In terms of revenue, the Global Hydrogen Generation Market is expected to reach USD 282.1 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 10.1% from 2022 to 2028.
The increase in global warming issues and worsening climatic and environmental conditions because of excess pollution demand the development and adoption of clean and green energy. As a result, hydrogen is a source of green and cleaner energy and is anticipated to drive the growth of the Hydrogen Generation Market during the forecast period.
Hydrogen is usually utilized as an alternative to electric energy. Hydrogen fuel is used widely in fuel cell devices, which is a key factor that stimulates Global Hydrogen Generation Market growth.
Key Highlights from Report:
· Based on Technology, the Steam Methane Reforming segment accounted for the highest CAGR in the forecast period. This is due to the increased usage of steam methane reforming technology in the Hydrogen Generation process worldwide.
· Based on Type, the Blue Hydrogen segment dominates the Hydrogen Generation Market with the maximum market share and will continue its dominance in the forecast period. Blue hydrogen is derived from natural gas using steam methane reforming (SMR). SMR mixes natural gas with hot steam in the catalyst’s presence, where a chemical reaction generates hydrogen and carbon monoxide. Also, the price of producing blue hydrogen is low.
· In terms of region, Asia Pacific holds the significant market share within the Hydrogen Generation Market. This is due to the presence of many refinery industries in foremost Asian nations like China and India, resulting in Hydrogen Generation within the region.
The Hydrogen Generation Market growth is driven by the increased demand for cleaner fuel and the rise in governmental regulations for desulphurizing petroleum products. As a result, Hydrogen Generation has recorded a significant market share in green energy technology. Most countries focus more on green Hydrogen Generation because of their plentiful presence in the earth’s crust. However, most of the hydrogen produced these days is from hydrocarbons which are natural gas and coal, i.e., the primary sources of carbon dioxide emission.
Other growth factors, such as the increase in government initiatives to reduce carbon footprint and the growing demand for green energy across different industries supporting the production and consumption of hydrogen, are also accounted for the market’s growth. In addition, there is surging demand for hydrogen-based fuels in power generation combined with their utility in commercial buildings. This will likely fuel the demand and boost the market expansion. Furthermore, the infrastructural upgrades and better safety measures will enhance the direct usage of hydrogen in boilers, fuelling the commercial hydrogen demand across multiple applications.
Geographically, Asia Pacific market is likely to observe significant market growth with the highest growth rate over the forecast period. The region’s market growth is attributable to the increasing refinery operations in the nations like India, China, and South Korea to meet the ever-increasing demand for fuels. In terms of market revenue, China leads the Asia Pacific regional market. Moreover, the governments in some Asia Pacific regions, like Japan and Australia, evaluate cleaner and greener technologies for Hydrogen Generation, contributing to this regional market. Intensifying research activities and developments in this region aim to reduce the cost of green Hydrogen Generation is also one of the aspects to fuel the market development in Asia Pacific.
The Global Hydrogen Generation Market is Segmented as follows:
- Coal Gasification
- Steam Methane Reforming
- Partial Oxidation (POX)
- Other Technologies
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Power Generation
- Other Applications
- Blue Hydrogen
- Gray Hydrogen
- Green Hydrogen
- System Type
- Natural Gas
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Hydrogen Generation Market is:
Linde PLC, Air Liquide International S.A., Hydrogenics, Inox, Messer Group GmbH, Air Products & Chemicals Inc., Weldstar Inc., Praxair Inc., McPhy, LNI Swissgas
The Global Hydrogen Generation Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|