Pune, India, May 02, 2023 (GLOBE NEWSWIRE) -- The global hydrogen generation market is expected to reach USD 220.37 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The market is set to gain traction from the high demand for fuel cell-based buses and electric vehicles (EVs), especially in North America and Asia Pacific. In December 2019, Hyundai, for instance, planned to invest around USD 6 billion in the development of hydrogen fuel cell technology to increase the sales of electric vehicles worldwide. This information is given by Fortune Business Insights™ in a study, titled, “Hydrogen Generation Market, 2021-2028.” The study further mentions that the hydrogen generation market size was USD 145.67 billion in 2020.
Key Industry developments:
In July 2021-Cerulean Winds, in partnership with px Group announced a contract to assist onshore green hydrogen plants and related industrial infrastructure in England and Scotland for its 200-turbine floating wind-to-hydrogen project based in the North Sea. According to the contract, px Group will operate the hydrogen generation facilities and the related onshore infrastructure with the grid connections and onshore substations.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.6% |
| 2028 Value Projection | USD 220.37 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 145.67 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 240 |
| Segments covered | Hydrogen Generation Market Size, Share & COVID-19 Impact Analysis, By Type (On-site and Portable), By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others) and Regional |
| Growth Drivers | Rising Adoption of Desulfurization in Refining Industry to Boost Growth |
| Key Players Focus on Bagging New Orders to Gain Competitive Edge |
Growth Driver:
Rising Adoption of Desulfurization in Refining Industry to Boost Growth
With growing concerns over climate change and air pollution, there is a growing demand for clean energy. Hydrogen is considered a clean and sustainable energy source, as it produces zero greenhouse gas emissions when used in fuel cells or burned with oxygen. Hydrogen can be produced using renewable energy sources, such as wind and solar power, which are experiencing significant growth in investment and adoption. As the use of renewable energy grows, so does the potential for hydrogen production. The hydrogen generation market is expected to experience significant growth in the coming years, driven by a range of factors including increasing demand for clean energy, government support, and technological advancements in hydrogen production and delivery.
COVID-19 Impact:
The pandemic has severely affected the global hydrogen generation industry, owing to decreased demand and cash-flow among regional players and traders. However, a number of policymakers have announced proposals to take advantage of the reduced carbon emission levels brought about by the closure of the manufacturing and transportation industries, boosting demand for clean fuel alternatives. For example, in December 2020, the Japanese government announced a new fund worth more than USD 19 billion as part of the COVID-19 stimulus package for the hydrogen industry. This will improve the outlook of the hydrogen generation market during the coronavirus outbreak.
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This Report Answers the Following Questions:
- What are the growth drivers and obstacles in the market?
- Which companies would lead the market in terms of revenue?
- What are the key strategies adopted by the companies?
- How will the ruling bodies promote the usage of hydrogen generation processes?
Segmentation:
Based on technology, the market can be segmented into steam methane reforming, electrolysis, coal gasification, and others. Among these, steam methane reforming is expected to be the dominant technology during the forecast period due to its wide use in industrial applications. However, electrolysis is expected to grow at the highest CAGR during the forecast period due to increasing adoption of renewable energy sources.
Based on generation and delivery mode, the market can be segmented into centralized production, distributed production, and merchant production. Among these, centralized production is expected to be the dominant segment due to its high efficiency and economies of scale.
Based on application, the market can be segmented into transportation, industrial, power generation, and others. Among these, the industrial segment is expected to be the largest segment during the forecast period due to the high demand for hydrogen in refineries, chemical production, and other industrial applications.
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Competitive Landscape-
Key Players Focus on Bagging New Orders to Gain Competitive Edge
The major companies present in the market are mainly engaging in receiving new orders from the industry giants for their in-house hydrogen generation systems. As the number of new hydrogen facilities is increasing, the demand for such systems is also surging rapidly.
A List of Key Manufacturers Operating in the Global Market:
- Air Liquide (France)
- Air Products (US)
- Iwatani Corporation (Japan)
- Hydrogenics (Canada)
- Linde (UK)
- Praxair, Inc (US)
- Messer Group (Germany)
- Showa Denko K.K. (Japan)
- Epoch Energy Technology Corporation (Taiwan)
- Idroenergy Spa (Italy)
- McPhy (France)
- Proton OnSite (US)
- LNI Swissgas (Switzerland)
- Airgas (US)
- Parker Hannifin (US)
- FuelCell Energy (US)
Hydrogen Generation Market Segmentation:
By Type:
- On-site
- Portable
By Technology:
- Steam Methane Reforming
- Water Electrolysis
- Partial Oil Oxidation
- Coal Gasification
By Application:
- Ammonia Production
- Petroleum Refinery
- Methanol Production
- Transportation
- Power Generation
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Hydrogen Generation Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. On-site
6.2.2. Portable
6.3. Market Analysis, Insights and Forecast – By Technology
6.3.1. Steam Methane Reforming
6.3.2. Water Electrolysis
6.3.3. Partial Oil Oxidation
6.3.4. Coal Gasification
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1. Ammonia Production
6.4.2. Petroleum Refinery
6.4.3. Methanol Production
6.4.4. Transportation
6.4.5. Power Generation
6.4.6. Others
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Latin America
6.5.3. Europe
6.5.4. Asia Pacific
6.5.5. Middle East and Africa
Continued….
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