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. A detailed analysis report
of COVID-19
impact on Hydrogen Generation Market Report is provided with the report.
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).
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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.
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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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