The hydrogen generation market is estimated to reach $262.0 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031. 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.
Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/1575
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.
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.
For Enquiry Option@ https://www.alliedmarketresearch.com/hydrogen-generation-market/purchase-options
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.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Web: https://www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research