The global industrial hydrogen market is estimated to be valued at US$ 242.7 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The U.S., Europe and Asia Industrial Hydrogen Market caters to diverse industrial applications like chemical processing, oil refining and metal processing. These industries require large volumes of hydrogen for various processes. The demand from well-established end-use industries ensures strength and stability to this market. The presence of major players and technological advancements in hydrogen production also contribute to its strength.

Weakness: High production and transportation costs related to industrial hydrogen limit its applications. Dependence on fossil fuels for hydrogen generation leads to CO2 emissions. Safety issues involved in hydrogen storage and transportation can restrict the growth potential of certain applications.

Opportunity: Stringent emission norms are augmenting the adoption of cleaner fuels like hydrogen. Its use in ammonia production and as transport fuel offers new opportunities. Governments across regions are supporting R&D for emission-free production of hydrogen using renewable resources like solar and wind. This will reduce costs in the long run.

Threats: Fluctuations in energy and raw material prices directly impact the economics of industrial hydrogen production. Slow adoption of fuel cell technologies and lack of hydrogen infrastructures are challenges as well. Substitutes like natural gas face less infrastructure and distribution challenges currently.

Key Takeaways

The Global U.S., Europe and Asia Industrial Hydrogen Market Demand is expected to witness high growth.

Regional analysis suggests Asia holds the major share of the global U.S., Europe and Asia Industrial Hydrogen Market currently. The Chemical and refinery industries in China and India consume large volumes of Hydrogen on a daily basis. Japan too depends on industrial hydrogen primarily for refining and ammonia production.

Key players operating in the U.S., Europe and Asia Industrial Hydrogen Market are Air Liquide, Linde Plc., Nel ASA, Fuji Electric Co. Ltd., and cummins Inc. These prominent players are investing in large production facilities and partnering with end-users to strengthen supply chains across regions. While Asia hosts the key manufacturing bases, companies collaborate globally for technology development and skills.

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