ID: MRFR/E&P/5561-HCR | February 2021 | Region: Global | 100 pages
According to the latest reports, the hydrogen generating market size is anticipated to reach USD 210.85 billion by 2027, up from an estimated USD 133.56 billion in 2020, at a CAGR of 9.45 percent.
Hydrogen is one of the most abundant elements in our universe, and it exists in the gaseous state in our atmosphere. When natural gas is heated with steam, a combination of hydrogen and carbon monoxide is produced. Other methods that create hydrogen include water electrolysis and biomass gasification, in which plant matter is cooked to extremely high temperatures to produce hydrogen and carbon dioxide. The growing demand for long-term storage of renewable power is driving the expansion of the hydrogen production industry. Hydrogen production technologies are widely utilized in industries with high energy usage, which will drive the hydrogen generation industry forward.
In the process of meeting the global need for clean energy, hydrogen will play an important role as an energy carrier. It will also keep the idea of reducing greenhouse gas emissions and relying on fossil fuels alive. Other factors influencing the development prospects of the hydrogen generating market include the need for hydrogen in the transportation sector and the desulfurization of refinery operations. All of these reasons point to a positive future for the hydrogen generating market throughout the projected period. Electrolysis and steam reforming are two of the most common methods of producing hydrogen. Throughout 2020, the renewable energy industry continued to develop gradually, in tandem with rising energy demand from industrial sectors. Furthermore, significant investments and activities targeted at establishing hydrogen-generating hubs to expedite technological and infrastructure improvements in green hydrogen are assisting market growth. Following the relaxation of lockup restrictions in several countries, the hydrogen production industry is fast returning to normal and is expected to take up even more.
This report contains all the information on the global hydrogen-generating market trends and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global hydrogen-generating market and forecast for 2027 is also included in the report.
Covid 19 Analysis
The COVID-19 interruption had a negligible impact on the hydrogen production business. Of course, industry participants had to deal with a number of problems, including interrupted supply chains, component shortages, logistical difficulty in delivering finished goods, and luring employees from quarantines. The epidemic, on the other hand, confirmed a solid demand in the renewable energy industry.
Major Key Players
The government of many nations across the world is attempting to provide laws for desulphurization, which will function as a significant driving factor for the industry. Furthermore, there is a global need for the supply of clean fuel, which is expected to increase in the coming years. To minimize carbon emissions, hydrogen is developing as one of the most dependable and suitable energy carriers to satisfy the growing transportation sector's demands.
Green hydrogen generating technologies are being developed and creating opportunities for the global hydrogen generation market. Hydrogen is now produced using a variety of processes, including steam methane reforming, partial oxidation of oil, coal gasification, and water electrolysis. The majority of hydrogen generated today is used in oil refining and fertilizer production. Ninety-nine percent of it originates from fossil fuel reformation, which has shown to be the most cost-effective technique.
Rising populations continue to be a source of worry in both established and emerging nations. In addition, a lack of investment to achieve a gradual move toward large-scale hydrogen generation is expected to hurt the market. People are more reliant on gasoline and diesel, and making random lifestyle adjustments is difficult for them, which might be a big impediment to market development by the end of the projection. At the moment, fossil fuels are less expensive than hydrogen energy storage. In addition, liquid hydrogen is denser than gaseous hydrogen in terms of energy transfer and must be separated.
Hydrogen-powered automobiles are becoming increasingly popular in nations such as South Korea and Japan. Certain nations' governments provide incentives for these automobiles. They also offer to fund the construction of critical infrastructure. In the United States, the state of California provides incentives for the usage of fuel cell-powered cars. Although hydrogen-powered automobiles may be a sustainable technology in the current world, scientists think hydrogen must be produced from natural gas, which necessitates the use of fossil fuels. Electric automobiles, on the other hand, run on battery power and are thus more environmentally friendly than hydrogen vehicles. Attempts are being made to utilize hydrogen derived from renewable sources. Furthermore, the infrastructure required for replenishing the tanks is insufficient, which might provide a challenge to the market's systems.
