The global hydrogen generation market size is projected to reach USD 201 billion by 2025, at a CAGR of 9.2% during the forecast period. Latest research report,“ titled Hydrogen Generation Market by Application (Petroleum Refinery, Ammonia & Methanol production, Transportation, Power Generation), Generation & Delivery Mode (Captive, Merchant), Source (Blue, Green & Grey Hydrogen), Technology, and Region-Forecast to 2025.” The market size stood at USD 130 billion in 2020.
Increased focus on hydrogen based economy for applications such as power generation or fueling cars and buses, that during combustion can cause less carbon emissions. This has led to increased investments in the enhancement of strong hydrogen-based economy. Furthermore, the hydrogen generation market is driven by the increased government regulations for desulphurization and gren house gas emissions.
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- To define, describe, and forecast the hydrogen generation market based on technology, application, source, generation & delivery mode and region
- To provide detailed information on the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges
- To strategically analyze the micro-markets with respect to individual growth trends, prospects, and contribution to the total market
- The impact of COVID-19 on the hydrogen market has been analyzed for the estimation of the market size.
- To analyze patents, regulations, and tariffs related to hydrogen generation.
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the market size of segments with respect to major regions, namely, Europe, North America, Asia Pacific, South America, Middle East, and Africa
- To strategically profile key players and comprehensively analyze their respective market share and core competencies
- To track and analyze developments in the hydrogen generation market, such as investments & expansions, joint ventures, partnerships, collaborations, and contracts & agreements
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The hydrogen generation market, by technology, is segmented into Steam Methane Reforming (SMR), Electrolysis, Partial Oxidation (POX), and coal gasification. Steam Methane Reforming (SMR) technology is observed to be new revenue pockets for the hydrogen generation market owing to the increasing demand for hydrogen systems to cut the carbon emissions. SMR is a cost- and energy-efficient way of producing hydrogen. In this process, a desulfurized hydrocarbon feedstock (natural gas, refinery gas, liquefied petroleum gas, or naphtha) is pre-heated, mixed with steam, and optionally pre-reformed before passing a catalyst in a proprietary top-fired steam reformer to produce hydrogen, carbon monoxide (CO), and carbon dioxide (CO2). This is a commonly used method due to the easy availability of raw material (methane) and the cost-effective nature of the process. The rise in consumption of hydrogen by petroleum refineries has increased recently due to clean-fuel programs, which require refiners to produce low-sulfur gasoline and ultra-low-sulfur diesel fuel.
The report segments the hydrogen generation market, by source , into green hydrogen, blue hydrogen and grey hydrogen. The blue hydrogen segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for capturing and reusing carbon emissions. Blue hydrogen is derived from natural gas through steam methane reforming (SMR). SMR mixes natural gas with very hot steam in the presence of a catalyst, where a chemical reaction creates hydrogen and carbon monoxide. Additional water is added to the mixture, converting the carbon monoxide to carbon dioxide and creating more hydrogen. The carbon dioxide emissions produced are then captured and stored underground using the carbon capture, utilization, and storage (CCUS) technology, leaving nearly pure hydrogen. The cost of generating blue hydrogen is low. Alberta is aiming to export blue hydrogen globally by 2040. For instance, in October 2020, Alberta’s government announced a hydrogen strategy focused on carbon emissions to be competitive amid the global transition to sustainable energy. The strategy identifies the opportunity of using Alberta’s natural gas resources and its experience with carbon capture and storage (CCS) to produce low-emission blue hydrogen for local use or export to other domestic and international markets.
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Asia Pacific is estimated to be the fastest growing market for the hydrogen generation during the forecast period. The region has been segmented, by country, into Japan, China. India, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, the Philippines, Singapore, Indonesia, and Myanmar. Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. Japan and South Korea are heavily investing in fuel cell adoption since 2009 because of the commercial deployment of Japanese fuel cell micro-CHP products. Japan is the first nation to commercialize fuel cells and is supporting the projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet the global carbon emission standards. Singapore, India, and Malaysia are also showing interest and have just started or are expected to start exclusive programs to promote fuel cells in regional markets. These countries are initially focusing on backup power (stationary application) fuel cells.
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