Global Hydrogen Generation Market to Surpass USD 249 Billion by 2028
Published | 16 May 2022
With the increasing demand for clean and green fuel is expected to witness an exponential increase in the years to come, with rising pollution levels along with stringent government regulations to control and curb the sulfur content and other harmful gases in fuels. These factors are further expected to propel the market growth. Increasing application and utilization of hydrogen in various industry verticals is expected to be the major driving factor….
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Hydrogen Generation Market reached USD 143.9 billion in 2021. The global hydrogen generation market is further expected to reach USD 249.3 billion by 2028 and is projected to grow at a CAGR of 9.1% during 2022-2028 (forecast period).
Government regulations for desulfurization and greenhouse gas emissions, increasing focus on decarbonization and favorable government regulations, and rising government investment in the industry are the major driver for the hydrogen generation market.
Increasing focus on decarbonization and favorable government regulations Is Expected To Bolster The Hydrogen Generation Market Growth
Decarbonization refers to the reduction of primary energy's carbon footprint over time. Decarbonization of the world's energy system is one of today's most pressing challenges. As a result, demand for green energy technology and cleaner energy sources, such as hydrogen, has increased. This is boosting the hydrogen generation industry's expansion. Furthermore, favorable government attempts to minimize carbon emissions contribute considerably to market growth. As hydrogen is a clean energy fuel, it is predicted to minimize oil dependency over time, lowering greenhouse gas emissions and other pollutants. Hydrogen may be produced in vast amounts from practically any source of energy, including biomass, wind, solar, nuclear, and clean fossil fuels. As a result, the hydrogen produced can be used to generate electricity, balancing the supply and demand of the future energy system. Increasing expenditure for hydrogen-related research and development, as well as the rising attention of key automotive manufacturers to the benefits of hydrogen as a fuel, are projected to help the market throughout the forecast period.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/hydrogen-generation-market-bwc20016/report-sample
Petroleum refining segment occupied the largest market share in the application category
Based on application, the global hydrogen generations market is segmented into methanol production, ammonia production, petroleum refining, and others. The petroleum refining segment had the highest revenue share of 43.74% in 2021, and it is expected to rise significantly during the forecast period. Ammonia segment accounted for the second largest share in 2021. Ammonia plants consume a substantial amount of the hydrogen produced. Hydrogen is often manufactured on-site in ammonia factories from a fossil fuel source. This application has traditionally had widespread adoption due to its ease of use and low cost. In the fertilizer manufacturing process, ammonia is widely used.
Asia-Pacific Accounted for the Largest Share in the Global Hydrogen Generation Market.
In terms of regional analysis, the global hydrogen generation market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, Asia-Pacific accounted for the largest share of the global hydrogen generation market in 2021. The ease of hydrogen logistics is a critical aspect in the expansion of this region's hydrogen generation business. Due to high pollution levels in Asian countries such as India and China, there is a significant need for fuel desulfurization in order to save the environment.
This has a beneficial impact on the adoption of hydro desulphurization (HDS) procedures and, as a result, raises demand for hydrogen generation. During the projection period, Asia Pacific, notably East Asia and South Asia and Oceania, present substantial growth possibilities. Furthermore, Asia Pacific is one of the leading hydrogen-generating markets, due to the adoption of green technological advances, in order to meet the government's goal of reducing GHG emissions.
Impact Of COVID-19 On the Global Hydrogen Generation Market
The COVID-19 Pandemic had a negative impact on the world's oil and gas energy production. Projects for shale gas exploration have been halted. Existing oil and gas energy reserves are being employed to meet the need for healthcare product transportation and logistics, such as medical ventilators and personal protective equipment. However, with COVID-19 normalization, there will be a surge in demand for onsite-hydrogen generation systems as companies seek to lessen their reliance on merchant transportation. Market participants can learn useful lessons and forecast future market trends by observing the reaction to the trade shutdown during COVID-19.
Coronavirus primarily affects persons who have underlying respiratory health issues. This will place a greater emphasis on reducing carbon emissions from refinery and automotive industries. As a result, following the pandemic, market participants might anticipate an increase in demand for hydrogen from desulphurization of refineries and the adoption of hydrogen fuel cell-powered automobiles. Consumer trends such as domestic solar power generation will drive sales of hydrogen generation after COVID-19. Hydrogen generating market participants might obtain a competitive advantage by detecting lucrative prospects in rebounding economies such as Singapore, Indonesia, and China early.
Competitive Landscape
The leading market players in the global hydrogen generation market are Linde Plc, Air-liquide, Air Products and Chemicals Inc, Messer Group GmbH, Showa Denko K.K., Nel ASA, FuelCell Energy Inc., Iwatani Corporation, Plug Power, Uniper SE, and Engie SA.
The hydrogen generation market is partially consolidated, with severe competition between the major competitors. Players in the hydrogen generation market design their business strategies based on the existing market scenario. In order to develop a foothold in the domestic market, global players form alliances with local players. Manufacturers in the hydrogen generating sector are focusing their efforts on innovative carbon-free hydrogen generation technologies that are already widely used. Market players are concentrating their efforts in countries where hydrogen fuel cell vehicles are widely used.
In March 2022, As soon as Russia's war on Ukraine is ended, the EU and Ukraine intend to ramp up their hydrogen and renewable gas export projects. These include the Green Hydrogen Blue Danube scheme, which envisions hydrogen production and transport along the river, with imports to Germany, and the Central European Hydrogen Corridor (CEHC), which would transport hydrogen from Ukraine to Germany via dedicated pipelines through Slovakia and the Czech Republic.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hydrogen generation market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hydrogen generation market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662