Vancouver, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The hydrogen generation market reached a significant valuation of USD 135 billion in 2021, and it is projected to exhibit a robust revenue Compound Annual Growth Rate (CAGR) of 9.8% throughout the forecast period, as analyzed by Emergen Research. This growth trajectory is primarily propelled by the escalating demand observed within the transportation sector. A pivotal trend influencing the market is the advancement of eco-friendly methods for producing hydrogen, particularly the emergence of green hydrogen production techniques.
Currently, hydrogen is manufactured through diverse processes, including steam methane reforming, partial oil oxidation, coal gasification, and water electrolysis. A considerable proportion of the hydrogen generated is predominantly employed in petroleum refineries and fertilizer production. It's noteworthy that approximately 90% of this hydrogen is sourced from fossil fuel reformation, which is considered the most cost-efficient method. However, this approach emits CO2 during the process, resulting in limited ecological benefits.
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However, one of the complexities associated with hydrogen utilization pertains to its storage. When intended for direct application as automotive fuel, hydrogen must either be onboarded and pressurized (sometimes reaching pressures of five to ten thousand psi) or converted into a liquefied form to ensure an adequate driving range. An alternative approach involves the storage of hydrogen within subterranean caves or depleted oil fields, a method that has been effectively employed by Imperial Chemical Industries for an extended duration.
Moreover, the meticulous purity requirements of hydrogen present an additional challenge, particularly in scenarios where it is utilized in fuel cells. The demand for ultra-high purity hydrogen, often reaching levels as high as 99.999%, adds a layer of complexity to its production and handling.
Another noteworthy hurdle in advancing the hydrogen generation market pertains to the necessary infrastructure. The establishment of a robust hydrogen infrastructure envisions a network of industrially scaled subterranean pipelines and refueling stations distributed across the nation, collectively forming what is colloquially known as a "Hydrogen Highway." In situations where these stations are not conveniently located near a pipeline, they would need to rely on hydrogen supply vehicles and trailers, or potentially generate hydrogen on-site to meet their operational needs.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 135 Billion |
| CAGR (2022–2030) | 9.8% |
| Revenue Forecast to 2030 | USD 306.88 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Technology, source, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Enapter, Claind, Atawey, Hiringa Energy, Exytron, Messer, Hydrogenics Corporation, SOL Group, Iwatani Corporation and Linde PLC. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The Hydrogen Generation market is fairly consolidated with few small and medium-sized market players accounting for majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Enapter
- Claind
- Atawey
- Hiringa Energy
- Exytron
- Messer
- Hydrogenics Corporation
- SOL Group
- Iwatani Corporation
- Linde PLC.
Strategic Development
- On December 23, 2021, Cummins joined a venture with China Petrochemical Corporation to make green hydrogen more affordable.
- On March 18, 2020, ENGIE, CEA, Neste, Sunfire, and Paul Wurth merged for a venture to work on production of renewable hydrogen at Rotterdam bio-refinery
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Some Key Highlights From the Report
- The steam methane reforming segment is expected to register a significant market revenue growth. Its cost-effectiveness is the reason in maintaining a high level of cleanliness in hydrogen it produces. SMR hydrogen is employed in artificial processes and energy cells because of its purity.
- The blue hydrogen segment is expected to grow considerably. It is most commercially viable solution, as its production is very easy, there are no input shocks, and it can be adapted to technology now in use in petroleum refineries, chemical plants, and other industries. Because these sectors have historically made considerable expenditures on their physical infrastructure, blue hydrogen has become an increasingly important aspect of corporate strategy.
- The ammonia production segment is expected to register a steady growth. Renewable hydrogen technologies might be used on a much bigger scale due to ammonia's potential for use as a carbon-free fuel, hydrogen carrier, and energy store.
- The Asia Pacific market is expected to register a considerable growth. Presence of more refineries in Asia Pacific, notably in major countries such as China and India, has enhanced hydrogen generation in the region. Furthermore, governments in Asia Pacific countries, such as Japan, China, and Vietnam, are researching more environment-friendly and cleaner hydrogen production processes.
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Emergen Research has segmented the hydrogen generation market based on technology, source, application, and region:
- Technology Outlook (Revenue, USD Billion; 2019–2030)
-
- Steam Methane Reforming
- Coal Gasification
- Electrolysis
- Partial Oxidation
-
- Source Outlook (Revenue, USD Billion; 2019–2030)
-
- Blue Hydrogen
- Green Hydrogen
-
- Application Outlook (Revenue, USD Billion; 2019–2030)
-
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
- Others
-
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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