In this article, we will take a look at the Largest Hydrogen Exporting Country in the World. If you want to delve deeper and have a look at other largest hydrogen exporting countries in the world, you can see the 12 Largest Hydrogen Exporting Countries in the World.
Global warming is on the rise and along with this, environmental and climatic conditions have been worsening. These issues, coupled with excess pollution, have led to the need to adopt and develop clean and green energy solutions. Hydrogen, being one of the biggest sources of green and clean energy, is forecasted to experience huge growth. Governments across the globe have also been taking initiatives to decrease carbon footprints. This has also boosted the overall production and consumption of hydrogen.
According to Precedence Research, the global hydrogen generation market was valued at a whopping $148 billion in 2023 and is forecasted to grow at a compound annual growth rate (CAGR) of 5.75% and reach a value of $259 billion by the end of the forecast period in 2033.
Being a versatile energy source, hydrogen is a key component in tackling the ongoing energy crisis and challenges. The demand for hydrogen in 2021 was almost 94 million tons (Mt) in 2022 and this contributed to about 2.5% of global final energy consumption, according to the International Energy Agency. This increase in demand stemmed mostly from refining and its traditional use in industry. However, it is noteworthy that the demand for innovative applications also increased up to 40 thousand tons.
The US hydrogen market is extremely competitive and currently accounts for more than half of the world’s fuel cell vehicles, according to the Fuel Cell and Hydrogen Energy Association. It also produces 25,000 fuel cell material handling vehicles, more than 8,000 small-scale fuel systems in 40 states, and more than 550 MW of large-scale fuel cell power installed or planned.
As can be seen from the usefulness and demand of hydrogen, this sector has a lot of potential and is poised to grow exponentially in the coming years. Given this, many companies have been expanding in this sector. A few of them have already established their presence in the hydrogen industry and have been making waves. Some of the leaders are Linde (NYSE:LIN), Air Products & Chemicals (NYSE:APD), and Bloom Energy Corporation (NYSE:BE).
Linde (NYSE:LIN)
Linde (NYSE:LIN) operates across the globe and covers North and South America, Europe, the Middle East, Africa, and the Asia Pacific regions. It is an industrial gas company that produces atmospheric gases like oxygen, nitrogen, argon, and also processes gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene.
In December 2023, the company announced an expansion of its liquid hydrogen production capacity at its McIntosh, Alabama facility. According to Insider Monkey, the upgraded facility is now capable of producing up to 30 tons per day of liquid hydrogen for the local merchant market. This $90 million expansion is aimed at meeting the growing demand for hydrogen in different industries.
Air Products & Chemicals (NYSE:APD)
Air Products & Chemicals (NYSE:APD) is one of the leading suppliers of merchant hydrogen and a leader in hydrogen fuel infrastructure. The company owns more than a hundred hydrogen plants that hold a capacity to produce a whopping 7 million kilograms of fuel each day.
Earlier this month in March 2024, Air Products announced the successful completion of its testing for the proprietary AP-DMR™ LNG process technology at the Coral South floating liquefied natural gas plant in Mozambique, Africa. According to Investing.com, this state-of-the-art technology has now enabled the facility to increase its LNG production capacity in upwards of 3.4 million tons.
Bloom Energy Corporation (NYSE:BE)
Bloom Energy Corporation (NYSE:BE) specializes in designing, manufacturing, and installing solid-oxide fuel cell systems for on-site power generation globally. The Bloom Energy Saver is the flagship product of the company, which uses solid oxide technology to convert various fuels, including natural gas and hydrogen, into electricity without burning them.
According to its press release in November 2023, Bloom Energy Corporation (NYSE:BE) reported a Q3 non-GAAP EPS of $0.15 and a revenue of $400.3 million. With this reported performance, the company outperformed Wall Street estimates by $0.19 and $31.28 million, respectively, according to Yahoo Finance. Revenue for the period increased nearly 37% compared to the prior-year quarter.
Having looked at the companies that are leading in the hydrogen market, let us also take a look at the country that has been leading this sector globally.
Methodology
For the purpose of this ranking, we referred to the Observatory of Economic Complexity (OEC) and obtained the data on the total export value of hydrogen exported by every country in the year 2002. This showed in dollar terms, the level of hydrogen that was exported by each country. The data was then arranged in ascending order and the Largest Hydrogen Exporting Country in the World was then selected.
The Largest Hydrogen Exporting Country in the World is Belgium.
1. Belgium
Trade value: $168.4 million
In 2022, Belgium exported $168 million worth of hydrogen, making it the world’s largest exporter of hydrogen. During the same year, hydrogen was the 406th most exported product from Belgium. The primary recipients of Belgium’s hydrogen exports were the Netherlands ($164 million), Luxembourg ($2.06 million), France ($1.6 million), Germany ($407,000), and Colombia ($204,000), according to OEC.
For our full free list of the 12 largest hydrogen-exporting countries, please click here.
You can also check out the list of 20 Biggest Natural Gas Companies in Australia, 2024.
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Disclosure: None. This article is originally published at Insider Monkey.