DUBLIN, Aug. 1, 2023 /PRNewswire/ -- The "Global Hydrogen Market (by Production Process, Application & Region): Insights & Forecast (2023-2027)" report has been added to  ResearchAndMarkets.com's offering.

The global hydrogen market is projected to reach a value of US$206.65 billion by 2027, with a CAGR of 6.09% during the forecast period 2023-2027.

The market growth is attributed to factors such as the increasing consumption of agricultural fertilizers, rising demand in metallurgical industries, growing concerns about carbon emissions worldwide, surging demand for electricity generation, and an upswing in margarine demand. However, challenges such as the high cost of hydrogen production and transportation, storage issues, and potential health effects of hydrogen are expected to impact market growth.

Market Segmentation and Regional Analysis

The global hydrogen market is segmented based on production process and application. Production process categories include natural gas steam reforming, coal gasification, oil partial oxidation, and water electrolysis. Applications of hydrogen encompass ammonia production, petroleum refinery, methanol production, transportation, power generation, and others.

Asia Pacific is the fastest-growing regional market, driven by increasing consumption of agricultural fertilizers due to a growing population, rising petrochemical complexes and refineries in the region, expansion in the pharmaceutical industry, and investments by the Chinese aerospace industry.

Key Topics Covered:

Market Overview

• Properties of Hydrogen
• Major Types of Hydrogen
• Sources of Hydrogen
• Storage of Hydrogen
• Production Process of Hydrogen
• Application of Hydrogen

Impact of COVID-19

• Decline in Electricity Demand
• Decreased Demand from Automotive Industry
• Reduction in Semiconductor Market Revenue

Global Market Analysis

• Global Hydrogen Market by Value
• Global Hydrogen Market Forecast by Value
• Global Hydrogen Market by Production Process
• Global Hydrogen Market by Application
• Global Hydrogen Market by Region

Regional Market Analysis

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• Central & South America

Market Dynamics

• Growth Drivers
• Rising Consumption of Agricultural Fertilizer
• Escalating Demand in Metallurgical Industries
• Mounting Concerns Regarding Carbon Emissions Worldwide
• Surging Demand for Electricity Generation
• Upswing in Margarine Demand
• Expanding Production Capacity of Methanol
• Increasing Demand from Electronic Applications
• Key Trends & Developments
• Expanding Demand from Oil Refineries
• Rapid Expansion of Aerospace Industry
• Surging Production of Hydrogen Fuel Cell Electric Vehicles
• Upsurge in Pharmaceutical Industry
• Growing Demand for Hydrochloric Acid
• Increasing Hydrogen Demand
• Challenges
• High Cost of Hydrogen Production & Transportation
• Storage of Hydrogen
• Health Effects of Hydrogen

Company Profiles

• Linde PLC
• Air Liquide S.A.
• Air Products and Chemicals, Inc.
• Taiyo Nippon Sanso Corporation
• Messer Group GmbH
• Nel ASA

Key Attributes:

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SOURCE Research and Markets