The business of hydrogen: Past, present and future


When considering which segments of the industrial gas industry have taken off over the past 5-10 years, hydrogen invariably dominates the conversation.

Arguably one of the fastest-growing segments, the hydrogen business is forecasted to expand 2-to 5-fold by 2035. Currently, most of the global consumption today is for refining petroleum, treating metals, producing fertiliser, and processing foods. However, the wheels are already in motion for hydrogen’s profile and market potential to change dramatically – driven by the increasing focus on sustainability of operations, product portfolios, and ultimately the environment.

Moreover, these dynamics have hydrogen expanding into industries such as transportation, power/energy and several industry-specific applications that use limited-to-no hydrogen today. As you would expect, this growth is attracting an influx of both ‘new’ and ‘non-traditional’ players into this space, bringing a variety of new competencies, technology solutions, and even business models to this market. This article explores these shifts in the business of hydrogen, starting with humble beginnings in the past through to the future expectations..

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