Hydrogen generation Market Size 2022 -2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research, is an In-Depth Analysis of Market Characteristics, Segmentation, Regional and Country Breakdowns, Competitive Landscape, Market Outlook, Future Scope, and Strategies for This Market.
According to Precedence Research, the global hydrogen generation market size is projected to hit USD 219.2 billion by 2030 from US$ 135.94 billion in 2021. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 5.4%.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.
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The global hydrogen generation market is driven by the rising awareness regarding the adoption of green and clean energy. The deteriorating environmental conditions owing to the excess economic activities across the globe has resulted in the deterioration of the environmental health. Rising government initiatives to reduce carbon footprint is fostering the adoption of hydrogen to produce energy.
Moreover, rising investments by the top players in the research and development for development of hydrogen using renewable and eco-friendly sources is expected to drive the growth of the global hydrogen generation market. Moreover, rising demand from the fuel cell industry is boosting the demand for the hydrogen. The rising emphasis on the green energy across industries is expected to boost the growth of the hydrogen generation market across the globe.
Crucial factors accountable for market growth are:
- Rising government initiatives to reduce carbon emission
- Rising demand for green energy in developed countries
- Rising industrialization in developing nations
- Growing demand for hydrogen across various industries
- Rising demand from the ammonia industry
- Developmental strategies adopted by the market players
Driver – The increased deployment of vehicles operated by the fuel cells is boosting the demand for the hydrogen. The development of fuel cell electric vehicles especially the heavy duty and the passenger vehicles is an attempt to reduce carbon emission from vehicles across the globe is expected to drive the demand for the hydrogen. Moreover, the increased urbanization and industrialization has propelled the nations to develop and adopt green energy for protecting the environment from global warming.
Restraints – High capital investment is associated with the production of hydrogen. Various technologies like electrolysis is very much costly and it also consumes lot of energy while producing hydrogen. This factor may hinder the market growth in the upcoming years.
Opportunities – The various developmental strategies like partnerships, joint ventures, and agreements fosters market growth and offers lucrative growth opportunities to the market players. For instance, Obayashi Corporation and Tuaropaki Trust entered started a joint venture named Halcyon Power to develop the first ever carbon-free hydrogen production unit in New Zealand.
Challenges – The major challenge associated with the hydrogen generation is the lack of coal. The lack of coal owing to the halt in the mining centers due to heavy rainfall in 2020 has resulted in power cuts in the major economies like China and India.
- Based on the technology, the steam methane reforming segment dominated the market. This is attributable to the extensive usage of this technology across the globe for producing hydrogen. It is a mature technology and it generates hydrogen at a cheap cost. The rising industrialization is boosting the demand for the hydrogen for energy production across various industries, thereby boosting the growth of this segment.
- Based on the application, the others segment is expected to be the fastest-growing segment owing to the growing chemical industry. Chemical is a huge industry that contributes significantly towards the GDP growth. In chemical industry, the hydrogen is produced as a by-product and is supplied to numerous industries. Therefore, this segment is estimated to grow rapidly during the forecast period.
- Based on system type, the captive segment is estimated to be the most opportunistic segment during the forecast period. Captive segment means the on-site generation of hydrogen. Captive system is very widely used in the developed markets owing to the developed infrastructure. Further, it eliminates the distribution costs as in this system, hydrogen is produced and consumed on the site itself.
Asia Pacific is the dominating and the fastest-growing market for hydrogen generation. This is attributed to the rising number of manufacturing plants and development of various industries in the region. The rapid industrialization has fostered the growth of the hydrogen generation market in Asia Pacific. The robust economic development in the nations like Japan, China, and India has exponentially increased the consumption of hydrogen across various industries. The rising government expenditure on building infrastructure for the distribution of various goods and government policies to attract FDIs is expected to foster the industrial development in the region, which in turn is expected to drive the growth of the hydrogen generation market in the region during the forecast period.
The hydrogen generation market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the key players in the global hydrogen generation include:
- Linde plc
- Air Liquide International S.A.
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- Weldstar, Inc.
- Praxair, Inc.
- LNI Swissgas
Segments Covered in the Report
- Coal Gasification
- Steam Methane Reforming
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Power Generation
By System Type
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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