Market Research Report
Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: November 10, 2021
IMARC Services Private Limited
Content info: 144 Pages
Delivery time: 2-3 business days
The global hydrogen generation market reached a value of US$ 122.6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Hydrogen can be generated using different processes and diverse resources. For instance, the thermochemical process requires the utilization of fossil fuels to release hydrogen, while in other processes, water is split into hydrogen and oxygen via electrolysis or solar energy. At present, new methods are being introduced using bacteria and algae, which are also economical, efficient, and environment friendly. Nowadays, the demand for hydrogen generation is escalating in refining petroleum, treating metals, producing fertilizers, and processing food products. Besides this, it is also gaining traction as a fuel in electric vehicles (EVs) worldwide.
The rising energy demand, in confluence with the growing environmental concerns, represents one of the main factors fueling the need for sustainable energy sources like hydrogen. Moreover, governing authorities of numerous countries are implementing stringent regulations to reduce carbon emissions in the automotive sector, which is boosting the sales of EVs worldwide. This, in confluence with the extensive application of hydrogen as a coolant in power plant generators, is propelling the market growth. Apart from this, several projects are being funded to decrease costs as well as the environmental impacts of hydrogen production technologies. For instance, hydrogen generation using nuclear energy is considered an economical solution for minimizing carbon footprint and meeting the critical global climate challenge. This, in turn, is anticipated to catalyze the demand for hydrogen generation in glass purification, fertilizer production, and semiconductor manufacturing across the globe.