New York, USA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- A new report on the global hydrogen generation market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $212,877.4 million by 2028, rising at a striking CAGR of 6.9% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Hydrogen generation Market Growth
The key factor boosting the growth of the global hydrogen generation market is the rising adoption of Carbon Capture, Utilization, & Storage (CCUS) technology for producing hydrogen to decrease carbon emissions. Moreover, the growing use of hydrogen for clean transportation in the space sector as well as the energy industry is anticipated to open doors to beneficial opportunities for the growth of the market in the forecast period. However, high costs involved in the storage and transportation of hydrogen is expected to obstruct the market growth.
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The report segments the global hydrogen generation market into source, type, technology, application, end-use industry, and region.
Blue Sub-Segment to Experience Leading Growth
Among the source segment, the blue sub-segment is expected to observe significant growth by surpassing $108,146.9 million during the estimated timeframe. This is mostly because blue hydrogen is a low-carbon fuel that can be used in various applications such as power generation, powering cars & trucks, heating buildings, and many others.
Merchant Hydrogen Generation Sub-Segment to Witness Highest Growth
Among the type segment, the merchant hydrogen generation sub-segment is expected to witness leading growth and garner $138,331.3 million during the estimated timeframe. This is mostly because of the growing applications of merchant hydrogen in numerous end-use industries such as oil & gas.
Steam Methane Reforming Sub-Segment to Experience Leading Growth
Among the technology segment, the steam methane reforming sub-segment is expected to observe significant growth by surpassing $116,915.4 million during the estimated timeframe. This is mostly because of the rising use of the steam methane reforming technique for producing hydrogen.
Oil Refining Sub-Segment to Perceive Maximum Growth
Among the application segment, the oil refining sub-segment is projected to grab the foremost market share and hit $87,682.7 million during the estimated timeframe. This is mostly because of the rising demand for fuel across the world from the transportation & power generation sector, which has amplified the need for hydrogen in the oil refining industries.
Transportation Sub-Segment to Witness Highest Growth
Among the end use industry segment, the transportation sub-segment is expected to witness leading growth and garner $132,592.9 million during the estimated timeframe. This is mostly because of the growing applications of hydrogen as a fuel source in the transportation industry as it offers a long driving range similar to conventional fuels.
Asia-Pacific Region to Observe Marvelous Growth
The report analyzes the global hydrogen generation market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific market is estimated to observe remarkable growth with a CAGR of 7.5% in the estimated period. The growth of the regional market is mainly because of the growing launch of hydrogen generation projects and the rising focus on the adoption of clean energy in this region.
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Impact of the COVID-19 Pandemic on the Hydrogen Generation Market
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global hydrogen generation market. The spread of the virus has created massive havoc in various industries across the globe. This resulted in a sudden deterioration in the functioning of several industries, which hindered the demand for energy during the pandemic. Hence, the investments in energy generation projects also reduced greatly, thus hampering the market growth amidst the pandemic crisis.
Leading Players of the Market
The report lists some of the foremost players operating in the global hydrogen generation market including
- ITM Power plc.
- Air Liquide S.A.
- Messer Group,Cummins Inc.
- Air Products and Chemicals Inc.
- Linde plc
- Iwatani Corporation
- Engie SA
- Showa Denko
- Uniper SE.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.
For instance, in May 2022, the union government of India announced to launch an all-inclusive green hydrogen mission to take forward the green hydrogen policy that was proclaimed in February 2022. Such initiatives are likely to propel the growth of the global hydrogen generation market in the coming years.
More about Hydrogen Generation Market:
- Methods of Hydrogen Generation and Its Importance
- Global Hydrogen Generation Market’s Growth to Skyrocket with the Rising Need for Clean Energy across Various Industries
