The global hydrogen
generation market is projected to reach USD 199.1 billion by 2023 from an estimated
USD 135.5 billion in 2018, at a CAGR of 8.0%. The growth of the hydrogen
generation market is driven by the growing need to decarbonize the energy
end-use, rising demand for fuel cells in the transportation sector, and
stringent regulations to regulate the sulfur content in fossil fuel generation.
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The hydrogen generation market is dominated by a few
major players that have a wide geographical presence and are established brand
names. Leading players in the hydrogen generation market include Air Liquide
(France), Air Products and Chemicals (US), Iwatani (Japan), Hydrogenics
(Canada), Linde (Germany), Praxair (US), Messer Group (Germany), Showa Denko
(Japan), Ally Hi-Tech (China), Caloric (Germany), Claind (Italy), Erredue
(Italy), HyGear (Netherlands), Nuvera Fuel Cells (US), Proton OnSite (US),
Taiyo Nippon Sanso (Japan), Teledyne Energy Systems (US), Xebec (Canada),
Ballard Power Systems (Canada), FuelCell Energy (US), and Plug Power (US).
Merchant hydrogen generation segment is estimated to be
the fastest growing market for hydrogen generation from 2018 to 2023. This
segment is expected to witness growth because of increased demand in
transportation and power generation. Merchant hydrogen generation is carried
out by adopting various methods such as water electrolysis and small-scale
reformers.
Asia Pacific is the fastest growing market for hydrogen
generation from 2018 to 2023. Increasing refinery operations and rising
investments to promote fuel cell electric vehicles in countries such as China
and Japan are expected to drive the market for hydrogen generation in the
region.
The electrolysis of water technology segment is expected
to grow at the highest rate from 2018 to 2023. Electrolysis is a clean method
to produce hydrogen with no emissions of greenhouse gases but has high energy
consumption. Currently, excess renewable energy from the grid is used by
operators to carry out electrolysis and generate hydrogen. All these factors
will drive the growth of electrolysis technology during the forecast period.
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Based on application, the transportation segment is
estimated to grow at the highest rate from 2018 to 2023. The demand for
hydrogen has increased in the transportation sector with increasing deployment
of fuel cells in countries such as China, Japan, and the US. Also, power
generation applications such as stationary and portable power for remote power
generation and backup operations also drive the market for hydrogen. Major
players operating in the hydrogen
generation market are currently investing in hydrogen infrastructure
projects such as hydrogen filling stations to complement the growth of the
transportation segment.
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