Cumulative Growth Analysis
To bring about a change after the Paris Agreement objectives, the world's main economies are moving toward the production of electric cars. Many countries, including the United Kingdom, are investing heavily in the construction of a full-proof hydrogen fuel cell infrastructure. The government sector, in conjunction with the R&D department, is rolling out benefits that will have a favorable influence on the worldwide hydrogen generation market growth.
Hydrogen-powered automobiles are highly popular in nations such as Japan and South Korea since the government gives incentives to its citizens for these vehicles as well as financing for the construction of such infrastructure. Without a doubt, hydrogen automobiles can be sustainable in the future; nevertheless, hydrogen must be generated from a natural source, such as fossil fuels, in order to be as efficient as predicted.
Value Chain Analysis
According to the reports, the global hydrogen generation market is segmented on the basis of generation and delivery types which have captive and merchant, storage options include onboard storage, subterranean storage, and power-to-gas storage. It has power generation, transportation, ammonia production, petroleum refinery, and methanol production as applications. Due to the extreme performance of several market sectors, the global hydrogen-generating market share is expected to rise significantly. Transportation will be the fastest-growing category among all segments throughout the predicted period. Hydrogen is used to power fuel cell electric vehicles (FCEVs), which are more efficient, release no emissions, and only emit water vapor.
The market is segmented on the basis of generation and delivery types, storage, applications, and region. The global hydrogen generation market value is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into power generation, transportation, ammonia production, petroleum refinery, and methanol production.
Based on the propulsion types, the market is segmented into crystalline onboard storage, subterranean storage, and power-to-gas storage.
According to the reports, the hydrogen generating industry movements are thriving in the world's five major regions: Europe, Asia Pacific, Africa, North America, and the Middle East. Asia Pacific is one of the leading hydrogen-generating markets, thanks to the adoption of green technological advances, in order to meet the government's goal of reducing GHG emissions. Due to the extreme deployment of Japanese fuel cell micro-CHP products, Japan and South Korea are laboriously investing in FCAs. They are among the first countries to commercialize fuel cells, with the goal of delivering green hydrogen on a worldwide scale. Singapore, India, and many other emerging countries are demonstrating a strong interest in adopting fuel cell models and introducing them into their native markets. Many countries, like Egypt and Dubai, are focusing on fuel cell backup power.
Players in the hydrogen generation market outlook plan their company strategies based on the existing market situation. Global players collaborate with domestic firms to get a foothold in the domestic market. As such systems are now trendy; producers in the hydrogen generation industry are focusing on new hydrogen-generating systems that prevent carbon dioxide emissions. Large-scale expenditures in R&D efforts can result in discoveries that open up enormous potential opportunities for the hydrogen production sector. Mergers, acquisitions, and strategic alliances are all important components of the growth-generation process. Biotech, for example, recently announced a collaboration with Ariel Re to build a performance risk solution that ensures the uptime and production of Bayotech's hydrogen generators. Such improvements ensure that there will be many chances for growth.
The following report comprises of –
Hydrogen Generation Technology Outlook
|Market Size||2027: USD 202.5 billion|
|CAGR||5.74% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Installation, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Praxair, Inc. (US), Air Liquide S.A. (France), Air Products and Chemicals, Inc. (US), Hydrogenics (Canada), Iwatani (Japan), Messer Group (Germany), Plug Power (US), Linde (US), Showa Denko (Japan), Ballard Power systems (Canada), and Fuelcell Energy (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The major factors leading the hydrogen generation market are the mounting demand to decarbonize energy end-use and shifting trend in cleaner energy.
The generation & delivery type, storage, application are the key segments of the market.
9.45% CAGR si recorded for the market’s growth in the forecast period.
Europe holds second position in the hydrogen generation market.
Air Liquide S.A. (France), Praxair, Inc. (US), Hydrogenics (Canada), Iwatani (Japan), Messer Group (Germany), Air Products and Chemicals, Inc. (US) are the key players of the market.
The two most common methods for producing hydrogen are steam-methane reforming and electrolysis (splitting water with electricity.