Global Hydrogen Generation Market to Generate a Revenue of $212,877.4 million by 2028, Growing at a CAGR of 6.9% from 2021-2028 [200-Pages] | Confirmed by Research Dive
The global hydrogen generation market is expected to witness striking growth by 2028, owing to its use as a carrier. The merchant sub-segment is expected to be the most profitable. The Asia-Pacific region is expected to dominate the global market.
NEW YORK, June 8, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Hydrogen Generation Market by Source (Blue, Gray, and Green), Type (Merchant and Captive), Technology (Steam Methane Reforming, Coal Gasification, and Others), Application (Oil Refining, Chemical Processing, Iron & Steel Production, and Others), End-use Industry (Transportation, Power Generation, and Buildings), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the global hydrogen generation market is expected to generate a revenue of $212,877.4 million by 2028, growing expeditiously at a CAGR of 6.9% during the forecast period 2021-2028.
Dynamics of the Hydrogen Generation Market
Hydrogen has the highest energy content more than any fuel by weight, and hence eases the transportation of energy from one place to another. In addition, the incorporation of CCUS technology for large-scale hydrogen production, in order to appreciably subside carbon emissions, is further expected to drive the growth of the hydrogen generation market during the forecast period. Moreover, extensive use of hydrogen to produce clean and silent energy for backup energy systems, portable power generators, and the captive fleet are expected to create ample opportunities for the growth of the market during the forecast period. However, the extortionate cost of hydrogen storage and transportation is predicted to hinder the growth of the hydrogen generation market during the forecast period.
COVID-19 Impact on the Hydrogen Generation Market
The outbreak of COVID-19 has had a negative impact on the growth of the global hydrogen generation market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns adversely declined the global energy demand during the pandemic due to reduced investments in the energy sector, which eventually impeded the expansion of clean energy technologies. In addition, economic downslide and supply chain disruptions during the pandemic further aggravated the impact on the market.
Specific Requirements on Post COVID-19 Impacted Hydrogen Generation Market? Ask our Expert Analyst
Segments of the Hydrogen Generation Market
The report has divided the global hydrogen generation market into various segments based on source, type, technology, application, end-use industry, and region.
- By source, the blue sub-segment is expected to be most profitable, and generate a revenue of $108,146.9 million during the forecast period. Blue hydrogen is a low carbon fuel, and is extensively used for powering cars & trucks, power generation, heating buildings, and others. This factor is expected to bolster the growth of the hydrogen generation market sub-segment during the forecast period.
- By type, the merchant sub-segment is expected to be most beneficial, and garner a revenue of $138,331.3 million during the forecast period. Wide applications of merchant hydrogen in the manufacturing of plastics, gasoline, metal, agricultural fertilizers, jet fuel, and others is expected to stimulate the growth of the sub-segment during the forecast period.
- By technology, the steam methane reforming sub-segment is expected to be most lucrative, and generate a revenue of $116,915.4 million during the forecast period. Steam methane reforming is capable of producing 70-75% of hydrogen-rich gas on a dry mass basis, and hence they are extensively used for hydrogen generation at present. This factor is expected to drive the growth of the hydrogen generation market sub-segment during the forecast period.
- By application, the oil refining sub-segment is expected to occupy a dominating market share, and generate a revenue of $87,682.7 million during the forecast period. The rising demand for fuel from the power generation and transportation sector is predicted to surge the demand for hydrogen in the oil refining sector. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
- By end-use industry, the transportation sub-segment is expected to be most remunerative, and generate a revenue of $132,592.9 million during the forecast period. Hydrogen is widely used as a fuel in the transportation sector due to its zero emissions, and ability to offer the same long driving range as that of the traditional fuels. This factor is expected to accelerate the growth of the hydrogen generation market sub-segment during the forecast period.
- By region, the Asia-Pacific region is expected to dominate the global market, and grow exponentially at a CAGR of 7.5% during the forecast period. The prevalence of innovative hydrogen projects in this region is expected to drive the growth of the market in this region. In addition, growing investments in the clean energy sector in this region are further expected to accelerate the growth of the regional hydrogen generation market during the forecast period.
Key Players of the Market
The prominent players of the global hydrogen generation market include
- Engie SA
- ITM Power plc
- Messer Group
- Showa Denko
- Air Liquide S.A.
- Cummins Inc.
- Uniper SE
- Linde plc
- Air Products and Chemicals, Inc
- Iwatani Corporation
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in June 2020, Plug Power Inc., a leading provider of hydrogen engines and fuel solutions enabling e-mobility, acquired United Hydrogen Group Inc., a hydrogen production and distribution business based in the United States, and Ginear ELX, Boston-based research, and development firm committed to developing and commercializing electrochemical technologies. This acquisition will help Plug Power to strengthen its presence in the global hydrogen generation market.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Get the Latest Update on key businesses Development Strategic Report
More about Hydrogen Generation Market:
- Methods of Hydrogen Generation and Its Importance
- Global Hydrogen Generation Market's Growth to Skyrocket with the Rising Need for Clean Energy across Various Industries
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