New York, USA, March 30, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global hydrogen generation market is anticipated to rise at a stable CAGR of 6.9%, thereby garnering a revenue of $212,877.4 million in the 2021 to 2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the hydrogen generation market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights into the market easily.
Dynamics of the Market
Drivers: Huge demand for hydrogen as an energy carrier is predicted to be the main driver behind the growth of the hydrogen generation market by 2028. Moreover, hydrogen has the highest energy content than any other fuel by weight. This makes hydrogen a popular choice as a fuel which has furthered the market growth.
Opportunities: The growing adoption of Carbon Capture, Utilization, and Storage (CCUS) Technology for generating hydrogen has enormous potential to offer opportunities for the hydrogen generation market by 2028. Furthermore, since hydrogen fuel is a clean fuel, there has been an upsurge in its usage as an alternative fuel for clean transportation and in the space industry, etc. This has helped in offering opportunities to this market even more.
Restraints: The high cost associated with the transportation and storage of hydrogen is a major restraint in the full-fledged growth of the hydrogen generation market.
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Impact of Covid-19 on the Market:
The Covid-19 pandemic has been disastrous, to say the least. It has severely impacted industries across all sectors of the economy, mainly due to the strict lockdown in various countries. The domino effect of this lockdown is such that there has been a severe decline in the energy needs of various industries. For example, the global energy demand was reduced by around 25% in countries under complete lockdown. Thus, almost all energy generation markets including the hydrogen generation market have been severely hit due to this unprecedented situation.
However, as the pandemic situation is improving and the vaccination process is gaining ground, economies around the world have kickstarted their industrial cycles, thereby causing a surge in energy demands. As a result, new hydrogen projects have been announced in 2020. For example, Australia and Singapore, in October 2020, have signed a memorandum of understanding with respect to the use of low emission technologies.
Segments of the Market
The report has fragmented the market into certain segments based on source, type, technology, application, end-use industry, and region.
Source: Blue Sub-segment to Have the Highest Market Share
By source type, the blue hydrogen sub-segment of the hydrogen generation market is expected to have a dominant market share and garner a substantial revenue of $108,146.9 million by 2028. Blue hydrogen, a low-carbon fuel, is manufactured from natural gas. Using the steam reforming process, blue hydrogen is obtained by mixing natural gas with hot steam. Blue hydrogen is used for powering vehicles, generating different types of power, heating buildings, etc. This varied application of blue hydrogen has helped this sub-segment to have such a dominant market share.
Type: Merchant Sub-segment to Have the Fastest Growth
Based on the type, the merchant type sub-segment of the hydrogen generation market is expected to gather a revenue of $138,331.3 million by 2028. In merchant type of hydrogen generation, hydrogen is produced for various end-use industries such as oil and gas. It is also used in the manufacturing and production of gasoline, agricultural fertilizers, plastics, etc. Merchant hydrogen, in some cases, has also been used in the food and pharmaceutical industry.
Technology: Steam Methane Reforming Sub-Segment to be the Most Profitable
By technology type, the steam methane reforming sub-segment is expected to have the largest market share and is also predicted to be the fastest-growing of the hydrogen generation market. It is expected to generate a revenue of $116,915.4 million by 2028. Steam methane reforming is a process wherein natural gas or methane is reacted with steam to produce hydrogen. Since the gas, thus produced, is 70-75% hydrogen on dry mass, this process is extremely efficient and hence this sub-segment is the most profitable one.
Application: Oil Refining Sub-segment to be the Most Lucrative
By application type, oil refining sub-segment of the hydrogen generation market is expected to have the most dominant market share with the fastest growth rate and surpass $87,682.7 million by 2028. Hydrogen gas is frequently used for lowering the sulfur content of diesel fuel. Hence, there is a huge demand for hydrogen from oil refineries, the transportation industry, and the power generation sector. The high growth rate of this sub-segment is reflective of this high demand.
End-Use Industry: Transportation Sub-segment to Flourish Immensely
Based on the end-use industry, the transportation sub-segment is predicted to be the fastest-growing as well as the most dominant one of the hydrogen generation market. It is expected to garner a huge revenue of $132,592.9 million by 2028. The main reason behind this sub-segment’s growth is the fact that hydrogen is a clean fuel. The rising awareness about global warming has triggered a wave around the globe regarding the use of climate-friendly fuels to power vehicles and industries. This sustainable nature of hydrogen fuel cells has made the transportation sub-industry the fastest-growing sub-segment.
Region: Market in Asia-Pacific Region to be the Fastest Growing
By regional analysis, the hydrogen generation market in the Asia-Pacific region is predicted to be the fastest-growing one, surging at a healthy CAGR of 7.5%. The establishment of new hydrogen generation projects and increasing investments in the clean energy industry have been the prime reasons behind the high growth rate of this market. For example, the developing economies of India and China are relying on the sustainable power generation capacity of hydrogen to help them increase their overall industrial output and GDP.
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Prominent Market Players:
Some leading market players of the hydrogen generation market are
- Cummins Inc.
- Iwatani Corporation
- Air Liquide S.A.
- Linde PLC
- Engie SA
- Air Products and Chemicals Inc.
- Showa Denko
- ITM Power PLC
- Uniper SE
- Messer Group, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. - Inquire and Get Access to the Key Business Development Strategy Report
For instance, in January 2022, General Motors, a leading automobile manufacturing corporation, announced that it will partner with Renewable Innovations, a Utah-based firm, to expand its hydrogen fuel cell market. Both the firms, in partnership, will manufacture Mobile Power Generator to charge electric vehicles and power building during outages.
Finally, the Research Dive report also summarizes many crucial aspects of the hydrogen generation market including SWOT analysis, latest strategic developments, the financial performance of the key players, and product portfolio.
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