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Hydrogen Market Overview:
According to the findings in the World Oil Outlook, 2018 by the Organization of Petroleum Exporting Countries (OPEC), the total primary energy requirement was valued to be 276 Mboe/d in 2015, and the organization has projected the demand to attain 298.2 Mboe/d mark in 2020, 339.4 Mboe/d in 2030, and a massive figure of 371.6 Mboe/d in 2040.[1]?This increasing demand for energy will translate to a definite demand for oil which will lead to an augmented production of oil in the refineries worldwide.
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Hydrogen Market Outlook:
Hydrogen is a chemical element with symbol H which is produced by electrolysis of water, steam reforming, metal-acid reaction, thermochemical reaction or anaerobic corrosion. Owing to its highly combustible nature and the fact that it occurs in various forms such as gaseous, liquid, slush, solid, and metallic, hydrogen is utilized in a gamut of industries for a myriad of purposes.
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Hydrogen?Market Challenges:
Even though hydrogen has penetrated in many industries, but hydrogen fuel cells are still facing challenges due to their high capital cost. Furthermore, their installation cost is exorbitant which dwarfs the hydrogen market size. However, the vendors are trying to cut the cost by reducing the material or exploring low-cost material. Reducing the complexity of the integrated system and minimization of temperature constraints which adds cost to the system can ameliorate the problem. The future foresees streamlined manufacturing process with reduced footprints, and that will open up the floodgates in the hydrogen market.??
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Plug Power?|?FuelCell Energy?|?Bloom Energy?|?ITM Power?|?McPhy?|?Ceres?|