Insights on the Hydrogen Generation Global Market to 2031 – by Source, Process, Delivery Mode, Application and Region – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Hydrogen Generation Market By Source, By Process, By Delivery Mode, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global hydrogen generation market was valued at $136.3 billion in 2021, and is projected to reach $262.0 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
Hydrogen generation is a term which describes the process in which hydrogen is manufactured using various raw materials through different processes such as steam methanol reforming, coal gasification, and others. Hydrogen plays a vital role in the oil & gas and chemical manufacturing industries.
Furthermore, the increase in awareness among the people regarding the advantages of the utilization of hydrogen as a power source in transportation sector has positive impact on the hydrogen generation market.
Hydrogen is also significantly used as a clean fuel alternative to electricity generation and propels vehicles. It is used as a fuel to curb harmful discharges and deliver water vapor and heat as the only output through fuel cells. Fuel cell manufacturers are continuously striving to introduce advanced systems with feasible integration in various applications.
Furthermore, different methods such as steam methane reforming, gas partial oxidation, and auto thermal reforming are adopted across the industry to generate hydrogen to serve the increasing requirements in various applications.
The governments from different emerging as well as developed countries have shown significant interest in achieving carbon neutrality. In addition, the administrations have also updated their strategies to include clean energy sectors in their future prospects fueling the expansion of hydrogen economy.
For instance, in March 2021, India and the U.S. governments have decided to update their strategic energy partnership to include low carbon technologies such as hydrogen and bio fuels. The two nations have also agreed to boost the R&D activities with programs such as partnership to advance clean energy research for renewable energy.
Impact of Covid-19 on Hydrogen Generation Market
The global COVID-19 pandemic has had negative impact on the hydrogen generation market. Outbreak of pandemic simultaneously affected households, business, financial institutions, industrial establishments and infrastructure companies across the globe.
The novel coronavirus has affected several economies and caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturers led to the decline in the demand for solar related equipment in most of the countries across the world leading to decline in the growth of the hydrogen generation market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
At the initial stage, demand for hydrogen significantly declined due to lockdowns. Furthermore, the supply of hydrogen was hampered, as a major portion of the hydrogen is produced from natural gas reforming. However, governments of various countries across the world have eased lockdown restrictions. Therefore, there is a steady rise in the manufacturing process. This is driving the demand for hydrogen in industrial applications. The trend is expected to continue during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen generation market analysis from 2021 to 2031 to identify the prevailing hydrogen generation market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydrogen generation market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydrogen generation market trends, key players, market segments, application areas, and market growth strategies
Key Market Segments
By Source
- Green Hydrogen
- Blue Hydrogen
- Gray Hydrogen
By Process
- Steam Methane Reforming
- Coal Gasification
- Electrolysis
- Others
By Delivery Mode
- Captive
- Merchant
By Application
- Chemical Processing
- Application
- Ammonia
- Methanol
- Others
- Transportation
- Petroleum Recovery
- Power Generation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- Linde plc
- L’Air Liquide S.A.
- Cummins Inc.
- Uniper SE
- Nel ASA
- Siemens AG
- ITM Power
- Iberdrola
- McPhy Energy S.A
- Messer
- Orsted A/S
- ThyssenKrupp
- Iwatani Corporation
- Xebec Adsorption Inc.
- Ally Hi-Tech Co. Ltd
- Electrochaea GmbH
For more information about this report visit https://www.researchandmarkets.com/r/iq3kij
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