Hydrogen gas is a colourless, odourless, non-toxic and non-metallic gas with the molecular formula H2. This gas has a high production rate in North America, primary the United States, followed by Canada.
As per the report released by Global Hydrogen Market, the market of Hydrogen Gas is expected to touch US$ 214.5 million by 2024, growing at a CAGR of 6% from 2017. In the year 2017, the production rate was pegged at around US$140.1 million.
Use of Hydrogen Gas
The demand has soared lately because of the increasing demand of oils in many developing and developed countries. The OPEC countries are the biggest buyers of Hydrogen gas. As hydrogen is widely used in the petroleum sector for processing crude oil. After the specific filtration process via hydrogen, the impurities such as sulphur is removed from the crude oil that is extracted underneath the earth surface or inside the ocean floor.
What is the Segmentation of Hydrogen Gas Market?
The hydrogen gas market has been specifically segmented based on the type and the application.
As per the Type:
- Hydrogen Gas
- Liquid Hydrogen
As Per Application:
- In general industry
- Meta Working
Who are the Key Players To Use the Hydrogen Gas In Their Products?
- Air Liquification
- Air Products
- Air Water
- Linde Industrial Gas
- Taiyo Nippon Sanso
- Yingde Gases
Growth of Indian Hydrogen Market
The Hydrogen Market in India has been showing signs of a gradual increase over the period growing at 9% CAGR. The growth has been attributable to the demand in chemicals production, expansion of refineries, and rising adoption of coal gasification and power-to-gas projects. The demand for the production of fuel cell industry for the production of electricity, and growing mergers and acquisitions to fuel up the demand in the steel and chemical segments have also pushed the production of hydrogen gas.
Segmentation of the Indian Hydrogen Market
Market by Technology:
- Steam Methane Reforming
- Membrane Cell Technology
- Coal Gasification
Market by Mode:
Market, by Application:
- Petroleum Refinery
- Chemical & Petrochemical
Market, by Geography:
Hydrogen ill Impacts on the Environment
It is often believed that hydrogen gas has no ill effects on the environment. But such is not the case as the production of hydrogen gas via steam methane reforming releases a great deal of CO2 gases that pollute the environment and lead to global warming.
In many research and as per numerous scientists from different parts of the world, the production of hydrogen gas leads to leakage. As a result of the leakage, this hydrogen gas has the capacity to eat up the ozone layer faster than the CFC (Chlorofluorocarbons).
The Kyoto Conventions and other big conferences have failed to acknowledge the problems that have come up due to environmental degradation post the production of harmful gases.