Monday, 10 April 2023 09:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / April 10, 2023 / Transparency Market Research Inc. - As per market report by TMR, the global grey hydrogen market was valued at US$ 135.0 Bn in 2022 and is estimated to grow at a CAGR of 1.2% during the forecast period from 2023 to 2031. Production of grey hydrogen involves the usage of natural gas or coal through steam reforming and the coal gasification process. These processes lead to excessive carbon emissions, which make them hazardous. Hence, the carbon capture usage and storage method is used to make it carbon-free.
Increase in usage of grey hydrogen in ammonia production and as feedstock for animals is one of the key factors likely to boost the global market during the forecast period, according to the grey hydrogen research report by Transparency Market Research.
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Grey Hydrogen Market: Growth Drivers
- Grey hydrogen is utilized to produce ammonia in the fertilizer manufacturing process. Demand for fertilizers has increased substantially in the past few years owing to the need to increase the production of crops in accordance with the growing population. The burgeoning demand for fertilizers to raise the nutritional content of the yield has opened new growth avenues in the global market.
- Increase in utilization of grey hydrogen in the petrochemical and chemical industries is a major driver of the market. Hydrogen is used as a substitute for natural gas. It is also used in the generation of heat and electricity. The carbon-free aspect of the combustible products and high calorific value are the major advantages offered by grey hydrogen. The deployment of grey hydrogen in the petrochemical industry for the production of petroleum products is expected to fuel business growth. Furthermore, clean hydrogen contributes significantly to reducing carbon footprint due to low emissions. Thus, the petrochemical and chemical sectors are projected to provide lucrative opportunities in the global industry.
Key Findings of Grey Hydrogen Market
- In terms of source, the natural gas segment is expected to lead the global grey hydrogen market during the forecast period. The need for grey hydrogen in petroleum refineries is projected to rise in the next few years, which is expected to drive the segment.
- Based on end-use, the ammonia segment is expected to witness substantial growth as the adoption of hydrogen as a feedstock is increasing across the petrochemical and chemical industries
- In terms of technology, the coal gasification segment is anticipated to experience strong growth during the forecast period. Manufacturers are increasing their capacities and using natural gas or coal through coal gasification. Extensive use of this process in likely to augment the global market.
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Grey Hydrogen Market: Regional Dynamics
Asia Pacific accounted for significant share of the global market in 2022. This is ascribed to rise in awareness about the expanding uses of grey hydrogen in different sectors. The market in countries such as India and China has experienced robust growth in the past few years. Major business growth is influenced by urbanization. The burgeoning demand for grey hydrogen in the petroleum industry is driving market growth in the region.
Grey Hydrogen Market: Competitive Landscape
Presence of key players in the global market coupled with the growing focus on research and development activities has resulted in several new product launches. Majority of the industry players are engaged in strategic collaborations with regional companies, mergers, acquisitions, joint ventures, and startups. The patenting of innovations and project expansions to build long-lasting businesses in the local ecosystem play a crucial role in gaining substantial market share. The relentless efforts of the key players to enable zero-emission grey hydrogen fuel are projected to increase market reach. Furthermore, the integration of advanced technology for the production of green hydrogen is likely to augment industry growth.
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Following are a few of the leading companies in the worldwide grey hydrogen market:
- Iwatani Corporation
- Xebec Adsorption Inc.
- Messer
- ITM Power
- Nel ASA
- Iberdrola
- Siemens AG
- Linde plc
Grey Hydrogen Market: Segmentation
By Source
- Natural Gas
- Coal
By Technology
- Steam Methane Reforming
- Coal Gasification
By End-use
- Petrochemical
- Ammonia
- Chemical
- Steel
- Transportation
- Power
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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