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 System 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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