Hydrogen Generation Market Insight
New energy developments are
helming the global hydrogen generation market at 7.80% CAGR during the forecast
period (2018–2023), reveals Market Research Future in its comprehensive study.
The study also includes some of the trending factors, which is forcing the
market to grow at a rapid pace.
The major factors forcing the
hydrogen generation market to expand are accounted to be the mounting demand to
decarbonize energy end-use and shifting trend towards cleaner energy. The
massive investments are also taking place for energy systems transformation in
regions across the globe. In the case of point, China is the largest carbon
dioxide provider in the world and, at present, plans to attain a goal of 20
percent of its primary energy in renewable sources.
At the same time, the
government regulation for desulphurization also ensures to boost the growth of hydrogen
generation market in the coming years. Moreover, the growing demand for clean
fuel is to witness an exponential increase every year, along with rising
pollution levels, which will take the market to reach high valuation during the
forecast period. The study also reveals that hydrogen could be an ideal energy
carrier for the transport sector to diminish the carbon emission. Furthermore,
the rise in the production of electric vehicles is also touted boost the demand
for hydrogen generation as developed regions are heavily investing in
developing hydrogen fuel stations.
On the other hand, the global
hydrogen generation market is anticipated to develop at a high rate during the
assessment period, primarily owing to the favorable government regulations and
research and development activities of hydrogen. In case of point, the
Institution of Mechanical Engineers (IMechE) approached the government to set
up support the use of hydrogen to de-carbonize the energy system across the
power, heat. Besides, the UK stands with a strong record of accomplishment for
new energy developments to become the world front-runner in power-to-gas and
hydrogen technology. Such initiatives and events are now to accelerate the
demand for hydrogen generation market.
Hydrogen Generation Market
Key Companies Studied in This Research Report 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)
Global Hydrogen Generation Market
Segmentation
Global hydrogen generation
market, as per the study, has been segmented into generation
& delivery type, storage, and application.
Based on generation and
delivery type, the market includes captive and merchant, among which captive
hydrogen is likely to develop at a faster rate as it eliminates several
problems linked to conveyance and distribution of hydrogen.
Based on application, the
market splits into petroleum refinery, ammonia production, methanol production,
transportation, power generation, and many more. Also, the transportation
segment is expected to be the fastest-growing application segment owing to the
increasing demand for fuel cell-based electric vehicles and buses, especially
in the Asia Pacific and North America regions.
Based on storage, the market
splits into onboard storage, underground storage, and power to grow storage.
Regional Outlook
Region-wise, the global market
for hydrogen generation has also been studied under the regions of North
America, Asia-Pacific, Europe, Middle East, Africa, and South America.
Among which, the Asia Pacific
had the leading market share of the global hydrogen generation market in 2017 and
now is estimated that the Asia-Pacific region would be the highest growing
market during the forecast period. The factors active are increasing demand to
de-carbonize energy use and amplified demand for hydrogen to use in fuel cell
technology for electric vehicles. The demand for electric vehicles and
efficient fuel technology in countries such as China, Japan are anticipated to
surge the growth of hydrogen generation to mount efficient hydrogen fuel cell
stations. On this, in 2018, the Chinese government established a 2 million new
electric vehicle target, which includes hydrogen fuel-powered vehicles by 2020
that would boost the demand for hydrogen generation in the coming years.
On the other side, the
European market for hydrogen generation in Spain, U.K., Italy, Germany, and
Russia countries, along with other Eastern and Central European countries
caters to the most in the market’s growth. In 2016, Europe accounted to be the second
largest in terms of revenue share and now increasing demand for high quality,
and reliable supply for various end-user industries exclusively in the
commercial sectors are probable to be the primary regional drivers for the
market.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/hydrogen-generation-market-7026
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