(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Hydrogen Generation market by technology (SMR, ATR, POX, coal Gasification, Electrolysis), Application (Refinery, Ammonia, Methanol, Transportation, Power Generation), Source (Blue, Green, Gray), Generation Mode, and Region - Forecast to 2028" report has been added to ResearchAndMarkets's offering.
The hydrogen generation market, a pivotal player in the global shift towards sustainable energy solutions, is projected to expand significantly from USD 158.8 billion in 2023 to USD 257.9 billion by 2028, recording a Compound Annual Growth Rate (CAGR) of 10.2%. This growth trajectory is primarily driven by the increasing implementation of environmental regulations and a worldwide push for sustainable practices.
Gray Hydrogen Dominates Market by Source
Gray hydrogen, derived through steam methane reforming (SMR), is anticipated to be the largest segment in the hydrogen generation market. The maturity and cost-effectiveness of SMR, coupled with the widespread availability of natural gas as a feedstock, position gray hydrogen as a leading choice. This segment benefits from its established presence and economic viability.
Partial Oxidation Technology: A Key Market Contributor
In terms of technology, the market is categorized into steam methane reforming, partial oxidation, coal gasification, auto thermal reforming, and electrolysis. The partial oxidation segment is expected to hold the second-largest market share during the forecast period. Its versatility, high-purity hydrogen yield, and compatibility with various feedstocks such as natural gas and methane enhance its market position.
Transportation: The Fastest Growing Application Segment
The hydrogen generation market, segmented by application into methanol production, transportation, petroleum refinery, ammonia production, power generation, and others, sees the transportation segment as its fastest-growing component. The shift towards sustainable energy solutions and the adoption of hydrogen fuel cell vehicles, particularly in regions with stringent emissions regulations, underscore this growth.
Asia-Pacific: The Forefront of Market Growth
Asia-Pacific is poised to be both the largest and fastest-growing region in the hydrogen generation market. With its rapid economic growth and high population, the region faces significant greenhouse gas emission challenges. Initiatives like India's MIGHT (Mobility and Infrastructure with Green Hydrogen Technologies) and China's development plan for hydrogen energy industry by 2035 highlight the region's commitment to green technology and energy transition.
Companies Mentioned
Air Liquide Air Products and Chemicals, Inc. Bayotech BP P.L.C. Chevron Corporation Engie Equinor ASA ExxonMobil Corporation Hiringa Energy Limited Hygear Iberdrola, SA Iwatani Corporation Linde PLC Messer Group Orsted A/S Petroliam Nasional Berhad (Petronas) Saudi Arabian Oil Co. Shell PLC Siemens Uniper SE
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Global Hydrogen Generation Market
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