Hydrogen is the most
abundantly available elements in our universe. It is present in the atmosphere
in the gaseous state. At present, the most dominant technology for hydrogen
production is steam reforming. Other hydrogen generation methods include
electrolyzing and thermolysis. According to International Energy Agency (IEA), in
June 2018, France announced its Hydrogen Deployment Plan for Energy Transition
which includes targets for hydrogen deployment (including 20-40% green hydrogen
production) and a reduction of electrolysis cost to 2-3 Euro per kg by 2028. This
would contribute to the growth of hydrogen generation market during the
forecast period. The global hydrogen
generation market is estimated to expand
at 7.80% CAGR during the forecast period.
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The
growing demand for hydrogen
generation market is attributed to the need for cleaner energy to reduce carbon
emission and government regulations for desulphurization of refinery activities.
Hydrogen plays an important role in the crude oil refining operations as it is
required in several units for the desulphurization and upgrading of various oil
fractions. This would boost the growth of hydrogen generation market. One of
the major restraints for the global hydrogen generation market is the high
energy consumption of hydrogen generation technologies.
Industry Segmentation:
The
hydrogen generation market has been segmented based on generation and delivery
type into merchant and captive. Among these types, captive is the fastest
growing segment in the hydrogen generation market as it includes on-site
generation which eliminates several problems linked to conveyance and
distribution of large volumes of hydrogen required daily.
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Regional Outlook:
Asia
Pacific held the largest market share of the global hydrogen generation market
in 2017. It is estimated that Asia-Pacific region would be the fastest growing
market during the forecast period, mainly due to growing demand to decarbonize
energy use and increased demand for hydrogen to be used in fuel cell technology
for electric vehicles. Demand for electric vehicles and efficient fuel
technology in the countries such as China, Japan is expected to increase the
growth of hydrogen generation to install efficient hydrogen fuel cell stations.
For instance, in 2018, the Chinese government has established a 2 million new
electric vehicle target which includes hydrogen fuel powered vehicles by 2020.
This would boost the demand for hydrogen generation in the coming years.
Prominent Players:
The
key players of the global hydrogen generation market are 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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