The latest market report published by Credence Research, Inc. “Global Hydrogen Generation Market: Growth, Future Prospects, and Competitive Analysis, 2022 – 2030. The global hydrogen generation market value surged from US$ 121.6 Bn in 2018 and is expected to reach US$ 228.9 Bn by 2027, expanding at a CAGR of 7.3% from 2019 to 2027.
The hydrogen generation market is a dynamic and evolving sector of the energy industry that focuses on the production of hydrogen gas for various applications. Hydrogen is a versatile and clean energy carrier that has gained significant attention as a potential solution to address global energy and environmental challenges. The market encompasses a wide range of hydrogen production methods, each with its advantages and applications.
Hydrogen Generation Market Dynamics refer to the ever-evolving factors that influence the production, distribution, and consumption of hydrogen as an energy source. This market encompasses a wide range of technologies and processes used for generating hydrogen, including steam methane reforming, electrolysis, coal gasification, biomass conversion, and many more. The dynamics within this market are driven by various elements such as government regulations promoting clean energy solutions, advancements in technology leading to cost reductions and increased efficiency in hydrogen production methods, growing demand from industries like transportation and power generation seeking cleaner alternatives to fossil fuels.
One of the primary drivers of the hydrogen generation market is the increasing emphasis on clean and sustainable energy sources. Hydrogen is considered a green energy carrier when produced from renewable sources, such as water electrolysis using electricity from wind, solar, or hydropower. This “green hydrogen” holds promise for decarbonizing sectors like transportation, industry, and power generation.
Industrial applications, such as petrochemical refining, ammonia production, and metal processing, continue to drive demand for hydrogen. These industries rely on hydrogen for processes like hydrocracking, hydrotreating, and desulfurization, which improve energy efficiency and reduce environmental impact.
The hydrogen generation market is also experiencing innovation in electrolyzer technology, which is vital for the production of green hydrogen. Advancements in electrolysis processes, cost reduction, and scaling up of electrolyzer capacity are contributing to the growth of the green hydrogen segment.
Browse 245 pages report Hydrogen Generation Market By Source (Natural Gas, Coal, Oil, Electrolysis), By Generation & Delivery Mode (By-Product Production, Gaseous Production, Liquid Production, Captive Production, Merchant Production), By Technology (Gasification, Electrolysis, Partial Oxidation, Others), By Application (Chemical Processing, Petroleum Refining & Recovery, Automotive Fuels, Methanol Production, Others) – Growth, Share, Opportunities & Competitive Analysis, 2019 -2027 https://www.credenceresearch.com/report/hydrogen-generation-market
List of the prominent players in the Hydrogen Generation Market:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Iwatani Corporation
- Hydrogenics
- Linde Group
- Praxair Inc.
- Messer Group GmbH
- Teledyne Energy Systems Inc.
- FuelCell Energy Inc.
- Showa Denko K. K.
The worldwide hydrogen generation market is experiencing significant growth driven by several key factors that are shaping its expansion across various industries and regions. These growth factors are contributing to the increasing prominence of hydrogen as a clean and versatile energy carrier on a global scale.
Here are the primary growth factors influencing the hydrogen generation market worldwide:
Green Hydrogen: The growing emphasis on reducing carbon emissions and transitioning to renewable energy sources has propelled the demand for green hydrogen. Green hydrogen is produced through electrolysis using renewable energy sources like wind and solar power. This focus on sustainability is driving investments in green hydrogen projects and infrastructure, creating a substantial growth factor.
Industrial Decarbonization: Industries seeking to reduce their carbon footprint are turning to hydrogen as a low-carbon alternative. Sectors such as petrochemicals, steel, and cement production are exploring hydrogen-based processes to minimize greenhouse gas emissions, further boosting the hydrogen generation market.
Transportation: Hydrogen fuel cell vehicles (FCVs) are gaining momentum as a zero-emission alternative to conventional internal combustion engine vehicles. Governments and automakers are investing in the development and deployment of FCVs, creating opportunities for hydrogen production and refueling infrastructure expansion.
Energy Storage: Hydrogen is increasingly viewed as a valuable energy storage solution. It can store excess renewable energy, such as surplus electricity from wind and solar farms, and release it when needed, providing grid stability and energy balancing. This role in energy storage is a significant growth driver.
Hydrogen Infrastructure: The development of hydrogen infrastructure, including production facilities, pipelines, storage tanks, and refueling stations, is crucial to support the hydrogen economy. Governments and private companies are investing in building and expanding this infrastructure, driving market growth.
International Collaboration: Collaboration among countries and regions is fostering the growth of the hydrogen generation market. International partnerships and agreements are promoting the development of hydrogen projects and the establishment of global hydrogen supply chains.
Research and Innovation: Ongoing research and innovation in hydrogen production technologies are improving efficiency and reducing costs. Advancements in electrolysis and thermochemical processes are enhancing the competitiveness of hydrogen as an energy carrier.
Hydrogen Export: Regions with abundant renewable energy resources are exploring the production of green hydrogen for export to international markets. This presents opportunities for economic growth and the establishment of hydrogen trade networks.
Government Support: Many governments are offering incentives, subsidies, and policy support to promote hydrogen as part of their clean energy and decarbonization strategies. These policy measures encourage investment and development in the hydrogen generation sector.
Climate Goals: The global commitment to mitigating climate change and achieving carbon neutrality is driving the adoption of hydrogen as a clean energy solution. Countries are aligning their energy policies with ambitious climate goals, which includes scaling up hydrogen production.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Hydrogen Generation Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Hydrogen Generation Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major player analysis, market growth strategies, and key application areas.
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