Prediction by 2024 – Hydrogen Market Worldwide Top Players Analysis, Demand and Trends in 2019
The hydrogen market is classified on the basis of distribution into pipelines, high pressure tube trailers, and cylinders. Among these, pipeline transportation is the cheapest alternative for gas distribution, as transportation by trailers or cylinders require liquefaction of the gas, which is a very expensive process. Among these three, pipelines are widely used to deliver large volume of gas from one place to another. For example, there are about 1,600 miles of gas pipelines are laid in the U.S. for the gas transportation. The trailers are generally suitable for transportation of the gas over long distances.
Growing investment in research and development for the development of hydrogen as a fuel is a key trend in the global hydrogen market. For instance, according to the International Energy Agency (IEA), in 2018, the worldwide hydrogen fuel cars market has reached 8,000 units, in which the U.S. and Japan have contributed to 90% of it.
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Recently, various countries have introduced different policies to boost the use of this fuel. For instance, the Government of France has launched a $116.8 million ambitious plan for the deployment of hydrogen-based vehicles such as buses, trucks, and boats in the country aiming to reduce carbon emission.
Growth of the hydrogen market is moderately restrained by high cost of production and transportation of the gas, thereby rendering the business as highly capital-intensive. Since the cost of liquefaction is very high, the transportation cost associated with it is also high. Moreover, storage of the gas is also of a complex issue and it requires spherical bulleted tanks with insulation. These may restrict the market growth in the future.
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The hydrogen gas is represented with a molecular formula of H2. Physical properties of this gas include colorless, odorless, tasteless, non-toxic, and non-metallic. Its density at standard temperature and pressure (STP) is 0.08988 g/l. The gas also occurs naturally in air, in extremely minute concentrations. It is also the lightest and the most abundant element in the atmosphere. Japan and the U.S. are the main users of it, apart from these two countries, the five Nordic regions Norway, Finland, Sweden, Denmark, and Iceland have also started using it as a fuel in the form of bio-hydrogen. The hydrogen market is segmented on the basis of distribution, production process, end-use industry, and region.
Some of the major players operating in the global hydrogen market are Air Liquide, Linde, Praxair Inc., Air Products and Chemicals Inc., Showa Denko K.K. (SDK), In Hyster-Yale Materials Handling Inc., BASF SE, Messer Group GmbH, Universal Industrial Gases Inc., and Gulf Cryo.