Commercial Hydrogen Market Size Projected to Reach $565.5 Billion by 2034, Growing at a CAGR of 8.2%: Prophecy Market Insights

The “Commercial Hydrogen Market” from 2024 to 2034 includes segments by Type (Gaseous Commercial Hydrogen and Liquid Commercial Hydrogen), by Method (Steam Methane Reforming, Water Electrolysis, Coal Gasification, Others), by Application (Industrial, Pharmaceutical, Military, Aerospace, Automotive, Food) and Regional Forecast (2024-2034) to perfectly combine market strategies and industry expertise with new cutting-edge technologies to give you the best experience.

COVINA, July 03, 2024 (GLOBE NEWSWIRE) — According to a recent research study, Commercial hydrogen market size and shareIt is projected to reach $276.9 billion by 2024. Projected to grow to $565.5 billion by 2034reflecting Average annual growth rate: 8.2%.

Commercial Hydrogen Market Report Overview

The term “commercial hydrogen” refers to the production of hydrogen in a factory and selling it to various end-user companies for various industrial applications. While captive hydrogen is produced by a company for its own internal use, the term “commercial hydrogen” refers to hydrogen that is produced in a dedicated factory and then sold in the market to various end-users. Imagine a chain of factories in a row that produces hydrogen. This hydrogen is then transported via vehicles, pipelines, or specially designed containers to the many companies that use it. So, there are many compelling reasons that are fueling the commercial hydrogen market.

Also, rising demand for sustainable energy solutions from the chemical, transportation fuels and refining industries has companies turning to hydrogen. Developments in electrolysis technology are making clean hydrogen produced from renewable energy sources such as solar and wind increasingly feasible. Notably, this movement is also driven by the fact that infrastructure investments and government initiatives to encourage hydrogen generation are providing an excellent environment for the market.

Commercial hydrogen’s significant environmental impact and lack of infrastructure such as filling stations and pipelines are further drawbacks. As clean hydrogen production technologies mature, infrastructure expands, and regulations become more relaxed, commercial hydrogen will play a key role in the transition to a sustainable energy future.

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• Market Research Overview and Introduction

• Market Revenue and CAGR

• Market Drivers and Restraints

• Major Market Players

• Regional analysis of the market with detailed graphs

• Detailed market segmentation in tabular format

• Recent Market Trends/News

• Market Opportunities and Challenges

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Competitive Landscape:

The commercial hydrogen market is characterized by rapid growth, technological innovation and intense competition. To stay competitive, companies are expanding their global presence, focusing on sustainability and diversifying their service offerings.

The major market players in the commercial hydrogen market are:

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Analysts’ take:

In the 21st century, the commercial hydrogen market has seen significant growth due to the expansion of hydrogen production plants and increasing demand in industries such as oil & refineries, chemical, and automotive. Water electrolysis technology is dominant, offering a reliable means of producing carbon dioxide-free hydrogen using renewable resources. The market is segmented based on type, application, and region, with gaseous commercial hydrogen having a larger market share and liquid hydrogen being suitable for long-distance transportation. North America has been an early adopter of green hydrogen, while Asia Pacific is seeing a rapid growth in the green hydrogen industry due to environmental regulations and rising costs of renewable energy infrastructure.

Commercial Hydrogen Market: Report Scope

Read also: U.S. Commercial Hydrogen Market Size and Share, 2024-2034

Market Trends:

driver:

Water electrolysis technology

• The process of electrolysis uses electricity to split water into hydrogen and oxygen. Currently, the commercial hydrogen market is dominated by water electrolysis. Manufacturers are interested in this production method because it offers a reliable means of producing carbon dioxide-free hydrogen using renewable resources.

Increasing demand for cleaner fuels

• In the near future, the commercial hydrogen generation sector is expected to see a surge in demand for cleaner fuels. This is likely to be driven by strengthening government legislation for the production of low-carbon hydrogen, increased investment in clean fuel infrastructure, growing decarbonization trends, increased investment in clean fuels such as hydrogen, and increasing capacity of renewable energy sources.

