(MENAFN - GetNews) Hydrogen Generation Market Research Report: Information by Generation and Delivery Type (Captive, Merchant), Storage (On-board, Underground, Power-to-Gas), Application (Petroleum Refinery, Ammonia Production, Power generation, and others), and Region – Global Forecast till 2023
Hydrogen Generation Market Scenario
Hydrogen refers to the most abundantly available elements in our universe. Market Research Future (MRFR) has published a research report about the global hydrogen generation market that augurs advancement for this market at 7% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
The distinguished factors supporting the global hydrogen generation market growth are growing demand to decarbonize energy use, favorable government regulations, growing research and development (R & D) activities of hydrogen, increasing demand in the transportation sector, and shifting trend towards cleaner energy.
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The key players in the global hydrogen generation market include Air Liquide S.A. (France), Air Products and Chemicals Inc. (USA), Ballard Power systems (Canada), Fuelcell Energy (USA), Hydrogenics (Canada), Iwatani (Japan), Linde (USA), Messer Group (Germany), Plug Power (USA), Praxair Inc. (USA), and Showa Denko (Japan).
Hydrogen Generation Market Segmentation
The global hydrogen generation market has been segmented on the basis of application, generation & delivery type, storage, and lastly, region. The application-based segmentation segments this market into ammonia production, methanol production, petroleum refinery, power generation, transportation, and others. During the forecast period, the transportation segment is expected to emerge as the fastest growing application segment due to the growing demand for fuel cell based electric vehicles and buses, especially in the Asia Pacific and North America regions.
By generation & delivery type, the market has been segmented into captive and merchant. During the forecast period, the captive hydrogen is estimated to grow at a faster rate because it can eliminate many problems regarding conveyance and distribution of hydrogen. Based on storage, the market has been segmented into onboard storage, power-to-gas storage, and underground storage.
Hydrogen Generation Regional Industry Analysis
The regional segmentation of the global hydrogen generation market segments the global market into regional markets known as North America, South America, Europe, Asia Pacific, and the Middle East & Africa (MEA).
Holding the largest market share in 2017, the Asia Pacific is expected to rise as the fastest growing regional market during the forecast period. In this region, the market is growing due to the growing demand to decarbonize energy use and increased demand for hydrogen to be used in fuel cell technology for electric vehicles. Other factors contributing to market growth are growing demand for electric vehicles and efficient fuel technology in countries such as China and Japan. Other important country-specific markets in this region are Australia and India, followed by the remaining countries of the Asia Pacific region.
Europe is the second largest regional market. In this region, the market is growing due to the growing demand for reliable supply for various end-user industries, mostly from the commercial sectors. In this region, the key regional markets are France, Germany, Italy, Russia, Spain, and the UK, followed by the remaining countries of Europe.
North America is a significant market is due to the presence of well-established market players, and rapid technological advancements. Important country-specific markets in this region are the USA, Canada, and Mexico. In South America, the market is smaller than North America because all the advanced technologies are not available in this region. Important country-specific markets in this region are Argentina and Brazil, followed by the remaining the remaining countries of South America.
The MEA region is the small regional market due to poor countries, lack of awareness, lack of infrastructure, lack of advanced technology, and lack of education. Important country-specific markets in this region are Iran, Saudi Arabia, South Africa, and Qatar, followed by the remaining countries of the MEA region.
Latest Industry News
- The US Department of Energy (DOE) is planning to issue a Funding Opportunity Announcement (DE-FOA-0002022) to advance the H2@Scale concept. The H2@Scale aims to enable affordable and reliable large-scale hydrogen generation, transport, storage, and utilization in the United States across multiple sectors.18 JAN 2019
- Air Liquide has acquired an 18.6% stake in the capital of Canada-based Hydrogenics Corporation, a leading provider of electrolytic hydrogen production equipment and fuel cells.25 JAN 2019
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