Dominating Automotive Segment is Dominating U.S. Europe and Asia Industrial Hydrogen Market Owing to the Shift Towards Green Fuel
Posted on August 18, 2023
The U.S. Europe and Asia Industrial Hydrogen Market is estimated to be valued at US$ 14.7 billion in 2018 and is expected to exhibit a CAGR of 5.0% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The U.S. Europe and Asia Industrial Hydrogen Market is experiencing significant growth due to various factors such as the growing demand for clean energy, increasing government support for hydrogen infrastructure development, and the rising popularity of fuel cell electric vehicles (FCEVs). However, the market also faces obstacles such as high production costs and the lack of a well-established hydrogen supply chain.
B) Market key trends:
One key trend in the U.S. Europe and Asia Industrial Hydrogen Market is the shift towards green fuel. With the increasing concern over climate change and the need to reduce greenhouse gas emissions, there is a growing demand for clean and renewable energy sources. Hydrogen has emerged as a promising solution, as it can be produced from renewable sources such as wind, solar, and hydropower. This trend is driving the adoption of industrial hydrogen in various sectors such as transportation, power generation, and chemical production.
For example, many automotive companies are investing in fuel cell technology to develop hydrogen-powered vehicles as an alternative to traditional gasoline and diesel vehicles. These fuel cell electric vehicles (FCEVs) offer several advantages, including zero tailpipe emissions, longer driving ranges, and faster refueling times compared to electric vehicles with batteries. Leading automotive manufacturers such as Toyota, Hyundai, and Honda have already introduced FCEVs in the market, and more companies are expected to follow suit.
C) Segment Analysis:
The U.S. Europe And Asia Industrial Hydrogen Market is segmented based on the automotive segment, with the FCEV sub-segment dominating the market. This is mainly due to the increasing demand for green and sustainable transportation solutions. FCEVs offer a viable solution for reducing emissions from the transportation sector and have the potential to replace traditional internal combustion engine vehicles in the future. As a result, the demand for hydrogen as a fuel for FCEVs is expected to witness significant growth in the coming years.
D) Key Takeaways:
Market Size: The U.S. Europe and Asia Industrial Hydrogen Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth is driven by increasing government support for hydrogen infrastructure development and the shift towards green fuel in various sectors.
Regional Analysis: Asia Pacific is expected to be the fastest-growing and dominating region in the U.S. Europe and Asia Industrial Hydrogen Market. This can be attributed to the rapid industrialization, increasing investments in hydrogen infrastructure, and the strong presence of automotive manufacturers in countries like Japan and South Korea.
Key Players: Key players operating in the S. Europe and Asia Industrial Hydrogen Market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. These companies have a strong market presence and are actively involved in research and development activities to enhance their product offerings and expand their customer base.
In conclusion, the U.S. Europe and Asia Industrial Hydrogen Market is witnessing significant growth driven by factors such as the shift towards green fuel and increasing government support. The automotive segment, particularly fuel cell electric vehicles (FCEVs), is dominating the market due to the rising demand for sustainable transportation solutions. Asia Pacific is expected to be the fastest-growing region in this market, and key players such as Air Liquide and Linde Plc. are actively participating in the market to capitalize on the opportunities provided by hydrogen as an alternative fuel source.
