New energy developments are helming the global hydrogen generation market at 7.80% CAGR during the forecast period (2018–2023), reveals Market Research Future in its comprehensive study. The study also includes some of the trending factors, which is forcing the market to grow at a rapid pace.
Market Drivers & Trends
The major factors forcing the hydrogen generation market to expand are accounted to be the mounting demand to decarbonize energy end-use and shifting trend towards cleaner energy. The massive investments are also taking place for energy systems transformation in regions across the globe. In the case of point, China is the largest carbon dioxide provider in the world and, at present, plans to attain a goal of 20 percent of its primary energy in renewable sources.
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At the same time, the government regulation for desulphurization also ensures to boost the growth of hydrogen generation market in the coming years. Moreover, the growing demand for clean fuel is to witness an exponential increase every year, along with rising pollution levels, which will take the market to reach high valuation during the forecast period. The study also reveals that hydrogen could be an ideal energy carrier for the transport sector to diminish the carbon emission. Furthermore, the rise in the production of electric vehicles is also touted boost the demand for hydrogen generation as developed regions are heavily investing in developing hydrogen fuel stations.
On the other hand, the global hydrogen generation market is anticipated to develop at a high rate during the assessment period, primarily owing to the favorable government regulations and research and development activities of hydrogen. In case of point, the Institution of Mechanical Engineers (IMechE) approached the government to set up support the use of hydrogen to de-carbonize the energy system across the power, heat. Besides, the UK stands with a strong record of accomplishment for new energy developments to become the world front-runner in power-to-gas and hydrogen technology. Such initiatives and events are now to accelerate the demand for hydrogen generation market.
Market Segmentation
Global hydrogen generation market, as per the study, has been segmented into generation & delivery type, storage, and application.
Based on generation and delivery type, the market includes captive and merchant, among which captive hydrogen is likely to develop at a faster rate as it eliminates several problems linked to conveyance and distribution of hydrogen.
Based on application, the market splits into petroleum refinery, ammonia production, methanol production, transportation, power generation, and many more. Also, the transportation segment is expected to be the fastest-growing application segment owing to the increasing demand for fuel cell-based electric vehicles and buses, especially in the Asia Pacific and North America regions.
Based on storage, the market splits into onboard storage, underground storage, and power to grow storage.
Regional Outlook
Region-wise, the global market for hydrogen generation has also been studied under the regions of North America, Asia-Pacific, Europe, Middle East, Africa, and South America.
Among which, the Asia Pacific had the leading market share of the global hydrogen generation market in 2017 and now is estimated that the Asia-Pacific region would be the highest growing market during the forecast period. The factors active are increasing demand to de-carbonize energy use and amplified demand for hydrogen to use in fuel cell technology for electric vehicles. The demand for electric vehicles and efficient fuel technology in countries such as China, Japan are anticipated to surge the growth of hydrogen generation to mount efficient hydrogen fuel cell stations. On this, in 2018, the Chinese government established a 2 million new electric vehicle target, which includes hydrogen fuel-powered vehicles by 2020 that would boost the demand for hydrogen generation in the coming years.
On the other side, the European market for hydrogen generation in Spain, U.K., Italy, Germany, and Russia countries, along with other Eastern and Central European countries caters to the most in the market's growth. In 2016, Europe accounted to be the second-largest in terms of revenue share and now increasing demand for high quality, and reliable supply for various end-user industries exclusively in the commercial sectors are probable to be the primary regional drivers for the market.
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Key Players
The key players of global hydrogen generation market are listed as 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), among others.
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Energy
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