The global hydrogen generation market size is expected to reach USD 184.11 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. The global energy crisis has fostered research and exploration in alternative sources of energy generation and several sustainable conservation initiatives. Sustainability in energy generation is a vast field and includes numerous steps, which are required to be implemented in the primary stages, as their potential environmental and commercial impacts can be substantial.
Key suggestions from the report:
- The coal gasification technology segment is projected to expand at the highest revenue-based CAGR during the forecast period. The hydrogen generation from coal also offers environmental benefits when integrated with advanced technologies in coal gasification, carbon capture, and power production, which is expected to drive the demand for hydrogen generation via coal gasification
- The transportation application segment is expected to witness significant growth over the forecast period owing to the increasing demand for hydrogen as a vehicle fuel
- The others application segment of hydrogen generation includes chemical industry, oil refining, and iron and steel industry. The chemical sector is a major producer of by-product hydrogen, which is consumed within the sector as well as distributed for industrial use
- In January 2018, there were 39 public hydrogen fueling stations across the U.S., of which 35 were in California and 2 in South Carolina and the Northeast, respectively. Moreover, 29 and 5 public hydrogen fueling stations have been planned in California and the Northeast, respectively
Read 121 page research report with ToC on “Hydrogen Generation Market Size, Share & Trends Analysis Report By Systems Type (Merchant, Captive), By Technology (Steam Methane Reforming, Coal Gasification), By Application, By Region, And Segment Forecasts, 2021 – 2028” at:https://www.grandviewresearch.com/industry-analysis/hydrogen-generation-market
The growing investments in smart “energy-saving” residential and commercial buildings are expected to provide an impetus to the adoption of hydrogen for energy generation. Hydrogen is a financially viable option to investors as they also comply with federal and environmental regulations, catering to the ever-increasing demand for energy.
According to post analysis of preliminary data from the Energy Information Administration, natural gas outshined coal in 2016 as the most common resource used for electricity generation in the U.S. The organization had projected that the natural gas fueled-electricity generation in the U.S. is expected to provide an average of 3.8 million MWh per day in 2016, or 4% higher than in 2015.
According to an article published by The Washington Post in March 2017, there are 1,793 natural gas-powered electricity plants in the U.S., which generated 34% of the electricity in 2016, surpassing coal as well as nuclear power plants. Although the reducing number of natural gas reserves is a major concern, certain political strategies have led to the reduced use of this fuel.
Developing countries such as India and China are projected to fuel the market growth over the next eight years. China is expected to decrease its dependence on coal and increase its focus on renewable installed capacity and hydrogen gas in the near future, thus making it a key market for hydrogen generation over the forecast period.
Grand View Research has segmented the global hydrogen generation market on the basis of technology, application, systems type, and region:
- Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2028)
- Coal Gasification
- Steam Methane Reforming
- Others
- Hydrogen Generation Application Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2028)
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Others
- Hydrogen Generation Systems Type Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2028)
- Merchant
- Captive
- Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Russia
- U.K.
- Spain
- Italy
- France
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Central & South America
- Brazil
- Paraguay
- Colombia
- Middle East and Africa
- UAE
- South Africa
- Egypt
- Saudi Arabia
- North America
List of Key Players of Hydrogen Generation Market
- Linde plc
- Air Liquide International S.A.
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- Weldstar, Inc.
- Hydrogenics
- Inox
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