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
Impact of COVID-19
Global Market Analysis
Regional Market Analysis
Market Dynamics
Company Profiles
Key Attributes:
Report Attribute |
Details |
No. of Pages |
111 |
Forecast Period |
2023 - 2027 |
Estimated Market Value (USD) in 2023 |
$163.13 Billion |
Forecasted Market Value (USD) by 2027 |
$206.65 Billion |
Compound Annual Growth Rate |
6.1 % |
Regions Covered |
Global |
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SOURCE Research and Markets