marketreports

According to the findings in the World Oil Outlook, 2018 by the Organization of Petroleum Exporting Countries (OPEC), the total primary energy requirement was valued to be 276 Mboe/d in 2015, and the organization has projected the demand to attain 298.2 Mboe/d mark in 2020, 339.4 Mboe/d in 2030, and a massive figure of 371.6 Mboe/d in 2040.[1] This increasing demand for energy will translate to a definite demand for oil which will lead to an augmented production of oil in the refineries worldwide. Hydrogen is used in refineries for oil refining as it enables the process of converting crude oil into refined fuels such as gasoline and diesel while it also removes contaminants such as sulfur from these fuels. The foreseeable growth of the petroleum industry will lead to a demand influx in the hydrogen market that was valued to be $118.1 billion as of 2018. Furthermore, the demand for hydrogen in various industries is projected to grow with a healthy compound annual growth rate (CAGR) of ...