Merchant Hydrogen Market Size Projected to Reach USD 565.5 Billion by 2034, With CAGR of 8.2%: Prophecy Market Insights

“Merchant Hydrogen Market” from 2024-2034 with covered segments By Type (Gaseous Merchant Hydrogen and Liquid Merchant Hydrogen), By Method (Steam Methane Reforming, Water Electrolysis, Coal Gasification, and Others), By Application (Industrial, Pharmaceutical, Military, Aerospace, Automobile, and Food) and Regional Forecast, 2024-2034), which provides the perfect mix of market strategies, and industrial expertise with new cutting-edge technology to give the best experience.

Covina, July 03, 2024 (GLOBE NEWSWIRE) — According to a recent research study, the global merchant hydrogen market size and share, worth USD 276.9 Billion in 2024, is anticipated to expand to USD 565.5 Billion by 2034, reflecting a CAGR of 8.2%.

Merchant Hydrogen Market Report Overview

The term “merchant hydrogen” refers to the production of hydrogen at plants and selling it to different end-user businesses for various uses in industries. While captive hydrogen is produced by enterprises for internal use, the term “merchant hydrogen” denotes hydrogen produced in dedicated plants and thereafter sold in the market to different end-use customers. Picture a chain of plant series aligned in a row producing hydrogen. Those are then followed by transporting this hydrogen through vehicles, pipelines, or specially designed containers to the many businesses that use it. Many cogent reasons therefore fuel the merchant hydrogen market.

Also, businesses are turning to hydrogen, with growing demand from the industries of chemicals, transportation fuels, and refining for such sustainable energy solutions. The development in the technology of electrolysis is making clean hydrogen, produced from renewable sources of energy such as solar and wind, feasible on an increasing basis. Notably, the move is also supported by the fact that government initiatives encouraging infrastructure spending and hydrogen generation are offering an excellent climate in the market.

The significant environmental impact of merchant hydrogen and the absence of infrastructure, like as filling stations and pipelines, are further drawbacks. It will play a major role in the transition to a sustainable energy future as clean hydrogen production technologies mature, infrastructure expands, and regulations become more benevolent all of which are drivers of future demand.

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Competitive Landscape:

The merchant hydrogen market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.

Some of the Merchant Hydrogen Market Key Market Players Are:

  • Airgas, Inc.
  • Cummins Inc.
  • Air Liquide
  • Linde plc
  • Taiyo Nippon Sanso
  • Xebec
  • Praxair, Inc.
  • Fuel Cell Energy, Inc.
  • Ballard Power Systems
  • Teledyne Energy Systems
  • Air Products and Chemicals, Inc.
  • Uniper
  • Fuel Cell Energy
  • Engie SA.

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Analyst View:

The merchant hydrogen market is experiencing significant growth in the 21st century due to expansion in hydrogen production plants and increasing demand in industries like oil and refinery, chemical, and automobile sectors. The water electrolysis technique is dominant, providing a reliable means to produce hydrogen free of carbon dioxide using renewable resources. The market is segmented based on type, application, and region, with gaseous merchant hydrogen having a greater market share and liquid hydrogen favoring long-distance transport. North America is an early adopter of green hydrogen, while Asia Pacific is experiencing a booming green hydrogen industry due to environmental restrictions and rising renewable energy infrastructure costs.

Merchant Hydrogen Market: Report Scope

Report Attributes Details
Market value in 2024 USD 276.9 Billion
Market value in 2034 USD 565.5 Billion
CAGR 8.2% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Also Read: U.S. Merchant Hydrogen Market Size & Share Research Report, 2024-2034

Market Dynamics:

Drivers:

Water electrolysis technique

  • The process of electrolysis involves splitting water into hydrogen and oxygen with the help of electricity. The merchant hydrogen market is currently dominated by water electrolysis. Manufacturers are interested in this production path because it provides a reliable means for them to produce hydrogen free of carbon dioxide using renewable resources.

Growing demand for cleaner fuels

  • In the near future, it is anticipated that the merchant hydrogen generation sector will see a sharp increase in demand for cleaner fuels. This might be fueled by increased government laws regarding the production of low-carbon hydrogen, increased investment in clean fuel infrastructure, a growing trend in decarbonization, increased investment in clean fuel fuels like hydrogen, and increased capacity for renewable energy sources.

