The global hydrogen generation market size is predicted to be valued at USD 164.78 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 4.32% during the forecast period. Growing demand for cleaner and greener energy sources is projected to boost the growth.
Demand for cleaner fuel coupled with increasing government regulations for desulphurization of petroleum products is anticipated to fuel the market growth. Hydrogen is an effective energy carrier and this attribute is expected to contribute significantly to its further penetration into newer markets. The demand for clean fuel is expected to witness exponential increase every year, with rising pollution levels coupled with growing government regulations to control and curb the sulfur content in fuels is expected to drive the market.
The merchant system type segment was worth USD 69.75 billion in 2019. This type includes both small and large dealers, wholesalers, and companies having hydrogen as an excess byproduct. In terms of volume, captive system type is the fastest growing segment. Captive is defined as on-site hydrogen generation, which eliminates numerous problems linked to the conveyance and distribution of hydrogen. This factor is expected to drive the segment growth substantially over the forecast period.
On the basis of technology, the hydrogen generation market has been segmented into coal gasification, steam methane reforming, and others. In 2019, steam methane reforming segment accounted for 67.79% of market share in terms of revenue. In this method, methane containing raw material like natural gas is heated to a temperature between 700°C to 1,000°C, which produces hydrogen as a by-product. Coal gasification technology segment was valued at 31.45 billion in 2019 and is anticipated to witness steady growth during the forecast period. Gasification of coal is one of the processes applied to produce liquid fuels, power, hydrogen, and chemicals.
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Key Takeaways Of The Report :
Growing demand for hydrogen generation across various regions is a crucial driving factor for steam methane reformers technology, as it is most economical method for hydrogen generation
Coal gasification technology segment is projected to expand at highest CAGR during the forecast period. Coal gasification provides long term goal for hydrogen generation at a reasonable cost
Merchant segment accounted for the highest market share in 2019 and the trend is projected to continue till 2027. In merchant system type, hydrogen is produced at a central production facility and is then transported and sold by bulk tank, pipeline, or cylinder truck
Captive system is projected to register the highest CAGR during the forecast period. On-site hydrogen generation in small scale industries has gained more popularity in last few years
In application segment, methanol production accounted for the largest market share whereas, application of hydrogen in ammonia production is projected to expand at the highest CAGR during the forecast period
Some of the significant hydrogen generation market participants include Linde AG; Air Liquide S.A.; Air Products and Chemicals, Inc.; INOX Air Products Ltd.; Iwatani Corporation; Matheson Tri-Gas, Inc.; SOL Group Hydrogenics Corporation; Messer Group GmbH; Tokyo Gas Chemicals Co., Ltd; Taiyo Nippon Sanso; Teledyne Technologies Incorporated; and Hygear
Key companies are adopting various organic and inorganic growth strategies with a view to expand their service portfolio and market share
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Grand View Research has segmented the global hydrogen generation market on the basis of systems, technology, application, and region:
Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
Coal Gasification
Steam Methane Reforming
Others
Hydrogen Generation Application Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
Methanol Production
Ammonia Production
Petroleum Refinery
Hydrogen Generation Systems Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
Merchant
Captive
Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
North America
U.S.
Canada
Mexico
Europe
Germany
Russia
U.K.
Spain
Italy
France
Asia Pacific
China
Japan
South Korea
Australia
India
Central & South America
Brazil
Colombia
Paraguay
Middle East and Africa
UAE
Saudi Arabia
South Africa
Egypt
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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