According to a new market research report published by Acute Market Reports, “Hydrogen Generation Market (By Source (Natural Gas, Coal, Oil, and Electrolysis), By Generation & Delivery Mode (By-product Production, Gaseous Production, Liquid Production, Captive Production, and Merchant Production), By Technology (Steam Reforming of Hydrocarbons, Gasification, Electrolysis, Partial Oxidation, and Others), By Application (Chemical Processing, Petroleum Refining & Recovery, Automotive Fuels, Methanol Production, Ammonia Production, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global hydrogen generation market was valued at US$ 121.6 Bn in the year 2018 and expected to reach US$ 228.9 Bn by year 2027, expanding at a CAGR of 7.3% during the forecast from 2019 to 2027.
Market Insights
"Green Hydrogen Production Technology will boost the demand for Hydrogen Generation Market during the Forecast Period"
Hydrogen is an abundant element present in compound form in the earth’s biosphere. The main sources of hydrogen are natural gas, oil, coal, and electrolysis. Nearly, 48% of hydrogen is produced from natural gas. Presently, the demand for hydrogen as an energy resource has increased significantly owing to low carbon emission regulation in different parts of the world along with several benefits of hydrogen over carbon. In addition, hydrogen has a unique potential to penetrate in almost all value chain stages of low carbon energy.
Green hydrogen production technology has boosted the hydrogen applications and simultaneously its demand globally. However, competitive disadvantages against electric vehicles for light-duty vehicle applications and high investment required for the distribution infrastructure are the major challenges affecting the adoption of hydrogen as a fuel cell.
The global hydrogen generation market seeks tough competition over the forecast period as several automobile manufacturers and other manufacturing leaders are collaborating with hydrogen-generating players to develop an environment-friendly fleet in the coming 5-10 years.
Industrial Developments
• On May 03, 2019, Audi AG, a leading car manufacturer, announced its collaboration with Korean automotive manufacturer Hyundai Motor Company for the development of fuel cells.
• On April 29, 2019, Robert Bosch GmbH announced to sign a partnership agreement with PowerCell Sweden AB to accelerate the production of fuel cell cars and trucks. The company has a vision of electric vehicles powered by fuel cells will be more than 20% by 2030 worldwide.
Key Market Movements:
• Globally, the hydrogen generation market projected to witness a CAGR of 7.3% during the forecast period from 2019 to 2027
• Stringent regulation in different parts of the world for carbon emission along with the empowerment of battery and fuel cell-based vehicles are the key factors driving the global hydrogen generation market
• The merchant production segment projected to grow at a rapid pace in the global hydrogen generation market. The method reduces the need for transportation and pipeline infrastructure for the distribution as it can be easily produced by natural gas and water electrolysis method.
• Steam reforming of hydrocarbons is a mature and advanced segment among other technologies. The segment expected to dominate the market by 2027. The technology growth is attributed to a large number of oil refineries and industries using steam reforming technology for hydrogen extraction from natural gas.
• In terms of revenue share, Asia Pacific dominated the global hydrogen generation market in the year 2018. The market growth is mainly due to upcoming oil & refinery projects in the region to meet the surging demand for fuel. In addition, China, India, Japan, South Korea, and other Asian countries are taking the initiative to move towards hydrogen-powered vehicles.
List of Companies Covered:
Browse the full report at https://www.acutemarketreports.com/report/hydrogen-generation-market
The Global Hydrogen Generation Market is Segmented into:
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Million |
| Segmentation |
By Source Segment (2017–2027; US$ Bn, Mn Metric Tons) |
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By Generation & Delivery Mode Segment (2017–2027; US$ Bn, Mn Metric Tons) |
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By Technology Segment (2017–2027; US$ Bn, Mn Metric Tons) |
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By Application Segment (2017–2027; US$ Bn, Mn Metric Tons) |
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By Geography Segment (2017–2027; US$ Bn, Mn Metric Tons) |
*Complete segmentation list is on report page
