October, 2024
The hydrogen market is expanding due to the stringent regulations for de-sulphuration of petroleum products. Hydrogen is an effective energy carrier, and this factor is expected to contribute significantly to its further penetration into newer markets. Global hydrogen demand reached more than 97 metric tons in 2023 and could reach almost 100 metric tons in 2024.
Global electricity demand is expected to increase by nearly two-thirds over the forecast period. Focus on distributed power & utility projects is anticipated to bolster industry growth globally. Furthermore, the global energy crisis needs attention, which is fostering research and development of the hydrogen market.
Some major hydrogen applications are turning crude oil into various end-user products such as transport fuels and petrochemical feedstock. Hydrotreatment also removes impurities such as sulfur, accounting for a large share of global refinery hydrogen use. Hydrocracking is a process that uses hydrogen to upgrade heavy residual oils into higher-value oil products. Demand for low-emissions hydrogen grew almost 10% in 2023 but still accounts for less than 1 metric ton.
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