ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Hydrogen Generation Market is projected to grow at a compound annual rate (CAGR) of 7.5% between 2019 and 2029.
Adoption of clean energy solutions in power generation, manufacturing, and logistics is creating a high need for hydrogen generation processes. For instance, the US Department of Energy (DOE), and Department of Transportation (DoT) constantly revises the Hydrogen Posture Plan (2006) to leverage advanced hydrogen extraction and applications to develop support infrastructure such as gas pipelines and re-fuelling stations. As the COVID-19 slowdown edges off, demand for hydrogen generation will recover in tandem with low prices.
Applications in methanol and ammonia production amid surging demand for these chemical compounds will continue to generate revenues. The increase in average size of electrolysers and capacity expansion of these devices paint a profitable picture for market players. Major organizations are leveraging such technological advancements in economies of scale to strengthen their market position.
For Critical Insights on This Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=4686
The emphasis on low-cost, clean energy gives impetus to hydrogen generation. From the US to Australia, governments across the globe are encouraging hydrogen deployment by combining incentives and generation targets.
Captive Hydrogen Generation to Stimulate Revenue
Cost of conveyance and distribution of hydrogen is propelling the demand for captive hydrogen generation systems. Omnipresent regulatory emphasis on reducing industrial pollution has forced manufacturers to capture by-product hydrogen produced in production processes.
Ease of installation and favorable price to performance ratio of captive hydrogen generation make this systems segment account for a majority share of over 86% of the total market value.
Clean Energy Initiatives Post COVID-19 Recovery to Further Hydrogen Generation
Adoption of fuel cell automotive across the globe is a trend to track by market players. For instance, developing countries in Asia Pacific such as China, India, and Indonesia are investing in developing modern infrastructure that promotes the adoption of new-energy automotive. Further, incentive policies in developed regions such as the US and Russia promote hydrogen adoption by the manufacturing industry. Concerns over decreasing air quality and respiratory problems are accelerating the demand for hydrogen generation in oil & gas applications. In a consolidated competitive landscape, mergers, acquisitions, and capacity expansion partnerships are popular strategies adopted by market players.
Resurgent economies that successfully combat and contain COVID-19 will drive the demand for hydrogen generation in a bid to improve the quality of air since, respiratory health conditions are a central factor to the rampant spread of coronavirus. The hydrogen generation market will regain first quarter revenue losses in clean energy adoption post the pandemic. However, current scenarios warrant advance planning from market players to come up with recovery strategies. Targeting low COVID-19 impact areas or fast-recovery areas is a chief growth strategy. Change in supply chain and distribution channels is foreseen in a COVID-19 infected hydrogen generation market through 2029.
To learn more about Hydrogen Generation Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=4686
Key Segments Covered in the Hydrogen Generation Industry Survey
Technology
- Coal Gasification
- Steam Methane Reforming
- Others
System
- Merchant
- Captive
Application
- Methanol Production
- Ammonia Production
- Petroleum Refining
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Recovering from COVID-19 Losses
The COVID-19 Pandemic has had a detrimental effect on oil & gas energy production of the world. Shale gas exploration projects have been put on hold. Existing oil & gas energy reserves are being deployed to sustain the need from essential transportation and logistics of healthcare products such as medical ventilators, and personal protective equipment.
However, normalization post COVID-19 will witness a surge in demand for onsite-hydrogen production systems as companies look to reduce dependency on merchant transportation. Market players can extract valuable lessons and future trends of the market by gauging the reaction of trade lockdown amid COVID-19.
Get Customization on this Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=4686
Key Takeaways from the Market Study
- Steam methane reform will grow more than two-fold during the projection period. The technology segment accounts for a majority share of over 68% of the total market value. The crucial role of steam reforming in large-scale supply of fuel for hydrogen fuel cells acts as a major factor for growth in this segment.
- On the back of thermal efficiency and negligible carbon emission, coal gasification technologies for hydrogen generation account for the second largest market value share of over 30%. The segment offers attractive revenue prospects with a stellar 8% CAGR through 2029.
- Surging demand for biodiesel, organic synthesis that employs methanol as a fuel, solvent, and antifreeze element, will make this application segment account for more than 40% of the total market value. The segment shows a strong growth trajectory.
- Application of hydrogen generation in petroleum refining offers the most remunerative growth opportunities with a stupendous 9% CAGR during the projection period. Increasing emphasis on clean energy and desulphurization of fuel drive growth in this segment.
- Captive hydrogen generation systems are gaining popularity owing to energy efficiency and decreased carbon emissions of the system type. Captive hydrogen generation systems account for a lion’s share of ~86% of the total market value with an equally impressive growth rate.
- Merchant systems however exhibit a double digit growth rate of more than 10% CAGR during the projection period. Favorable gas-pipeline infrastructure development will attract customers through 2029.
Explore Fact.MR's Coverage on the Chemicals & Materials Domain-
Physical Vapor Deposition Market Trend: The global physical vapor deposition market report published by Fact.MR incorporates an in-depth analysis of the prominent growth dynamics, including possible drivers, opportunities and trends, expected to prevail across the landscape for the upcoming decade. A detailed insight regarding key geographies and prominent manufacturers has been embedded in this report.
Sterilant and Disinfectant Chemicals Market Analysis: Fact.MR's incisive coverage on the sterilant and disinfectant chemicals market explicates on the key drivers, trends and opportunities expected to prevail across prominent segments and key geographies for the forthcoming assessment period. Additionally, details about prominent manufacturers and their revenue shares have also been incorporated.
Advanced High Strength Steel Market Forecast: A detailed assessment of advanced high strength steel (AHSS) value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in Fact.MR's exclusive coverage on the subject. It further highlights the prominent growth drivers and opportunities likely to present themselves in the forthcoming decade.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Tel: +1 (628) 251-1583