Market trend:

Environmentally sustainable supply

• Industries such as transportation, chemical manufacturing and refining are heavily regulated from an environmental point of view, forcing them to look for ways to reduce their carbon footprint. Hydrogen burns cleanly and produces only water vapor as a by-product, making it a very interesting alternative to traditional fossil fuels. In cases where refineries are forced to run on polluting fuels, the use of commercially available hydrogen can significantly reduce the damage to the environment and take a step towards a cleaner future.

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segmentation:

The commercial hydrogen market is segmented based on type, application, and region.

type insight

• This segment is divided into two categories: gaseous commercial hydrogen and liquid commercial hydrogen. Gaseous hydrogen systems are supplied, stored, and released in gas form into the consumer’s pipeline. Such systems consist of manifolds, interconnecting pipes, controllers, safety relief mechanisms, pressure regulators, and mobile or fixed containers. To liquefy gaseous hydrogen, it must be cooled to -253°C (-423°F) or lower. Liquefied hydrogen can be stored using large insulated tanks at liquefaction facilities. Hydrogen requires energy to be liquefied. Gaseous commercial hydrogen has a large market share and is easy to store and transport, but its use is limited in some locations by high-pressure pipelines and dedicated containers. Liquid commercial hydrogen has a high energy density, making it suitable for long-distance transportation, but still requires a high energy input.

Application Insights

• Steel industry, ammonia synthesis, and oil refining are some other industries that use commercial hydrogen. Hydrogen is also finding further applications in food, aerospace, military vehicles, and the medical sector. Researchers are exploring its use in hypersonic and rocketry applications, and other hydrogenation processes to change the molecular structure of medicines and other treatments. The rising cost of commercial hydrogen and the rapid adoption of hydrogen fuel cell vehicles (FCVs) as an environmentally friendly alternative to traditional automobiles have increased the need for hydrogen filling stations, which also play a key role in extending the shelf life of food.

Recent developments:

• June 2024, As part of a long-term agreement, Air Liquide has spent up to $850 million on four large modular air separation units and related infrastructure for ExxonMobil’s planned low-carbon hydrogen facility in Baytown, Texas. The program will enable Air Liquide to produce 50% more oxygen in Texas. If the project receives final investment approval, it will represent Air Liquide Group’s largest industrial investment in history. The primary purpose of the new low-carbon Air Liquide Baytown platform will be to supply low-carbon argon, krypton and xenon for ExxonMobil, as well as low-carbon nitrogen and oxygen in bulk to other Air Liquide customers.

• May 2024, PosHYdon starts offshore gas green hydrogen tests. Onshore tests of the PosHYdon pilot project in the Dutch North Sea have started at the InVesta facility in Alkmaar. The project aims to integrate three offshore energy systems to produce green hydrogen on a gas platform. Gas and hydrogen will be transported by pipeline and the electrolyser will be moved offshore to the Q13a-A platform.

Regional Insights

• North America: The United States and Canada are early adopters and enthusiastic adopters of green hydrogen and other sustainable energy, and related business and transportation infrastructure. North American hydrogen production capacity is 1.4 million tonnes per year. The primary uses of hydrogen in North America are transportation, steel, power, ammonia, fuel cells, the gas grid and oil refining.

• Asia Pacific: Driven by environmental regulations and the rising cost of renewable energy infrastructure, the green hydrogen industry is booming across the Asia-Pacific region. China, Japan and South Korea are investing to help achieve their countries’ clean energy goals through infrastructure and hydrogen production expansion. Falling costs and technological advancements further boost the market prospects.

View the full report “Commercial Hydrogen Market Size, Share, By Type (Gaseous Commercial Hydrogen and Liquid Commercial Hydrogen), By Method (Steam Methane Reforming, Water Electrolysis, Coal Gasification, Others), By Application (Industrial, Pharmaceutical, Military, Aerospace, Automotive, Food) and By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Trends, Analysis and Forecast to 2034” Complete table of contents@ https://www.prophecymarketinsights.com/market_insight/merchant-hydrogen-market-5316

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