The Global Bio Hydrogen Market is projected to grow at a CAGR of 6% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven majorly by the burgeoning concerns associated with the surging levels of carbon emissions entwined with the ever-increasing need to curb these by achieving decarbonization in commercial, industrial, transportation, and power sectors. It, in turn, is propelling the demand for eco-friendly fuel alternatives like Bio Hydrogen.
Besides, with the surging need to reduce dependency on fossil fuels, the governments of different countries worldwide are substantially investing in various research & development activities toward developing low-carbon technologies, such as Bio Hydrogen.
Additionally, in recent years, many industries & leading market players have shown keen interest in adopting hydrogen as a low-carbon energy source. Countries like Germany, the UK, Japan, & Singapore believe that Bio Hydrogen would address the growing concerns related to carbon emissions & rapid environmental changes, further states the research report, “Global Bio Hydrogen Market Analysis, 2021.”
Automotive Sector to Remain a Significant Contributor to the Global Bio-Hydrogen Market Growth
Among all End-Users, the Automotive industry has dominated the Global Bio Hydrogen Market with the largest share. It owes to the growing focus of the automotive manufacturers on attaining zero-emission levels and the mounting need to bring eco-friendly fuel alternatives to address several environmental problems.
In line with this, several automakers are actively seeking fuel alternatives to concede with the carbon reduction & working on developing Fuel Cell Electric Vehicles (FCEVs) that run on hydrogen power with minimal refueling time than conventional electric vehicles. These FCEVs, deployed across several countries for industrial mobility solutions, are gaining immense momentum worldwide, which, in turn, is displaying an opportunistic growth prospect for the overall market in the forecast years.
With Substantial Investments in Developing Clean Energy Sources, Asia-Pacific to Dominate the Bio Hydrogen Market through 2026
Geographically, among all regions, Asia-Pacific is projected to dominate the Bio Hydrogen Market with the largest share in the coming years. The region is appearing as one of the leading markets for adopting hydrogen. The market growth here owes principally to the availability of numerous manufacturing facilities, growing concerns of carbon emissions, and massive investments in developing clean energy like bio-hydrogen, coupled with expanding its application across other verticals like Food & Beverage, Pharmaceutical, Industrial, etc.
Besides, the rapidly progressing transportation sector with the rising number of initiatives to develop hydrogen fuel cell vehicles is also soaring the demand for Bio Hydrogen across the region. With the growing viability of the Bio Hydrogen technology & immense government support through various initiatives, research & development activities, etc., Asia-Pacific is generating remunerative growth opportunities for the leading players and driving the overall market, reveals MarkNtel Advisors in their research report, "Global Bio Hydrogen Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Bio Hydrogen Market Are the Linde Group, Air Products & Chemicals, Inc., BP America, Shell Hydrogen LLC, ExxonMobil Corporation, Chevron Corporation, Hydrogen Europe, Ceres Power, Johnson Matthey, and Fuel Cell Systems.
Key questions answered in the study: