Market Research Report
Hydrogen Generation Market Forecasts to 2028 - Global Analysis By Technology (Partial Oxidation, Electrolysis, Steam Methane Reforming (SMR), Coal Gasification, Solar Hydrogen, Thermochemical), Type (Portable, On-Site), and By Geography
|Hydrogen Generation Market Forecasts to 2028 - Global Analysis By Technology (Partial Oxidation, Electrolysis, Steam Methane Reforming (SMR), Coal Gasification, Solar Hydrogen, Thermochemical), Type (Portable, On-Site), and By Geography|
Published: September 1, 2021
Stratistics Market Research Consulting
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According to Stratistics MRC, the Global Hydrogen Generation market is accounted for $130.00 billion in 2020 and is expected to reach $306.13 billion by 2028 growing at a CAGR of 11.3% during the forecast period. Some of the key factors propelling the market growth include rising government regulations to control and curb the sulfur content in fuels, rising awareness toward energy efficiency, technical development in hydrogen fuel cell technology for reducing dependency on fossil fuels, and growing application of hydrogen in various industries. However, high capital cost of hydrogen energy storage is hindering the market growth.
Hydrogen is clean, multipurpose, and effective zero emission carrier of energy. Water is a raw material used for hydrogen generation. It efficiently manufactures and transforms into electricity to fulfill need of energy. It can be produced by biological processes from microorganisms such as bacteria and algae. Hydrogen release from organic materials such as coal and biomass by thermochemical processes uses heat and chemical reactions.
By application, the petroleum refining & recovery segment is projected to grow at a highest rate due to the continuous requirement of H to desulfurize the diesel fuel and increasing government regulations to encourage desulphurization of fuels to conserve the environment.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, owing to growing refinery operations in countries including China and India, increasing investments in hydrogen refuelling infrastructure, rising demand for petroleum and petroleum products, large-scale investments in R&D in developing countries of Asia Pacific, and favorable government policies.
Some of the key players in Hydrogen Generation Market include Air Products and Chemicals, Inc., Linde plc, Messer Group GmbH, Cummins Inc., Teledyne Technologies Inc., Praxair Inc., Air Liquide International S.A., Weldstar, Inc., Ballard Power Systems, Parker Hannifin Corp., Showa Denko K.K., Iwatani Corporation, Mahler AGS GmbH, Xebec Adsorption Inc., Taiyo Nippon Sanso Corporation, McPhy Energy S.A., and INOX Air Products Ltd.
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Table17 Global Hydrogen Generation Market Outlook, By Oil (2019-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.