According to a new market report published by Persistence Market Research “Global Market Study on Hydrogen: Electrolysis of Water Segment to Witness Highest Growth by 2020,” the global hydrogen market was valued at 255.3 billion cubic meters in terms of volume and USD 96.6 billion in terms of value in 2013. It is expected to grow at a CAGR of 3.5% and 5.6% for volume and value respectively from 2014 to 2020, to reach an of 324.8 billion cubic meters in terms of volume and USD 141.4 billion in terms of value by 2020.

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Growing secondary end-user industries and increasing use of hydrogen in refinery hydro-processing are some of the major factors fuelling the growth of the hydrogen market for hydrogen fuel cell vehicles. Since hydrogen is used in petroleum refining processes, the industry is impacted by the unstable growth of the latter. However, increasing demand for clean transportation (the reason for the unstable growth of petroleum refining industries) is supporting the growth of the hydrogen market in terms of increasing demand for hydrogen fuel stations. Hydrogen is used in petroleum hydro-treating and hydro-cracking in the refinery industry. Demand for hydrogen in petroleum refining has increased significantly over the last few years owing to stringent motor vehicle emissions regulations imposed by various governments. Developed countries follow the latest emission regulations, whereas developing countries frequently revise regulations.

Asia-Pacific is the largest market for hydrogen globally. Increasing demand from countries such as India and China coupled with increasing use of hydrogen in secondary end-user industries is expected to propel the growth of the Asia Pacific market. Some of the major factors contributing to the growth of hydrogen market in North America include stringent motor vehicle emission regulations imposed in developed countries, including the U.S. This, in turn, is increasing demand for low-sulfur and ultralow-sulfur gasoline and diesel fuels. Moreover, rising need to reduce the carbon content in the atmosphere is one of the major factors driving the hydrogen market in Europe.

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In this report, the hydrogen market is segmented into production and delivery (merchant and captive production), production process (steam reforming of coal, steam reforming of natural gases, partial oxidation of hydrocarbons, and electrolysis of water), and application (petroleum refinery, chemical production, food processing, pharmaceutical, metal processing and others). These are represented in terms of volume (billion cubic meters), value (USD billion), and regions such as North America (the U.S. and Canada), Europe (Western and Eastern Europe), Asia-Pacific (China, India, and Japan), and rest of the world.

Global hydrogen market grew from 232.0 billion cubic meters in 2010 to 255.3 billion cubic meters in 2013 at a CAGR of 3.2% in terms of volume. The market grew from USD 82.6 in 2010 to USD 96.6 at a CAGR of 5.3% in terms of value. Under the regional segment, the Asia Pacific hydrogen market (the largest market in 2013) increased by 6.8% CAGR during 2010-2013 to reach 81.1 billion cubic meters in 2013 in terms of volume. The market expanded at a CAGR of 7.3% to reach USD 29.2 billion in 2013 in terms of value.

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