With the surge in the global population and the escalating pollution levels, the availability of large areas of arable land is declining rapidly. This is encouraging farmers and governments to use the available arable land in a very judicious manner. As per the World Bank, the size of per person arable land across the world fell from 0.2 hectares in 2011 to 0.19 hectares in 2016. Moreover, the lack of availability of large areas of arable land is making farmers adopt modern strategies and tools such as fertilizers for enhancing the agricultural productivity.
Additionally, with the mushrooming population in several countries, the demand for agricultural products is skyrocketing, which is, in turn, propelling the requirement for fertilizers. Due to this factor, the popularity of nitrogen-based fertilizers is surging. As hydrogen is an important component of these fertilizers, the soaring use of these fertilizers across the world is fueling the demand for hydrogen, thereby causing the expansion of the global hydrogen market. According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $136,185.0 million in 2019 to $196,934.5 million by 2030.
Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the hydrogen market in the upcoming years. This will be because of the soaring chemical production and booming crude oil refining activities in the region. Furthermore, the implementation of various initiatives aimed at augmenting the use of fuel-cell vehicles is also propelling the demand for hydrogen in the region. Additionally, the mushrooming usage of fertilizers, especially in India and China, is also driving the demand for hydrogen in the region.
Thus, the demand for hydrogen is set to boom in the coming years, owing to the increasing utilization of ammonia-based fertilizers, growing use of hydrogen in the refining industry, and ballooning deployment of fuel-cell vehicles all over the world.
