Driven by rising focus towards clean energy in emerging nations, the hydrogen market might grow at a decent pace over 2027. Hydrogen is being widely used in new application areas including power generation, heating for buildings, and in metal refining. Strict government policies and standards in several countries are regulating the use of conventional production methods, as they contribute to carbon dioxide and greenhouse gas emissions. New capacity additions in refineries coupled with the utilization in fertilizer and chemical manufacturing is likely to fuel the demand for hydrogen.

There is a gradual shift from grey to green hydrogen and the development of CCUS facilities as well as a surge in adoption of clean production methods. Technological advancements are taking place in the production processes, enabling reduction in production costs, and current research & development activities for the usage of hydrogen in diverse application areas. Growing crude oil prices, decreased cost of natural gas, and increasing focus on the replacement of conventional fuels with renewable energy carriers are other probable industry growth factors.

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Some manufacturers are focusing on the development of new and innovative production methods. For instance, in 2020, technology and power solutions, firm Cummins announced its utilization of hydrogen technology to provide renewable energy for public utilities in Washington with the largest PEM electrolyzer in the US. In view of such advancements, Global Market Insights, Inc., suggests that the hydrogen market may register an annual revenue of over USD 300 billion by 2027.

Hydrogen is used as a synthetic fuel in the marine and aviation sectors. It is also used as a blended fuel in methanol production. Its rising utilization in the transportation industry including the cell electric vehicles (FCEVs) and the large-scale distribution and production of infrastructure development is anticipated to boost its adoption. There is a large-scale adoption of fleet vehicles in countries like Japan and a high potential of hydrogen in power generation & heating for buildings.

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Geographically speaking, the Europe hydrogen market is projected to rise above 12% over the forecast timeframe fueled by the development of hydrogen roadmaps throughout multiple countries in the region. The growing deployment of electrolyzer projects and strict policies to reduce carbon footprint could drive the adoption of green hydrogen production methods. Although the ongoing COVID-19 pandemic has led to latent industrial demand of hydrogen and a delay in the number of distribution & infrastructure projects, the introduction of vaccines and decrease in cases is expected to propel industry progress in the upcoming years.

Globally, the hydrogen market consists of companies such as Messer Group, Cummins, Air Products & Chemicals, Iwatani Corporation, Nuvera Fuel Cells, and Nel ASA. These firms are working on different business strategies including new product and technological launches, and partnerships. In 2020, Messer Group announced a new long-term partnership with HyGear, a specialist in on-site hydrogen supply and generation, in order to jointly supply high purity hydrogen in the Czech Republic.

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