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.
Some
of the factors that pose as primary drivers for the growth of hydrogen
generation market including the growing shift towards the use of clean energy
in the power generation mix, growing awareness towards environment-friendly
ways of energy production, and supportive government initiatives to use clean
energy production alternatives.
Leading Players Analyzed in Hydrogen
Generation Market Report are:
The
key players of global hydrogen generation market are listed as 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.
axcMarket Drivers & Trends
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.
Global Hydrogen Generation Industry
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.
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
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.
Access Complete
Report at: https://www.marketresearchfuture.com/reports/hydrogen-generation-market-7026
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