According to the research report titled ‘Hydrogen Market Size By Application (Petroleum Refinery, Chemical), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027,’ available with MarketStudyReport, global hydrogen market is expected to witness remarkable growth during the period 2021-2027.
 

The surging demand for petroleum products in numerous sectors, rising emphasis on clean energy, and proliferation of the transport industry are factors propelling the growth of global hydrogen market.

For the uninitiated, hydrogen is a flammable gas that is colorless and odorless in nature. It is a versatile carrier of energy, and aids in dealing with a variety of power-related challenges.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/3793247/

Favorable government laws, combined with numerous technological advancements are further aiding the expansion of the industry.

However, safety concerns regarding hydrogen, and the lack of stringent regulations in developing nations are likely to impede the progress of the business landscape during the review period.

From an application standpoint, the petroleum segment of worldwide hydrogen industry is estimated to observe considerable growth during the assessment timeframe, attributed to its characteristic of enhancing the refining capacity of existing power sources. 

Moreover, the chemical vertical is anticipated to grow at 8% CAGR during the projected timeframe, owing to its extensive usage in the pharmaceuticals sector as well as in the production of agricultural fertilizers & plastic.

Speaking of the geographical terrain, Europe is slated to register a significant market share during the analysis period, due to the large-scale deployment of electrolyzer projects, and the prospering transport industry in the region. 

Various companies in Europe are intending to employ zero-emission hydrogen-based projects which are massively contributing to the production of green hydrogen, thereby strengthening the overall market. 

Furthermore, Asia Pacific market is poised to garner lucrative returns by 2027, due to the extensive R&D activities, coupled with the soaring demand for petroleum products. 

Major players influencing the worldwide hydrogen market trends are Xebec Adsorption, Inc., Air Liquide S.A., Teledyne Technologies Incorporated, Air Products and Chemicals, Inc., Mahler AGS GmbH, Cummins, Inc., Ballard Power Systems, Inc., Iwatani Corporation, Taiyo Nippon Sanso Corporation, Messer Group GmbH, Nel ASA, Showa Denko K.K., Plug Power, Inc., Ally Hi-Tech Co. Ltd., Nuvera Fuel Cells LLC, and Caloric Anlagenbau GmbH among others.