Hydrogen Generation Market Projected to Reach $199.1 billion by 2023

The Hydrogen Generation Market is Projected to reach USD 199.1 billion by 2023, at a CAGR of 8.0% from 2018 to 2023. The hydrogen generation market is expected to grow from USD 135.5 billion in 2018 to USD 199.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The major factors driving the hydrogen generation market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen in the transportation sector. Stringent restrictions on desulphurization of refinery products are expected to drive the hydrogen generation market.

The hydrogen generation market has been segmented based on application into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others. The transportation segment is driven by the growing demand for fuel cell based electric vehicles and buses in North America and Asia Pacific regions. Countries such as the US, China, and Japan are currently investing in developing hydrogen fuel cell infrastructure such as fuel stations and hydrogen generation methods.

The hydrogen generation market, by technology, is segmented into steam reforming, partial oxidation, gasification, and electrolysis techniques. Electrolysis technology segment is expected to grow at the highest rate during the forecast period with the increasing demand for fuel cells in transportation and power generation operations. Also, major players are currently using the electrolysis technology through excess renewable power integration that further increases the efficiency of operations.

Request For Sample Pages of the Report, click the below link:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=494  

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global hydrogen generation market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

·         The key players in the industry and markets have been identified through extensive secondary research, and their market shares in the respective regions have been determined through primary and secondary research.

·         The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

·         All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

This research report categorizes the hydrogen generation market based on generation and delivery type, technology, application, storage, and region.

Based on generation and delivery type, the hydrogen generation market has been segmented as follows:

·         Captive

·         Merchant

o   Delivery mode

o   State

Based on technology, the hydrogen generation market has been segmented as follows:

·         Steam methane reforming

·         Partial oxidation of oil

·         Coal gasification

·         Electrolysis of water

Based on application, the hydrogen generation market has been segmented as follows:

·         Petroleum refinery

·         Ammonia production

·         Methanol production

·         Transportation

·         Power generation

·         Others

Based on storage, the hydrogen generation market has been segmented as follows:

·         On-board storage

·         Underground storage

·         Power-to-gas storage

Based on region, the hydrogen generation market has been segmented as follows:

·         Asia Pacific

·         North America

·         Europe

·         Middle East

·         Africa

·         South America

Major vendors 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).