New York, United States , Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Hydrogen Generation Market Size to grow from USD 129.85 billion in 2021 to USD 230.81 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. The need for cleaner fuel, in conjunction with growing government restrictions for the desulfurization of petroleum products, is projected to be the primary factor driving growth in the global market for hydrogen generation.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The blue hydrogen segment accounts for the largest market size during the forecast period
Based on the source, the hydrogen generation market is categorized into blue hydrogen, green hydrogen, and grey hydrogen. The blue hydrogen segment accounts for the largest market size during the forecast period. It is anticipated that the increased usage of hydrogen in fuel cell-powered cars would be the primary factor driving the blue hydrogen industry. Fuel cells are a means of transportation that are better for the environment and have the potential to replace fossil fuels. In addition, governments in every region of the world have come out in favor of using fuel-cell cars to reduce greenhouse gas emissions. The infrastructure development required to support fuel-cell cars is receiving more funding, subsidies, and tax benefits. Because of this, it is anticipated that there will be a rise in demand for blue hydrogen during the forecast period due to the rising usage of hydrogen in the automotive industry.
Browse key industry insights spread across 210 pages with 133 market data tables and figures & charts from the report “Global Hydrogen Generation Market Size, Share, and COVID-19 Impact Analysis, By Source (Blue hydrogen, Green hydrogen, and Grey Hydrogen), By Technology (Steam Methane Reforming (SMR), Coal Gasification, and Others), By Applications ( Oil Refining, Chemical Processing, Iron & Steel Production, and Ammonia Production), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030. View a detailed Table of Content here–
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The steam methane reforming (SMR) segment to hold a higher CAGR during the forecast period
Based on technology, the hydrogen generation market is categorized into Steam Methane Reforming (SMR), Coal Gasification, and Others. The steam methane reforming (SMR) segment holds a higher CAGR during the forecast period. The steam methane reforming process is an established and highly developed method for the creation of hydrogen. This is because the global demand for hydrogen generation is expanding at an alarming rate. High conversion efficiency is one of the operational benefits connected with the steam methane reforming process, which is another reason contributing to the market's expansion. During the forecast period, it is anticipated that the Steam Methane Reforming sector will maintain its position as the leader.
The ammonia production segment to hold a higher CAGR during the forecast period
Based on application, the hydrogen generation market is categorized into Oil Refining, Chemical Processing, Iron & Steel Production, and Ammonia Production. The ammonia production segment to hold a higher CAGR during the forecast period. The ammonia production sector will continue to hold the top spot throughout the forecast period. Because of ammonia's ability to serve as a carbon-free fuel, hydrogen transporter, and energy storage medium, technologies that generate hydrogen from renewable sources might be implemented on a far larger scale. Ammonia facilities often have their on-site hydrogen production, which uses a feedstock derived from fossil fuels. Natural gas is the feedstock that is used most frequently, and it is used to feed a steam methane reforming (SMR) unit. The production of ammonia from coal can also be accomplished by a method known as partial oxidation (POX).
North America to hold a higher CAGR during the forecast period.
The Global Hydrogen Generation Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2022. The development of a larger-scale hydrogen-generating industry in North America has been in the works for several years. The industry as a whole has expanded at a rapid rate because to the contributions made by each application and technological advancement. The manufacturing of methanol and ammonia is the industry that is expanding at the highest rate, and nations like the United States and Canada have witnessed tremendous growth in this sector over the past five years.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Global Hydrogen Generation Market vendors include Air Liquide International S.A, Air Products and Chemicals, Inc, Hydrogenics Corporation, INOX Air Products Ltd., Iwatani Corporation, Linde Plc, Matheson Tri-Gas, Inc., Messer, SOL Group, and Tokyo Gas Chemicals Co., Ltd. And prominent key players.
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