Hydrogen Generation Global Market Report 2022
DUBLIN–(BUSINESS WIRE)–The “Hydrogen Generation Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.
Key Market Insights
Demand for Hydrogen over Conventional Fuel expected to boost the Hydrogen Generation Market over the coming years
The global hydrogen generation market value surged from US$ 148.2 Bn in the year 2021 and is expected to reach US$ 279.02 Bn by the year 2030, expanding at a CAGR of 7.3% during the forecast from 2022 to 2030.
Hydrogen has unique capabilities and significant potential in low carbon energy future due to its abundance in the earth’s atmosphere and lightest of all elements. Its potential in a low carbon energy future is largely driven by three characteristics. Firstly, efficient energy carrier and storage medium due to high specific energy content by weight.
Secondly, the combustion of hydrogen produces only water and heat. Last, electric energy can be produced by hydrogen or vice-versa. Through fuel cell process oxygen and hydrogen can be converted into water and electrical energy. However, high production cost coupled with lack of proper distribution channels worldwide are some of the prime factors that hinder the global adoption of hydrogen. Presently, 5000 miles of hydrogen pipelines are available globally.
Technology Analysis
Steam Reforming Segment held Largest Market Revenue Share in the year 2021
In 2021, steam reforming held the largest revenue shares in the global hydrogen generation market. The significant share of the segment is mainly due to its application in hydrogen production from conventional resources such as natural gas. Natural gas is a significant source of hydrogen and held nearly 50% of share in the global hydrogen production. In addition, steam reforming method provides the highest conversion efficiency of about 70-80% and improved operational and economic benefits, thus many industries and refinery plants use it for commercial purposes.
Application Analysis
Automotive Fuel anticipated to register fastest growth during the Forecast Period
Automotive fuel is the most lucrative application segment in the hydrogen generation market. The segment growth is mainly attributed to the increasing demand for fuel cell vehicles globally. As per February 2019, a report of the United States Department of Energy (U.S. DoE) declares that the total number of on-road fuel cell vehicles in America has grown from 4,000 in 2015 to 6,500. In addition, Hydrogen Council has set global targets for fuel cell vehicles by 2030 of 350,000 commercial trucks, 50,000 buses, thousands of trains and ships, and 1 in 12 cars sold in California, Germany, Japan, and South Korea.
The automotive sector is among the major contributor for emissions. Significant government regulations towards controlling the carbon emission favor the growth of hydrogen-powered vehicles. In wake of same, recently, Hydrogen Council announced a strict vision for 2050 with 18% of hydrogen energy share in the total energy consumption that would reduce the Green House Gas (GHG) emission by 20% worldwide.
Regional Analysis
Asia Pacific acquire Major Share in the Global Hydrogen Generation Market
In 2021, Asia Pacific is the major revenue contributor in the global hydrogen generation market. An increasing number of refinery projects to fulfill the growing demand for fuels in China, India, and South Korea are the key factors that drive the market in the Asia region. As per Stratas Advisors, five integrated refinery projects were completed in 2019 and two are under construction. The refining industry of Asia Pacific is planning to add 1.61 million barrels per day (bpd) to meet the increasing oil demand in the region.
China is the fastest adopter of hydrogen energy and fuel cells. In 2019, the installed capacity of hydrogen fuel cells increased by six times during the starting seven months of the year. Moreover, China is the world’s largest hydrogen producer with a production capacity of 22 million tons per year. This has empowered China to build a hydrogen city with an average investment of US$ 290 million that will promote research and development in fuel cells. Further, in March 2019, Japan is planning to deploy 100 hydrogen fuel cell buses and 40,000 fuel cell electric vehicles during the Olympics game 2020 in Tokyo city.
Key Players
- 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.
Market Segmentation
Source
- Natural Gas
- Coal
- Oil
- Electrolysis
Generation & Delivery Mode
- By-product Production
- Gaseous Production
- Liquid Production
- Captive Production
- Merchant Production
Technology
- Steam reforming of hydrocarbons
- Gasification
- Electrolysis
- Partial Oxidation
- Others ( Photolysis, Bio photolysis)
Application
- Chemical Processing
- Petroleum Refining & Recovery
- Automotive Fuels
- Methanol Production
- Ammonia Production
- Others (Aerospace, Electrical & Electronics, Edible fats & oils)
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Hydrogen Generation market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Hydrogen Generation market?
- Which is the largest regional market for Hydrogen Generation market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Hydrogen Generation market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Hydrogen Generation market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/sse2n
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