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Hydrogen Market Growing Due to Increasing Uptake of Fuel Cell Electric Vehicles

Lohitha Reddy
Hydrogen Market Growing Due to Increasing Uptake of Fuel Cell Electric Vehicles

Abundant availability of hydrogen through water, hydrocarbons, fossil fuels, and organic matter provides a vital energy source. Strives to eradicate the carbon emissions for developing a low carbon economy by using renewable-based hydrogen is contributing to the growth of global hydrogen market. A recent publication of IndustryARC says that the global hydrogen market size was $118.1 billion in 2018 and projects growth at a Compound Annual Growth Rate (CAGR) of 5.48% over the forecast period of 2019-2025.

The report is titled: “Hydrogen Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 – 2025.” It provides a detailed analysis of the competitive structure, hydrogen market trends, hydrogen market demand, and hydrogen market drivers among others to the key market participants with the necessary business intelligence and helps them understand the future of the global hydrogen market. The report covers Hydrogen Market size by type and applications, Hydrogen Market share by top 5 companies and also the market share by start-ups during the forecast period.

View Full Table of Contents of Hydrogen Market:

Report Price (Single User): US $3850

Hydrogen Market: Leading Segments

Hydrogen Council has fixed their targets for 350,000 commercial trucks, 50,000 buses, and thousands of trains by 2030, and for 12 to 20 million commercial trucks, 5 million buses, and 20% of trains by 2050. Hydrogen is extensively used in chemical, metal processing, glass industry, petroleum refining, edible fats and oils, and energy industries. Ammonia Production is admitted as the fastest growing application with a CAGR of 2.50% throughout the above-mentioned forecast period. As the major quantity of hydrogen is utilized to produce ammonia, this segment is sourcing impeccable shares in hydrogen market revenue.

Australia is identified as the front runner in cutting down the carbon emissions, as it uses abundant of coal supplies to produce hydrogen. Japanese homes are furnished with fuel cell technology to deliver electricity and hydrogen production from many plants is processed using renewable energy sources. Government of China has planned to shrink the usage of diesel vehicles and empowering the commercialization of fuel cell electric vehicles (FCEVs). Therefore, APAC occupied the leading regional share that is 55% in the global hydrogen market as of 2018. Wherein Japan also targeted to display the technology with thousands of hydrogen fuel cell vehicles, a system of filling stations and a hydrogen-powered athletes’ village at 2020 Tokyo Olympics.

Hydrogen Market: Disruptive Trends

Presently hydrogen is exploring as a transportation fuel, government and industry are putting their efforts to produce and distribute clean, safe and economical hydrogen, as it provides low carbon mobility via FCEVs.
Hydrogen with natural gas is widely used in the high-emission applications and also replaces fossil-based feedstocks.
Implementation of hydrogen fuel cell passenger train in Germany is propelling the green hydrogen revolution.
Cheaper green electricity is boosting low-cost green hydrogen. Hydrogen power the fuel cell-based vehicles on the transport side.
Application of green hydrogen into industrial processes, homes, mobility, buildings, and cities at a quicker rate is driving the demand for hydrogen everywhere.
Hydrogen is flourishing as an effective energy carrier and also as a sustainable energy source. New strategies employing the conversion of electricity which is generated from wind turbines into hydrogen fuel. So that it avoids cars to rely on fossil fuels as it fuel cars.
Increasing investments by automotive OEMs to manufacture electric cars are also impacting the growth of the global hydrogen market.
Government policies in countries namely China, India, Japan, and South Korea are encouraging zero-emission vehicles

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Hydrogen Market: Competitive Landscape

Some of the prominent players who are topping with their hydrogen market share are listed as Praxair, Inc., Airgas, Inc., Air Liquide S.A., Iwatani Corporation, INOX Air Products Ltd., Hydrogenics Corporation, Linde AG and Messer Group GmbH.

Related Reports:

A. Hydrogen Sulphide Market

B. Hydrogen Storage Market

About IndustryARC:

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Contact Info:
Name: Venkat Reddy
Email: Send Email
Organization: IndustryARC
Phone: (+1) 614-588-8538
Website: https://www.industryarc.com/Domain/4/chemicals-materials-market-research.html

Lohitha Reddy
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