Market Trends:

Supplying sustainability for the environment

  • Industries such as transportation, chemical manufacturing, and refining are heavily regulated from an environmental perspective; as such, they cannot help but seek ways to lessen their carbon footprint. Hydrogen burns cleanly, with only water vapor as a byproduct, and hence represents a very interesting replacement for traditional fossil fuels. If a refinery is compelled to run on dirty fuels; by getting on commercial hydrogen, they save an awful lot of environmental damage and give a bit of a push toward a cleaner future.

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Segmentation:

Merchant Hydrogen Market is segmented based on Type, Application, and Region.

Type Insights

  • This segment is divided into two categories, gaseous merchant hydrogen and liquid merchant hydrogen. A gaseous hydrogen system is supplied, stored, and released into a consumer pipeline in the form of gas. Such a system shall consist of manifolds, interconnecting pipes, controllers, safety relief mechanisms, pressure regulators, and mobile or stationary containers. Cooling gaseous hydrogen below −253°C (−423°F) is necessary to liquefy it. Large insulated tanks at the liquefaction facility can be used to store hydrogen once it has liquefied. Hydrogen requires energy to liquefy. Gaseous merchant hydrogen has a greater market share and is easier to store and transport, but its use in some locations is limited by high-pressure pipelines or specialized containers. With its higher energy density, liquid merchant hydrogen gains favor for long-distance transport, even as it still requires a high energy input.

Application Insights

  • The steel sector, ammonia synthesis, and oil refining are a few more industries that employ merchant hydrogen. Hydrogen finds further applications in the food, aerospace, military vehicles, and medicinal sectors. Researchers are looking at the use of hydrogen in hypersonic and rocketry applications, as well as in other hydrogenation processes that alter the molecular structures of medications and other treatments. The need for hydrogen filling stations has grown as a result of the rising cost of merchant hydrogen and the quick uptake of hydrogen fuel cell vehicles (FCVs) as an environmentally friendly alternative to conventional cars. This also plays a major role in extending the shelf life of food items.

Recent Development:

  • In June 2024, As part of a long-term agreement, Air Liquide spent up to $850 million on four Large Modular Air Separation Units and related infrastructure for ExxonMobil’s planned low-carbon hydrogen facility in Baytown, Texas. This program will enable Air Liquide to produce 50% more oxygen in Texas. In the event that the project receives final investment approval, it will represent the largest industrial investment in Air Liquide Group history. The main goal of the new low-carbon Air Liquide Baytown platform is to supply Air Liquide’s other clients with large amounts of low-carbon argon, krypton, and xenon, as well as low-carbon nitrogen and oxygen, for ExxonMobil.
  • In May 2024, PosHYdon starts testing offshore gas-green hydrogen. Onshore testing for the PosHYdon pilot project in the Dutch North Sea has begun at an InVesta facility in Alkmaar. The project aims to generate green hydrogen on a gas platform, integrating three offshore energy systems. Gas and hydrogen will be delivered via a pipeline, and the electrolyzer will be moved offshore to the Q13a-A platform.

Regional Insights

  • North America: The US and Canada were early adopters, hard work on green hydrogen and other forms of sustainable energy, as well as related business and transport infrastructure. Active hydrogen capacity in North America stands at 1.4 mtpa. The main industry uses of hydrogen in North America include transport, iron & steel, power, ammonia, fuel cells, gas grid, and oil refining.
  • Asia Pacific: Environmental restrictions and increasing expenses in renewable energy infrastructure, the green hydrogen industry is booming across Asia Pacific. China, Japan, and South Korea make investments to help achieve the nation’s clean energy goals through the expansion of infrastructure and hydrogen manufacturing. Decreasing costs and technology advancements further raise market prospects.

Browse Detail Report on “Merchant Hydrogen Market Size, Share, By Type (Gaseous Merchant Hydrogen and Liquid Merchant Hydrogen), By Method (Steam Methane Reforming, Water Electrolysis, Coal Gasification, and Others), By Application (Industrial, Pharmaceutical, Military, Aerospace, Automobile, and Food) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/merchant-hydrogen-market-5316

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