The Business Research Company’s Hydrogen Market 2021 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 22, 2021 /EINPresswire.com/ — Increasing demand for chemicals including fertilizers, and other bulk chemicals, intermediates, and specialty chemicals that require hydrogen as one of the feedstock materials contributed to the growth of the global hydrogen market. Hydrogen is used in the manufacturing of ammonia, methanol, and other chemicals such as cyclohexane, aniline, hydrochloric acid, and others. It is extracted from natural gas and then combined with nitrogen gas to make fertilizers such as ammonia which is used to maximize crop growth. Thus, high demand for chemicals boosted the growth of the hydrogen market.
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Companies involved in the hydrogen market are implementing smart meters to monitor the flow of the gas. The small size and high speed of hydrogen molecules make the monitoring of gas difficult. Smart meters use ultrasonic functionality instead of traditional mechanical diaphragms to correctly determine the flow rate of hydrogen gas. These meters also use timing circuits that are capable of measuring accurate ‘Time of Flight (ToF)’ of hydrogen molecules. Companies and end distributors of hydrogen for domestic and commercial purposes are using smart meters to eliminate manual meter reading, accurately billing customers, initiate dynamic pricing, monitor grid losses, optimize grid performance, and achieve optimal efficiency. In 2020, Panasonic, a Japanese multinational electronics company, launched its ultrasonic gas flow meter to measure the flow rate and concentration of hydrogen under a highly humid environment. Further, Pietro Fiorentin, an oil and energy company in UK, is developing hydrogen smart meters for the government of UK to support their initiative to replace natural gas (methane) with hydrogen in residential and commercial buildings.
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The global hydrogen market size reached a value of nearly $9.80 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.45% since 2015. The market is expected to grow from $9.80 billion in 2020 to $12.17 billion in 2025 at a rate of 4.43%. The growth of the hydrogen market is mainly due to the growing demand from energy, oil and gas end user industries which is expected to drive the demand for hydrogen. The hydrogen market is expected to grow from $12.17 billion in 2025 to $15.01 billion in 2030 at a CAGR of 4.28%.
Major players covered in the global hydrogen market are Air Products and Chemicals, Inc., The Linde Group, L'Air Liquide S.A, Taiyo Nippon Sanso Corp., Air Water Inc.
Asia Pacific was the largest region in the hydrogen market, accounting for 40.2% of the total in 2020. It was followed by the, Western Europe, North America and, then the other regions. Going forward, the fastest-growing regions in the hydrogen market will be South America and the Middle East.
TBRC’s global hydrogen market report is segmented by mode of distribution into pipeline, high-pressure tube trailers, cylinders, by end use into chemicals, aerospace and automotive, energy, refining, glass, welding and metal fabrication, others, by application into chemical, refinery, metal processing, others.
Hydrogen Market 2021 – By Mode Of Distribution (Pipeline, High Pressure Tube Trailers, Cylinder) By End-User (Chemicals, Refining, Aerospace And Automotive, Energy, Glass, Welding And Metal Fabrication) By Application (Chemicals, Refinery, Metal Processing) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides hydrogen global market overview, forecast hydrogen global market size and growth for the whole market, hydrogen market segments, and geographies, hydrogen global market trends, hydrogen market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire