Hydrogen Generation Market Analysis
The Hydrogen Generation Market size is anticipated to reach USD 210.5 billion by 2030, at a CAGR of 9.45% during the forecast period 2022-2030.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Major factors propelling the hydrogen generation market include rising demand to decarbonize energy end-use and a shift in the trend towards cleaner energy. Huge investments are taking place for energy systems transformation in cities around the globe for the Paris Agreement targets. China, the largest emitter of carbon dioxide, intends to meet a target of 20% of its primary energy in renewable sources. Government regulation for desulphurization would also drive the growth of the hydrogen generation industry. Moreover, the growing demand for clean fuel is expected to see an exponential rise every year, with rising levels of pollution.
COVID-19 Impact on the Global Hydrogen Generation Market
The outbreak of COVID-19 began in December 2019, which also affected the global hydrogen generation market in all of the main regions considered in the study. Major countries affected by the outbreak of COVID-19 include China, the United States, the United Kingdom, Italy, and a number of other economies around the world. Electricity demand has been drastically reduced as a result of the COVID-19 pandemic, while the use of electricity in residential buildings has increased. However, governments worldwide have been forced to restrict business activities in response to minimizing the threat of coronavirus. Restriction in business activities has further negatively impacted residential energy management solutions in the short term.
Market Segmentation
The global hydrogen generation industry has been segmented based on generation & delivery type, storage, and application.
By generation and delivery type, the global hydrogen generation market has been segmented into captive and merchant.
Based on storage, the global hydrogen generation market has been divided into on-board, underground, and power-to-gas.
By application, the global hydrogen generation market has been segmented into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others.
Regional Analysis
Regionally, the global hydrogen generation industry has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
APAC to lead the market with the largest share
The Asia Pacific earned the largest share in the hydrogen generation market due to rising demand for hydrogen fuel cell technology in the automotive industry. With the rising demand for fossil fuels in transport operations and a growing need to decarbonize energy end-use, hydrogen is anticipated to play a crucial role in the fuel transition.
Europe ranks second in the hydrogen generation industry. The growing demand for reliable supply for numerous end industries, mainly in the commercial sector, is expected to be the primary regional driver.
Competitive Landscape
Notable players in the global hydrogen generation market are Praxair, Inc. (US), Air Liquide S.A. (France), Iwatani (Japan), Air Products and Chemicals, Inc. (US), Hydrogenics (Canada), Messer Group (Germany), Plug Power (US), Linde (US), Ballard Power systems (Canada), Showa Denko (Japan), and Fuelcell Energy (US), among others.
