The latest report by IMARC Group, titled “Hydrogen Generation Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global hydrogen generation market size reached US$ 143 Billion in 2021. Hydrogen (H) is a colorless, odorless, and tasteless gas that is highly flammable and insoluble in water. It is generated using various resources, including biomass, fossil fuels, and water electrolysis with electricity. For instance, the thermochemical procedure utilizes fossil fuels to release hydrogen, whereas other processes, such as hydrogen generators, produce hydrogen from water and fossil fuels, utilizing steam reforming and electrolysis methods. Nowadays, new methods are being introduced using algae and bacteria, which are efficient, environment-friendly and economical. As a result, there has been an escalating demand for hydrogen generation in refining petroleum, treating metals, producing fertilizers, and processing food products, and as a fuel in electric vehicles (EVs) across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Global Hydrogen Generation Market Trends:
The market is primarily driven by the surging need for green energy, which is escalating the demand for sustainable energy sources like hydrogen. In addition, with the rising awareness regarding zero-emission and eco-friendly vehicles, manufacturers are developing hydrogen vehicles powered by electricity produced by mixing hydrogen and oxygen. Moreover, various government authorities are implementing stringent regulations to lower carbon emissions in the automotive industries, which is accelerating the sales of EVs across the globe. Besides this, the increasing utilization of hydrogen as a coolant in power plant generators are positively influencing the market growth. Furthermore, hydrogen generation using nuclear energy is a cost-effective solution for reducing carbon footprint while meeting the critical global climate challenge. This has escalated the demand for hydrogen generation in fertilizer production, glass purification, and semiconductor manufacturing across the globe, thereby propelling market growth. Looking forward, IMARC Group expects the market value to reach US$ 211 Billion by 2027, exhibiting a CAGR of 7.1% during the forecast period (2022-2027).
- Based on technology, the market has been segmented into coal gasification, steam methane reforming, and others.
- On the basis ofthe application, the market has been classified into ammonia production, petroleum refinery, methanol production, transportation, power generation, and others.
- Based onthe system type, the market has been bifurcated into merchant and captive.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Air Liquide International S.A., Air Products Inc, CLAIND srl, INOX Air Products Ltd., Linde plc, Mahler AGS GmbH, McPhy Energy S.A., Messer Group GmbH, NEL Hydrogen, Taiyo Nippon Sanso Corporation, Weldstar Inc. and Xebec Adsorption Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal