Hydrogen Market is Expected to Witness a Rapid Growth in Coming Years
Growing focus on renewable
energy and increasing demand for clean and green fuel are acting as key growth drivers
for Australia hydrogen market.
According
to TechSci Research report, “Australia Hydrogen Market By Technology (Steam Methane Reforming Vs. Membrane
Cell Technology), By Mode (Captive Vs. Merchant), By Application (Petroleum
Refinery, Ammonia Cracking, Chemical & Petrochemical and Others), By Region,
Forecast & Opportunities, 2025”, the market is anticipated to witness a robust growth
during the forecast period on account of rising pollution levels which is
creating high demand for clean and green fuel in the country. The pursuit for
renewable source of energy and availability of cost-effective ways of producing
renewable hydrogen are also acting as major growth driver for Australia
hydrogen market. Hydrogen is also increasingly being used as a raw material for
various industrial purposes in Australia. Apart from that, the government has
introduced certain regulations to control and limit the sulfur content in fuels
which is also supporting the growth of Australia hydrogen market.
Furthermore, Australia has introduced national
hydrogen strategies and the government has invested around $297 million in
various hydrogen projects. Australian government also considers hydrogen energy
as a way to strengthen the country’s energy exports sector. Australia’s key
policy strategy "H2 under $2" has been launched to compete with other
energy substitutes in large-scale deployment across the energy sector. All
these factors are boosting the growth of Australia hydrogen market. In addition
to this, the country is increasingly emphasizing on planet friendly
alternatives to fossil fuel such as hydrogen fuel cell systems. Also, Australia
is planning to develop first commercial scale hydrogen refueling station by
2020 which is expected to propel the growth of hydrogen market in coming years.
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Australia
hydrogen market is segmented based on technology, mode, application, and
region. Based on technology, the market can be fragmented into steam methane
reforming and membrane cell technology. Among them, steam methane reforming is
expected to undergo fastest growth during the forecast period on account of
their increasing application in producing hydrogen along with other gases such
as carbon dioxide and carbon monoxide. They are also considered to be the most economical
method for hydrogen generation.
Based
on mode, Australia hydrogen market can be categorized into captive and merchant.
Among them, merchant mode is anticipated to witness significant CAGR through
2025 owing to the existing natural gas pipeline network in the country. Moreover,
the construction of dedicated pipeline and shipping networks is also supporting
increasing adoption of merchant based hydrogen generation in the country.
Major players operating in the Australia hydrogen
market are BOC Australia Pty Limited, Air Liquide Australia Limited, and Engie
Renewables Australia Pty Ltd, among others. Leading market players are focusing
on using solar powered hydrogen generation system as it avoids carbon emission.
Companies are also undergoing various organic and inorganic growth strategies
to enhance their product portfolio. They now aim at increasing the export and
become global leaders in hydrogen production.
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“Australia's
National Hydrogen Strategy aims to become world leader in clean hydrogen energy
exports. The country is also moving towards using more sustainable energy
sources at domestic level. In order to achieve this, CCS technologies are being
used to produce clean hydrogen from natural resources such as coal and natural
gas. The government is also trying to raise awareness pertaining to the benefits
of hydrogen and fuel cells,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Australia Hydrogen Market By Technology (Steam
Methane Reforming Vs. Membrane Cell Technology), By Mode (Captive Vs.
Merchant), By Application (Petroleum Refinery, Ammonia Cracking, Chemical &
Petrochemical and Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of hydrogen market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Australia hydrogen market.
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