Market Definition
Bio Hydrogen is a biofuel that uses microorganisms to produce hydrogen in several applications across different verticals like industrial, automotive, pharmaceutical, food & beverages, among various others. It is produced majorly through methods like Steam Reforming, Fermentation, Microbial Fuel Cell, etc., and is similar to bioethanol & biogas. Since biofuel production uses renewable resources, it is a clean energy source and does not generate any harmful pollutants.
Market Insights
The Global Bio Hydrogen Market is projected to grow at a CAGR of around 6% during the forecast period, i.e., 2021-26. The growth of the market is driven principally by the overconsumption of natural resources propelling the need to seek renewable alternatives for energy, coupled with the swift expansion of refining facilities, especially across developing economies, creating growth opportunities for the leading market players globally.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 6% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, UK, France | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Middle East & Africa: GCC, South Africa | |
| Key Companies Profiled | The Linde Group, Air Products and Chemicals, Inc., BP America, Shell Hydrogen LLC, ExxonMobil Corporation, Chevron Corporation, Hydrogen Europe, Ceres Power, Johnson Matthey, Fuel Cell Systems, etc. |
| Unit Denominations | USD Million/Billion |
Besides, the alarming concerns associated with the rising carbon emissions are also encouraging the adoption of eco-friendly alternatives for energy like Bio Hydrogen. In addition, the use of renewable resources is likely to reduce the production cost of clean energy and positively influence the demand for Bio Hydrogen.
Moreover, the extensive application of Bio Hydrogen shall enable multiple companies to profit from a mounting hydrogen fuel economy. Among different end-users, companies associated with oil & gas, automotive, etc., are likely to be the major adopters of hydrogen & contribute to the market growth, thereby augmenting the concept of hydrogen as an energy carrier.
Key Trends in the Market
Encouraging Government Initiatives & Policies to Promote the Market Growth
The governments of different countries worldwide are showing keen interest in obtaining carbon neutrality by actively investing in several research & development activities toward developing eco-friendly alternatives to combat the mounting carbon emission levels. Several administrations are seeking new strategies that would include using clean energy in different verticals, which, as a result, would fuel the Bio Hydrogen Market in the future. For instance:
Impact of Covid-19 on the Global Bio Hydrogen Market
The Covid-19 pandemic in 2020 had a decelerating effect on the Global Bio Hydrogen Market. Stringent movement restrictions & frequent lockdowns imposed by the governments of different countries hampered the supply chain, which resulted in the unavailability of raw materials & shut down of the manufacturing units.
Transportation, refinery, electronics, etc., were among the severely hit sectors. The entire automotive industry was disrupted and suffered massive financial losses due to reduced demand for vehicles, scarcity of raw materials, and other significant challenges. As a result, these effects directly impacted the demand for Bio Hydrogen and hampered the global market growth amidst the pandemic.
However, the market seems to be reviving since 2021, owing to the gradual betterment in the pandemic situation. The governments of different countries have uplifted restrictions and have allowed the recommencement of business operations.
Moreover, countries are also taking initiatives like stimulus packages & incentives for manufacturing, automotive sectors, and other infrastructural development projects to fuel the demand for Bio Hydrogen and help the market regain its usual pace in the coming years.
