According to the new market research report “Hydrogen Generation Market by Generation, Application
(Petroleum Refinery, Ammonia Production, Methanol Production, Transportation,
Power Generation), Technology (Steam Reforming, Water Electrolysis, &
Others), Storage, and Region”, published by MarketsandMarkets™, the Hydrogen
Generation Market is expected 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.
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in-depth TOC on "Hydrogen Generation Market"
124 - Tables
48 - Figures
221 - Pages
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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.
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The transportation
segment is expected to grow at the highest CAGR in the global hydrogen
generation market during the forecast period
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.
Electrolysis
technology is expected to grow at the highest CAGR in the global hydrogen
generation market during the forecast period
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.
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Asia Pacific is
expected to hold the largest market size in the hydrogen generation market
during the forecast period
Asia Pacific is estimated to account for the largest
share of the market in 2018. The Asia Pacific region is considered the most advanced
region in terms of technology innovation and infrastructure of fuel cells.
Automotive companies based in the region such as Toyota and Honda are pioneers
in fuel cell technology research and have been investing in the fuel cell
technology for more than three decades. With rising demand for fossil fuels in
transportation operations and growing need to decarbonize energy end-use,
hydrogen is expected to play a major role in the fuel transition of the region.
The rising demand from stationary and portable power generation applications is
also likely to positively impact the hydrogen generation market during the
forecast period. All these factors are expected to drive the hydrogen
generation market in the Asia Pacific region.
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).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
