Market Research Report
Hydrogen Generation Market with COVID-19 Impact Analysis, By Source, By Technology, By Application, and By Region - Size, Share, & Forecast from 2021-2027
|Hydrogen Generation Market with COVID-19 Impact Analysis, By Source, By Technology, By Application, and By Region - Size, Share, & Forecast from 2021-2027|
Published: April 1, 2021
AnalystView Market Insights
Content info: 298 Pages
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The Global Hydrogen Generation Market was valued at USD 129.4 billion by 2019, growing with 10.1% CAGR during the forecast period, 2021-2027.
Hydrogen is widely produced and consumed energy for stationary power and transportation industry. It is estimated that over 11 million metric tonnes of hydrogen are produced each year in the U.S. annually. In addition, about 40.5 million tonnes of hydrogen are produced globally every year. The major end-user of commercially produced hydrogen includes oil refining, fertilizer industries, and the food production industry. Hence, rising fertilizer and food production industries globally increase the demand for the hydrogen generation market over the forecast period.
Moreover, rising fuel cell technology also boosts the demand for hydrogen generation. For instance, more than 50 types of commercial fuel cells are being sold each year. In addition, approximately 9,000 stationary fuel cell systems and 6,000 other commercial fuel cell units were shipped that year. The 15,000 total represented 40% growth over the previous year. Additionally, 9,000 small educational fuel cells were also shipped. On contrary, hydrogen generation still faces challenges owing to a lack of technological advancement related to hydrogen generation and storage.
On the basis of source, the hydrogen generation market is further classified into blue, green, and grey hydrogen. Blue hydrogen is hydrogen fuel that is created using renewable energy and the segment is expected to hold a significant share in the overall hydrogen generation market owing to increasing demand for renewable fuel due to rising environmental concerns. When natural gas is split between hydrogen and carbon dioxide by or Auto Thermal Reforming (ATR) or Steam Methane Reforming (SMR), and the CO2 is captured and stored, the hydrogen obtained is Blue hydrogen. On the contrary, hydrogen produced by splitting water through the process of electrolysis is known as Green hydrogen. Asia Pacific region holds the largest share in the market. China is one of the biggest markets, accounting for more than three-quarters of the net global revenue share. Indonesia and India were the next largest contributors to worldwide growth. The aforesaid factors are key factors propelling the market growth till the end of 2027.
The key players in the region are focusing on strategies such as partnership, acquisition, and mergers. For instance, in November 2020, Cummins announced to expand its hydrogen production business by investing in hydrogen and natural gas along with battery technologies. Further, in March 2021, Ardmore Shipping Corporation has formed a joint venture with Element 1 Corp and Maritime Partners LLC, the new venture is named Element 1 Marine. The company will work to bring hydrogen generation systems of Element 1 to the marine industry. Another dimension of the market focuses on investing in developing research and development infrastructure. For instance, in March 2021, the Centre for Advanced Low-Carbon Propulsion Systems (C-ALPS) received an investment of approximately two million dollars for the establishment of a new hydrogen fuel cell development facility in Coventry University, England.
The scope of this report covers the market by its major segments, which include as follows: