Selbyville, Delaware, April 01, 2020 (GLOBE NEWSWIRE) --
Global hydrogen generation market value is set to cross USD 160 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Surging investment toward expansion of refining facilities in developing economies along with extensive use in applications including metal & semiconductors is set to positively influence the market growth over the forecast timeline.
Ability to decarbonize energy end use owing to reduced dependence on oil coupled with reduced carbon emissions are the key factors favouring the global hydrogen generation industry demand. In addition, stringent environmental regulations coupled with increasing crude oil prices and reduced natural gas cost will stimulate the replacement of conventional fuels with renewable energy carriers including hydrogen.
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Large scale adoption of captive fleet vehicles in countries including Japan coupled with extensive utilization of hydrogen in the metal industry will propel the captive segment of the market. Various technological advancements coupled with reduced production costs are some of the vital factors raising the process adoption across numerous applications.
Some major findings of the global hydrogen generation market report include:
- The demand for hydrogen is rising owing to their ability to decarbonize energy end use and growing regulations to desulfurize the refinery activities.
- Growing investments across the industries including transport, food & beverage, and semiconductors is projected to drive the industry growth.
- Major players operating across the hydrogen generation industry include Air Liquide, Showa Denko KK, Messer Group, Air Products & Chemicals, Nel ASA, Nuvera Fuel Cells amongst others.
- Positive outlook toward the expansion of refining & chemical industry in emerging economies comprising Middle East & Asia Pacific will accelerate the product adoption across the region.
Browse key industry insights spread across 215 pages with 242 market data tables & 37 figures & charts from the report, “Hydrogen Generation Market Report By Application (Petroleum Refinery, Chemical, Metal), Delivery Mode (Captive, Merchant), Process (Steam Reformer, Electrolysis), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hydrogen-generation-market
Improved economic and operational benefits including higher conversion efficiency combined with reduced costs owing to abundant availability of conventional fuels are the key features which will drive the SMR hydrogen generation market outlook. It is an advanced & mature technology which uses high temperature steam for hydrogen generation. Majority of the hydrogen production facilities including gas refinery & central oil plants use the SMR technology. Favourable regulatory initiatives to curtail the fossil fuel consumption across the industries will create new opportunities for clean energy manufacturers.
Growing demand for fuel cell electric vehicles primarily in Asia Pacific & North America along with ongoing research & development activities will accelerate the hydrogen production across the transport sector. Development of strong supporting infrastructure including the fuel cell stations in countries including Japan is set to boost the market share. Moreover, increasing government focus on renewable fuels to reduce the GHG emissions combined with the energy regulations will stimulate the business outlook.
Growing demand for energy products including industrial feedstocks along with escalating demand for ammonia & methanol production will encourage the demand for chemical based hydrogen generation market. It is a producer of by product hydrogen which can be utilized for consumption within the sector or for distribution to other sectors. In addition, cost effectiveness and large-scale usage in various industries will drive the market statistics.
Europe hydrogen generation industry is anticipated to witness growth of over 4% through 2026. Ongoing government regulations & policies to minimize carbon footprints have significantly expanded the financing toward the deployment of green hydrogen generation methods. Furthermore, large scale penetration of the production process in industries including transport across the region is anticipated to foster the product demand.
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Browse Related Reports:
Hydrogen Generator Industry Outlook By Capacity (<100 Nm3/h, 100-2,000 Nm3/h, >2,000 Nm3/h), Product (Onsite, Portable), Process (Steam Reformer, Electrolysis), Application (Chemical Processing, Petroleum Recovery, Fuel Cells, Refinery), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.gminsights.com/industry-analysis/hydrogen-generator-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.