(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Hydrogen Generation Market by Source (Blue Hydrogen, Gray Hydrogen, Green Hydrogen), by Process (Steam Methane Reforming, coal Gasification, Electrolysis, Others), by Delivery Mode (Captive, Merchant), by Application (Chemical Processing, Transportation, petroleum Recovery, Power Generation, Others): Global Opportunity Analysis and industry Forecast, 2021-2031."
The report indicates that the global market for hydrogen generation is estimated to value at $262.0 billion by 2031, having generated the revenue of $136.3 billion in 2021, with a noteworthy CAGR of 6.8% during the forecast period of 2022 to 2031.
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Factors influencing the growth of the hydrogen generation market:
The global hydrogen generation market is witnessing growth due to factors such as surge in government investments in different technologies to enhance efficiency of hydrogen extraction and the continuous remarkable revolutions to meet net-zero emissions. Furthermore, strict norms on emissions hamper market growth to some extent. On the contrary, rapid globalization & industrialization and surge in adoption from the oil & gas and chemical industry will provide prolific growth opportunities in the upcoming years.
The gray hydrogen segment to grab the major share by 2031
In terms of source, the gray hydrogen segment contributed to the highest share in 2021, accounting for nearly two-thirds of the global hydrogen generation market and is projected to retain its supremacy from 2022 to 2031. The growth is attributed to a rise in demand for gray hydrogen in the chemical sector for manufacturing of several chemicals like methane and ammonia, industrialization, rise in usage of hydrogen in fuel cell-based vehicles, and rapid globalization. Furthermore, the green hydrogen segment is estimated to showcase the fastest growth with 7.6% CAGR throughout the forecast timeframe. The contribution of green hydrogen to achieve surging demand for energy worldwide and ability to eliminate carbon emissions contribute to the growth of the segment.
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The steam methane reforming segment to experience the highest growth
By process, the steam methane reforming segment held the largest market share in 2021, contributed to more than three-fifths of the total market revenue and is expected to rule the roost from 2022 to 2031. The ample resources of fossil fuel across the Middle east and African countries drives the growth of the segment. The coal gasification, electrolysis, and others segments are also studied in the report.
The captive segment garnered the major share in 2021
On the basis of delivery mode, the captive segment gained the highest market share of nearly four-fifths in 2021 and is likely to continue its supremacy in terms of revenue from 2022 to 2031. This is due to the surge in demand for hydrogen in the manufacturing of different chemicals and in the petroleum sector for refining crude oil. On the other hand, the merchant segment is anticipated to manifest the fastest growth with 7.3% CAGR throughout the forecast timeframe.
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The chemical processing segment to gain the major share in 2031
By application, the chemical processing segment held the highest market share in 2021, contributing to more than half of the global hydrogen generation market revenue and is expected to lead the trail by 2031. The growth is attributed to the substantial use of hydrogen in manufacturing several chemical products and an increase in demand for numerous ammonia fertilizers across the globe. The transportation, power generation, petroleum recovery, and others segments are also analyzed in the report.
Asia-Pacific to witness the fastest growth by 2031
The regional analysis in the report states that, the market across the Asia-Pacific region was largest in 2021 contributed to more than two-fifths of the total market share and is estimated to rule the roost from 2022 to 2031. Also, the same region will showcase the highest CAGR of 7.3% throughout the forecast timeframe. The segment is driven by surging population and the significant number of megacities heightens the demand for several products in which hydrogen is prominently used. The report also discusses markets across North America, Europe, and LAMEA regions.
Key market players:
Electrochaea GmbH Ally Hi-Tech Co. Ltd. Xebec Adsorption Inc. Iwatani Corporation
ThyssenKrupp Orsted A/S Messer McPhy Energy S.A Iberdrola
ITM Power Siemens AG Nel ASA Uniper SE Cummins Inc.
L'Air Liquide S.A. Linde PLC
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