Hydrogen Generation Market - Global Industry Analysis, Segments Overview, Major Geographies, Prominent Players Review and Forecast To 2023
Hydrogen is the most abundantly available elements in our universe. It is present in the atmosphere in the gaseous state. At present, the most dominant technology for hydrogen production is steam reforming. Other hydrogen generation methods include electrolyzing and thermolysis. According to International Energy Agency (IEA), in June 2018, France announced its Hydrogen Deployment Plan for Energy Transition which includes targets for hydrogen deployment (including 20-40% green hydrogen production) and a reduction of electrolysis cost to 2-3 Euro per kg by 2028. This would contribute to the growth of hydrogen generation market during the forecast period. The global hydrogen generation market is estimated to expand at 7.80% CAGR during the forecast period.
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The growing demand for hydrogen generation market is attributed to the need for cleaner energy to reduce carbon emission and government regulations for desulphurization of refinery activities. Hydrogen plays an important role in the crude oil refining operations as it is required in several units for the desulphurization and upgrading of various oil fractions. This would boost the growth of hydrogen generation market. One of the major restraints for the global hydrogen generation market is the high energy consumption of hydrogen generation technologies.
Industry Segmentation:
The hydrogen generation market has been segmented based on generation and delivery type into merchant and captive. Among these types, captive is the fastest growing segment in the hydrogen generation market as it includes on-site generation which eliminates several problems linked to conveyance and distribution of large volumes of hydrogen required daily.
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Regional Outlook:
Asia Pacific held the largest market share of the global hydrogen generation market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to growing demand to decarbonize energy use and increased demand for hydrogen to be used in fuel cell technology for electric vehicles. Demand for electric vehicles and efficient fuel technology in the countries such as China, Japan is expected to increase the growth of hydrogen generation to install efficient hydrogen fuel cell stations. For instance, in 2018, the Chinese government has established a 2 million new electric vehicle target which includes hydrogen fuel powered vehicles by 2020. This would boost the demand for hydrogen generation in the coming years.
Prominent Players:
The key players of the global hydrogen generation market are Praxair, Inc. (US), Air Liquide S.A. (France), Air Products and Chemicals, Inc. (US), Hydrogenics (Canada), Iwatani (Japan), Messer Group (Germany), Plug Power (US), Linde (US), Showa Denko (Japan), Ballard Power systems (Canada), and Fuelcell Energy (US), among others.
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