The latest report by IMARC Group, titled “Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global hydrogen generation market size reached US$ 153.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222.4 Billion by 2028, exhibiting a CAGR of 6.9% during 2023-2028.
Hydrogen is a natural gas generated through low-carbon pathways using various natural gases, coal, and biomass. It is also produced by the process of electrolysis that relies on electricity to segregate water into oxygen and hydrogen. It is manufactured commercially using sunlight via photobiological, photoelectrochemical, and photovoltaic-dependent electrolysis and solar thermochemical processes. Hydrogen is a clean fuel utilized for running cells to generate electricity and heat. It is also required in petroleum refining to reduce the sulfur content of diesel fuel. It aids in manufacturing power cells for various specialty vehicles, such as forklifts and cranes and buses, trucks, and cars. It is used in the steel industry as a redundant substitute for producing direct reduced iron (DRI), which is transformed into steel in an electric arc furnace (EAF). It assists in manufacturing methanol and producing methane and ammonia fertilizer required in farms for boosting crop production. It finds extensive applications in the defense industry to generate power for military transportation, commodity trucks, and turbojet engines. It is employed in the space as a rocket fuel since hydrogen is non-toxic and efficient. It helps manufacture plastic materials and various textile fibers, such as polyurethane foam and nylon. At present, there is a rise in the demand for hydrogen generation through biological processes wherein bacteria and microalgae consume plant materials and produce hydrogen gas across the globe.
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Hydrogen Generation Market Trends and Drivers:
The rising demand for hydrogen generation in the shipping and transportation industry to produce green hydrogen represents one of the key factors driving the market. Besides this, the government of various countries is implementing stringent policies to ban the use of fossil fuels due to the increasing levels of air pollution, which is contributing to the growth of the market. In addition, the growing utilization of hydrogen in the petroleum industry to minimize the content of toxic sulfur in fossil fuels is positively influencing the market. Apart from this, the escalating demand for hydrogen in the glass industry to manufacture flat glass for electronic devices, windows, doors, and windscreens is propelling the growth of the market. Additionally, the increasing utilization for hydrogen in the food and beverage (F&B) industry to manufacture hydrogenated vegetable oils, margarine, and butter is offering a favorable market outlook. Moreover, key players are investing in research and development (R&D) activities to introduce green technologies that can be used in hydrogen generation, which is expected to bolster the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technology:
- Coal Gasification
- Steam Methane Reforming
- Others
Breakup by Application:
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Others
Breakup by Systems Type:
- Merchant
- Captive
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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.
- Xebec Adsorption Inc.
Explore full report with table of contents: https://www.imarcgroup.com/hydrogen-generation-market
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