Petroleum refineries witness considerable hydrogen demand
Hydrogen is a widely available element that is used in numerous industrial applications. It is mostly produced from fossil fuels by partial oxidation of methane, steam reforming of natural gas, coal gasification, and partially from the electrolysis of water.
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Some of the major applications of hydrogen include chemical plants and oil refineries. On account of the rising penetration of automobiles, rapid industrialization, and growing dependence on fossil fuels for energy generation, the consumption of crude oil has sprung up drastically in recent years. As per the U.S. EIA, approximately 100.9 b/d of petroleum and liquid fuels were consumed globally in 2019. This has led to the increased emphasis of companies across the globe to uplift the existing refinery facilities.
According to Global Market Insights, forecast, global hydrogen market size is expected to cross over US$303.9 billion by 2027.
Demand in power generation
The production of hydrogen through natural resources such as biomass, nuclear power, natural gas, and renewable sources like solar and wind makes it an ideal fuel alternative for electricity generation and transportation applications. Soaring emission concerns caused by fossil fuel combustion are encouraging governments to promote clean energy technologies and spread awareness about green fuel alternatives. According to the International Energy Agency, the global expenditure towards clean energy technologies is around US$600 billion per year.
Hydrogen is widely used in power stations as a prominent coolant in generators. The light diatomic molecule of H2 offers several exceptional characteristics that make it suitable in coolant application. These are low viscosity, low density, and superior thermal conductivity, and the highest specific heat of all gases. The growing burden on power generation to fulfill the consistently rising demand for electricity is creating tremendous scope from coolant applications.
Wide presence natural gas refineries in the Middle East
Middle east hydrogen industry share is anticipated to expand considerably, owing to the abundance of natural gas refineries and growing adoption of renewable energy sources to produce electricity. The presence of massive onshore and offshore solar and wind energy power plants is likely to support the production of low-cost, green hydrogen. Moreover, the changing trends toward clean energy technologies such as solar panels, electric vehicles, and others are creating a positive business outlook for the element.
Few notable hydrogen manufacturers include Ballard Power Systems, Nuvera Fuel Cells, Engie, Iwatani Corporation, Linde, Teledyne Technologies Inc., McPhy Energy S.A., Messer Group GmbH, and Infinite Blue Energy. These firms are eyeing strategies such as mergers, acquisitions, and green technology upgradation to dominate the competitive industry landscape.
As shielding gas in welding or as a tracer gas in detecting minute leaks, the ubiquitous properties of hydrogen make it widely applicable across various industries such as automotive, power generation, refinery and chemical.
