Jersey City, NJ, April 03, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrogen Generation Market Size, Share & Trends Analysis Report By Technology (SMR, POX, Coal Gasification, Electrolysis), Application (Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation), Source (Blue, Green, Gray), Generation Mode (Captive, And Merchant)- Market Outlook And Industry Analysis 2031"
The Global Hydrogen Generation Market is estimated to reach over USD 366.49 billion by 2031, exhibiting a CAGR of 9.46% during the forecast period 2023-2031.
Due to continuous urban and industrial growth, nations have been compelled to employ various power-producing technologies to meet demand. Likewise, development initiatives exist in populated regions, including the Middle East, Africa, and Asia-Pacific.
Recent Developments:
- In August 2022, A green hydrogen plant was put into operation by Larsen & Toubro (L&T) at its AM Naik Heavy Engineering Complex in Hazira, Gujarat, India. The facility would probably produce 45 kg of green hydrogen every day, which will be used exclusively in the company's Hazira manufacturing site for captive consumption.
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Concerns about using sustainable energy sources to reduce dependencies on fossil fuels like crude oil and natural gas are becoming more significant in the global economy. For instance, the Statistical Assessment of Global Energy 2020 by BP, published in June 2020, states that the overall energy consumption for the Asia Pacific region went from nearly 249.4 exajoules in 2018 to approximately 257.6 exajoules in 2019. As a result, this element is fueling the market CAGR.
Moreover, the demand for food will increase by a factor of two with an increase in population. More intensive farming, protective cropping systems, and the best fertilizer management practices will all be required to meet this growing need. Fertilizer management will make use of nitrogen fertilizers.
Ammonia is a critical component of nitrogen fertilizers, and the ideal form is ammonium nitrate. The rising global population will result in huge demand for agricultural products, demanding improved fertilization management systems. The market will expand due to the increased demand for ammonia to construct these systems.
List of Prominent Players in the Hydrogen Generation Market:
- Linde plc,
- Air Liquide,
- Cummins Inc.,
- Air Products Inc.,
- Uniper SE,
- Engie,
- Siemens,
- Nel ASA,
- ITM Power,
- Iberdola,
- McPhy Energy S.A.,
- Messer,
- Enapter S.r.l.,
- Orsted A/S,
- Xebec Adsorption Inc.,
- Grren Hydrogen,
- Plug Power Inc.,
- Atawey,
- Hiringa Energy Limited
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Hydrogen Generation Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 165.36 Bn |
| Revenue forecast in 2031 | USD 366.49 Bn |
| Growth rate CAGR | CAGR of 9.46 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Tons), and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Source, Technology, Application, And Generation. |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Decarbonization also describes a progressive decrease in the carbon footprint of primary energy. Decarbonizing the global energy system, which has increased demand for green energy technology and cleaner energy sources like hydrogen, is one of our biggest problems. This is encouraging the growth of the industry that produces hydrogen. Furthermore, the sector is expanding rapidly due to promoting government initiatives to reduce carbon footprints.
As a clean energy fuel, hydrogen is expected to eventually reduce the need for oil, reducing greenhouse gas emissions and other pollutants. Hydrogen can be created from almost all energy sources, including biomass, wind, sun, nuclear, and clean fossil fuels.
Challenges:
A synthetic energy carrier is a hydrogen. Energy generated by numerous other processes is transported by it. Electrical energy is converted into hydrogen by water electrolysis. Nevertheless, high-grade electrical energy is also used to compress, liquefy, transport, transfer, or store the medium in addition to creating hydrogen. Hydrogen must be produced using energy. The energy intake and synthetic gas's energy level should ideally match.
Energy transition occurs during the electrolysis and reforming processes, two common ways to produce hydrogen. Electrical energy, or the chemical energy of hydrocarbons, is turned into hydrogen's chemical energy. Energy losses always occur during the production of hydrogen.
Regional Trends:
The fastest-growing market is in the Asia-Pacific area as a result of China and India's increasing use of hydrogen for power generation. In addition, the government's expanded efforts to encourage green and clean energy in nations like Australia, Japan, and India are fostering market expansion.
A vigorous economic development that facilitated the growth of the hydrogen-generating industry in this region was evidenced by the quick development of several sectors in numerous economies, including South Korea, China, Japan, and India. The attractive growth of the area is primarily attributable to the rising demand for electric vehicles fueled by fuel cells in the area. In addition, the region is seeing an increase in the production of power using renewable resources.
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Segmentation of Hydrogen Generation Market-
By Source-
- Blue Hydrogen
- Gray Hydrogen
- Green Hydrogen
By Technologies-
- Steam methane reforming (SMR)
- Partial Oxidation (POX)
- Coal gasification
- Electrolysis
By Application-
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
By Generation-
- Captive
- Merchant
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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