilizer to improve crop production and rapid industrialization results in the market boom.
For more insights : https://www.psmarketresearch.c....om/market-analysis/h
1 (877) 773-1002