by The global 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 of 2019 to 2027, according to a new report published by Coherent Market Insights.
Market Overview:
The U.S., Europe, and Asia Industrial Hydrogen Market refers to the market for hydrogen gas used in various industrial applications. Hydrogen gas is widely used in industries such as electronics, automotive, chemical, and energy, among others. The market for industrial hydrogen is driven by the increasing demand for hydrogen gas as a clean and efficient fuel alternative. Hydrogen gas is known for its high energy content and can be produced from a variety of sources, including fossil fuels, biomass, and renewable electricity. The need for clean and sustainable energy sources has led to a growing emphasis on the production and utilization of hydrogen gas in industries across the globe.
Market Key Trends:
One key trend in the U.S., Europe, and Asia Industrial Hydrogen Market is the increasing adoption of hydrogen gas as a fuel for electric vehicles. With the growing concerns over air pollution and the depletion of fossil fuel reserves, there is a global shift towards the use of electric vehicles powered by hydrogen fuel cells. Hydrogen fuel cells are more efficient and emit zero-emission, making them a promising alternative to conventional internal combustion engines. For instance, Toyota and Hyundai have already introduced hydrogen fuel cell vehicles in the market and are working towards commercializing them on a larger scale. This trend is expected to drive the demand for industrial hydrogen in the automotive sector.
Porter’s Analysis:
- The threat of new entrants: The threat of new entrants in the U.S., Europe, and Asia Industrial Hydrogen Market is low to moderate. The market is highly competitive with the presence of established players and high entry barriers, such as capital investment and technological expertise.
- Bargaining power of buyers: The bargaining power of buyers in the U.S., Europe, and Asia Industrial Hydrogen Markets is moderate. Buyers have the option to choose from multiple suppliers and negotiate prices based on their requirements.
- Bargaining power of suppliers: The bargaining power of suppliers in the U.S., Europe, and Asia Industrial Hydrogen Market is moderate to high. Suppliers have the advantage of limited availability of hydrogen gas and can dictate prices and terms of supply.
- Threat of new substitutes: The threat of new substitutes in the U.S., Europe, and Asia Industrial Hydrogen Market is low. Hydrogen gas has unique properties and is widely used in various industrial applications, making it difficult to substitute with other gases.
- Competitive rivalry: The U.S., Europe, and Asia Industrial Hydrogen Market is highly competitive, with the presence of key players such as Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. These players compete on the basis of product quality, technological innovation, and pricing strategies.
Key Takeaways:
- The global U.S., Europe, and Asia Industrial Hydrogen Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. The increasing demand for hydrogen gas as a clean and efficient fuel alternative is driving the market growth
- In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the U.S., Europe, and Asia Industrial Hydrogen Market. The region is witnessing rapid industrialization and urbanization, leading to an increased demand for hydrogen gas in industries such as electronics, automotive, and energy.
- Key players operating in the global U.S., Europe, and Asia Industrial Hydrogen Market include Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. These players are investing in research and development activities to develop advanced hydrogen production technologies and strengthen their market presence.
In conclusion, the U.S., Europe, and Asia Industrial Hydrogen Market is experiencing significant growth due to the increasing demand for clean and efficient fuel alternatives.
