The rapid surge in technological innovations related to extraction of hydrogen through sustainable resources such as Green hydrogen has significant impact on hydrogen generation market. The government initiatives towards zero carbon emissions led to the increase in utilization of fuel cell powered vehicles. Furthermore, the increased population across the globe has led to increase in the demand for food; hence in order to increase the food production hydrogen is used in the production of ammonia. The hydrogen generation market size was valued at $136.3 billion in 2021, and hydrogen generation industry is estimated to reach $262.0 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
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Hydrogen production is the family of industrial methods for
generating hydrogen gas. As of 2020, the majority of hydrogen (∼95%)
is produced from fossil fuels by steam reforming of natural gas and other light
hydrocarbons, partial oxidation of heavier hydrocarbons, and coal gasification.
Hydrogen produced is mostly used by petroleum refineries and
fertilizer producing companies. A total of 99% of hydrogen comes from fossil
fuel reforming, as it is the most conventional and cost-effective method.
However, it is not beneficial for the environment due to CO2 emission. Green
hydrogen is produced from electrolysis. Electrolysis is the method used to
produce green hydrogen as it uses electricity to split water into hydrogen and
oxygen and gives out zero carbon emissions. One of the objectives that various
nations have set for 2050 is the decarbonization of the earth. The generation
of an element like hydrogen, which produces green hydrogen, is one of the key
factors in achieving this goal because it now accounts for more than 2% of
worldwide CO2 emissions. For instance, the European Union (EU) released a
unique hydrogen policy in 2020 that combines initiatives to support green
hydrogen generation capacities’ rapid growth. By 2023, Florida Power &
Light plans to have a 20 MW green hydrogen plant up and running. The 1.75
gigawatts Okeechobee gas-fired plant owned by FP&L will utilize this
hydrogen in a 20% blend.
Increase in governmental regulations for the
desulphurization of petroleum products is projected to drive the growth of the
hydrogen generation market opportunities. Hydrogen is an effective energy
carrier, and this quality is expected to contribute significantly to its
further penetration into newer markets. The global electricity demand is
expected to witness an increase of nearly two-thirds of the current demand
during the forecast period. Focus on projects related to distributed power
& utility, is expected to boost the hydrogen generation market growth
during the forecast period.
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The hydrogen generation market forecast is segmented on
the basis of source, process, delivery mode, application, and region. On the
basis of source, it is classified into blue hydrogen, gray hydrogen, and green
hydrogen. On the basis of process, the market is categorized into steam methane
reforming, coal gasification, electrolysis, and other. On the basis of delivery
mode, the market is bifurcated into captive and merchant. On the basis of
application, the global hydrogen generation market is divided into chemical
processing, transportation, petroleum recovery, power generation and others.
Furthermore, the chemical processing segment is bifurcated into ammonia,
methanol, and others. Region wise, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the
largest hydrogen generation market share, followed by North America, and
Europe.
The major companies profiled in this report include Linde
Plc, Air Liquide, Cummins Inc., Uniper SE, Nel ASA, Siemens, Engine, ITM Power,
Iberdrola, McPhy Energy S.A, Messer, Orsted A/S, Thyssenkrupp, Iwatani
Corporation, Xebec Adsorption Inc., Ally Hi-Tech Co. Ltd, and Electrochaea
GmbH. Rapid development of industrialization, modernization and increase in
awareness among the individuals regarding the environmental impact of fossil
fuels fuel the demand for hydrogen. Additional growth strategies such as expansion
of production capacities, acquisition, partnership and research &
innovation in the detection technologies have led to attain key developments in
the global hydrogen generation market trends.
Key findings of the study
- As per
hydrogen generation market analysis, by source, the grey hydrogen segment
accounted for the largest share in 2021.
- By
process, the steam methane reforming segment was the leading segment in
2021.
- By
delivery mode, the captive segment held the largest market share in 2021.
- By
application, the chemical processing segment held the largest market share
in 2021.
- By
region, Asia-Pacific is projected to exhibit CAGR of 7.3% from 2022 to
2031.
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Impact of Covid-19 on Hydrogen Generation Market
The global COVID-19 pandemic has negative impact on the
hydrogen generation market. Outbreak of pandemic simultaneously affected
households, business, financial institution, industrial establishments and
infrastructure companies across the globe. The novel coronavirus has affected
several economies and caused lockdown in many countries which has limited the
growth of the market. The shutdown of industrial manufacturer led to the
decline in the demand for solar related equipment in most of the countries across
the world leading to decline in the growth of the hydrogen generation market.
The decrease in utilization of power in the industrial facilities across the
globe during the outbreak has a negative impact on the development of the
market.
At the initial stage, demand for hydrogen significantly
declined due to lockdowns. Furthermore, the supply of hydrogen was hampered, as
major portion of the hydrogen is produced from natural gas reforming. However,
governments of various countries across the world have eased lockdown
restrictions. Therefore, there is steady rise in the manufacturing process.
This is driving the demand for hydrogen in industrial applications. The trend
is expected to continue during the forecast period.
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