Hydrogen Generation Market Highlights
Hydrogen refers to the most
abundantly available elements in our universe. Market Research Future (MRFR)
has published a research report about the global hydrogen generation market
that augurs advancement for this market at 7% CAGR (Compound Annual Growth
Rate) between 2018 and 2023. The distinguished factors supporting the global hydrogen
generation market growth are growing demand to decarbonize energy use,
favorable government regulations, growing research and development (R&D)
activities of hydrogen, increasing demand in the transportation sector, and
shifting trend towards cleaner energy.
Key Players
The key players in the
global hydrogen generation market include Air Liquide S.A. (France), Air
Products and Chemicals Inc. (USA), Ballard Power systems (Canada), Fuelcell
Energy (USA), Hydrogenics (Canada), Iwatani (Japan), Linde (USA), Messer Group
(Germany), Plug Power (USA), Praxair Inc. (USA), and Showa Denko (Japan).
Segmental Overview
The global hydrogen
generation market has been segmented on the basis of application, generation
& delivery type, storage, and lastly, region.
The application-based
segmentation segments this market into ammonia production, methanol production,
petroleum refinery, power generation, transportation, and others. During the
forecast period, the transportation segment is expected to emerge as the
fastest growing application segment due to the growing demand for fuel cell
based electric vehicles and buses, especially in the Asia Pacific and North
America regions.
By generation & delivery
type, the market has been segmented into captive and merchant. During the
forecast period, the captive hydrogen is estimated to grow at a faster rate
because it can eliminate many problems regarding conveyance and distribution of
hydrogen. Based on storage, the market has been segmented into onboard storage,
power-to-gas storage, and underground storage.
Regional Outlook
The regional segmentation of
the global hydrogen generation market segments the global market into regional
markets known as North America, South America, Europe, Asia Pacific, and the
Middle East & Africa (MEA).
Holding the largest market
share in 2017, the Asia Pacific is expected to rise as the fastest growing
regional market during the forecast period. In this region, the market is
growing due to the growing demand to decarbonize energy use and increased
demand for hydrogen to be used in fuel cell technology for electric vehicles.
Other factors contributing to market growth are growing demand for electric
vehicles and efficient fuel technology in countries such as China and Japan.
Other important country-specific markets in this region are Australia and
India, followed by the remaining countries of the Asia Pacific region.
Europe is the second largest
regional market. In this region, the market is growing due to the growing
demand for reliable supply for various end-user industries, mostly from the
commercial sectors. In this region, the key regional markets are France, Germany,
Italy, Russia, Spain, and the UK, followed by the remaining countries of
Europe.
North America is a
significant market is due to the presence of well-established market players,
and rapid technological advancements. Important country-specific markets in
this region are the USA, Canada, and Mexico. In South America, the market is
smaller than North America because all the advanced technologies are not
available in this region. Important country-specific markets in this region are
Argentina and Brazil, followed by the remaining the remaining countries of
South America.
The MEA region is the small
regional market due to poor countries, lack of awareness, lack of
infrastructure, lack of advanced technology, and lack of education. Important
country-specific markets in this region are Iran, Saudi Arabia, South Africa,
and Qatar, followed by the remaining countries of the MEA region.
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