"Fuelling demand of Hydrogen over Conventional Fuel expected to boost the Hydrogen Generation Market over the coming years"
The global hydrogen generation market value surged from US$ 148.2 Bn in the year 2021 and is expected to reach US$ 279.02 Bn by the year 2030, expanding at a CAGR of 7.3% during the forecast from 2023 to 2030.
Hydrogen has unique capabilities and significant potential in low carbon energy future due to its abundance in the earth’s atmosphere and lightest of all elements. Its potential in a low carbon energy future is largely driven by three characteristics. First, efficient energy carrier and storage medium due to high specific energy content by weight. Second, the combustion of hydrogen produces only water and heat. Last, electric energy can be produced by hydrogen or vice-versa. Through fuel cell process oxygen and hydrogen can be converted into water and electrical energy. However, high production cost coupled with lack of proper distribution channels worldwide are some of the prime factors that hinder the global adoption of hydrogen. Presently, 5000 miles of hydrogen pipelines are available globally.
"Steam Reforming Segment held Largest Market Revenue Share in the year 2021"
In 2021, steam reforming held the largest revenue shares in the global hydrogen generation market. The significant share of the segment is mainly due to its application in hydrogen production from conventional resources such as natural gas. Natural gas is a significant source of hydrogen and held nearly 50% of share in the global hydrogen production. In addition, steam reforming method provides the highest conversion efficiency of about 70-80% and improved operational and economic benefits, thus many industries and refinery plants use it for commercial purposes.
"Automotive Fuel anticipated to register fastest growth during the Forecast Period"
Automotive fuel is the most lucrative application segment in the hydrogen generation market. The segment growth is mainly attributed to the increasing demand for fuel cell vehicles globally. As per February 2019, a report of the United States Department of Energy (U.S. DoE) declares that the total number of on-road fuel cell vehicles in America has grown from 4,000 in 2015 to 6,500. In addition, Hydrogen Council has set global targets for fuel cell vehicles by 2030 of 350,000 commercial trucks, 50,000 buses, thousands of trains and ships, and 1 in 12 cars sold in California, Germany, Japan, and South Korea.
The automotive sector is among the major contributor for emissions. Significant government regulations towards controlling the carbon emission favor the growth of hydrogen-powered vehicles. In wake of same, recently, Hydrogen Council announced a strict vision for 2050 with 18% of hydrogen energy share in the total energy consumption that would reduce the Green House Gas (GHG) emission by 20% worldwide.
"Asia Pacific acquire Major Share in the Global Hydrogen Generation Market"
In 2021, Asia Pacific is the major revenue contributor in the global hydrogen generation market. An increasing number of refinery projects to fulfill the growing demand for fuels in China, India, and South Korea are the key factors that drive the market in the Asia region. As per Stratas Advisors, five integrated refinery projects were completed in 2019 and two are under construction. The refining industry of Asia Pacific is planning to add 1.61 million barrels per day (bpd) to meet the increasing oil demand in the region.
China is the fastest adopter of hydrogen energy and fuel cells. In 2019, the installed capacity of hydrogen fuel cells increased by six times during the starting seven months of the year. Moreover, China is the world’s largest hydrogen producer with a production capacity of 22 million tons per year. This has empowered China to build a hydrogen city with an average investment of US$ 290 million that will promote research and development in fuel cells. Further, in March 2019, Japan is planning to deploy 100 hydrogen fuel cell buses and 40,000 fuel cell electric vehicles during the Olympics game 2020 in Tokyo city.
Key Players & Competitive Landscape:
"Increasing use of Hydrogen as a Fuel will spur the Competition in the Global Hydrogen Generation Market"
The global hydrogen generation market is a highly competitive market as players are significantly engaged in developing new and environment-friendly hydrogen extraction technology. Hydrogen as a fuel has capacity to reduce GHG emission to a prominent rate, therefore automobile manufacturers are also innovating hydrogen-powered vehicles to meet the stringent norms for carbon emission.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hydrogen Generation market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Source
| |
Generation & Delivery Mode
| |
Technology
| |
Application
| |
|
Region Segment (2022-2032; US$ Billion)
|
Key questions answered in this report
