Global Hydrogen Generation Market Scenario:
The global Hydrogen Generation Market can record a 7.8% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their detailed analysis discusses the possibilities for the hydrogen generation market to capitalize on the growth factors and cross the expected valuation by 2023.
Hydrogen is considered to be among some of the most abundant elements available in the universe. It is produced when natural gas is heated with steam leading to the production of syngas, a mix of hydrogen and carbon monoxide. Similarly, hydrogen can be produced by electrolyzing water and biomass gasification. Biomass gasification is a process where the plant matter is heated and reacted to enable the production of hydrogen and carbon dioxide.
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Prominent Players analyzed in the Hydrogen Generation Market Report are:
- Praxair, Inc. (US),
- Air Liquide S.A. (France),
- Air Products and Chemicals, Inc. (US),
- Hydrogenics (Canada),
- Iwatani (Japan),
- Messer Group (Germany),
- Plug Power (US),
- Linde (US),
- Showa Denko (Japan),
- Ballard Power systems (Canada), and
- Fuelcell Energy (US).
Some of the factors that pose as primary drivers for the growth of hydrogen generation market including the growing shift towards the use of clean energy in the power generation mix, growing awareness towards environment-friendly ways of energy production, and supportive government initiatives to use clean energy production alternatives. Many cities across the globe are investing heavily for energy system transformations for the Paris Agreement targets. For instance, China, the world’s largest carbon dioxide emitter, has announced its plan to bring down its carbon emission down to 20% of its original emission by making a shift towards the use of renewable energy sources.
Factors like the burgeoning transportation industry where automotive segment is witnessing a shift from fossil fuel to hydrogen, increasing government regulations, and projects to de-carbonize the atmosphere are expected to impact the global hydrogen generation market immensely. Demand for clean fuel to rise exponentially and hydrogen fuel cells can become the perfect alternative. This is particularly true for a country like China that has vowed to take down their carbon emission by 20% in the coming years.
Hydrogen Generation Industry Segmental Analysis:
Global Hydrogen Generation Industry as per the study, has been segmented into generation & delivery type, storage, and application.
Based on generation and delivery type, the market includes captive and merchant, among which captive hydrogen is likely to develop at a faster rate as it eliminates several problems linked to conveyance and distribution of hydrogen.
Based on application, the market splits into petroleum refinery, ammonia production, methanol production, transportation, power generation, and many more. Also, the transportation segment is expected to be the fastest-growing application segment owing to the increasing demand for fuel cell-based electric vehicles and buses, especially in the Asia Pacific and North America regions.
Based on storage, the market splits into onboard storage, underground storage, and power to grow storage.
The regional segmentation of the global hydrogen generation market segments the global market into regional markets known as North America, South America, Europe, Asia Pacific, and the Middle East & Africa (MEA).
Holding the largest market share in 2017, the Asia Pacific is expected to rise as the fastest growing regional market during the forecast period. In this region, the market is growing due to the growing demand to decarbonize energy use and increased demand for hydrogen to be used in fuel cell technology for electric vehicles. Other factors contributing to market growth are growing demand for electric vehicles and efficient fuel technology in countries such as China and Japan. Other important country-specific markets in this region are Australia and India, followed by the remaining countries of the Asia Pacific region.
Europe is the second largest regional market. In this region, the market is growing due to the growing demand for reliable supply for various end-user industries, mostly from the commercial sectors. In this region, the key regional markets are France, Germany, Italy, Russia, Spain, and the UK, followed by the remaining countries of Europe.
North America is a significant market is due to the presence of well-established market players, and rapid technological advancements. Important country-specific markets in this region are the USA, Canada, and Mexico. In South America, the market is smaller than North America because all the advanced technologies are not available in this region. Important country-specific markets in this region are Argentina and Brazil, followed by the remaining the remaining countries of South America.
The MEA region is the small regional market due to poor countries, lack of awareness, lack of infrastructure, lack of advanced technology, and lack of education. Important country-specific markets in this region are Iran, Saudi Arabia, South Africa, and Qatar, followed by the remaining countries of the MEA region.
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