Pune, India, June 29, 2021 (GLOBE NEWSWIRE) --
The global hydrogen generation market size is poised to expand at substantial CAGR during the forecast timeline due to the rising environmental concerns associated with the use of fuels with sulfur content. With the augmenting demand for crude oil, the initiation of refurbishment of refineries across the region is set to generate significant growth opportunities. Hydrogen power generation appears to be a silver bullet addressing the problem of global warming owing to its potential for near-zero GHG emissions.
With governments worldwide implementing policies to encourage the adoption of green energy, the hydrogen generation industry appears to be a promising area. R&D initiatives are making considerable strides in the recent times, backed by growing investments toward carbon negative solutions.
The following seven prominent factors are driving the hydrogen generation market forecast:
Preference for electrolysis process across North America
In terms of methods used for hydrogen production, electrolysis is witnessing a surge in deployment rate since the past few years in North America. The growing inclination toward obtaining greener fuel from hydrogen is responsible for this trend. With preference for hydrogen production from renewable resources rising, there is an increasing demand for this method. Data centers, aviation and logistics industries are some of the leading consumers of fuel from hydrogen.
North America hydrogen generation market share from electrolysis segment is slated to see an upsurge through 2026. Advantageous tax credit policies as well as duty exemption schemes of the regional governments are encouraging expansion.
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Ongoing prototype projects across Canada
With the growing awareness regarding what is green hydrogen and its advantages, the Canadian government is encouraging this alternative. Numerous manufacturing facilities, spiraling demand for electricity, and ongoing proliferation of chemical, power, and automotive industries is setting the tone for growth. North America hydrogen generation market is progressing on account of the ongoing prototype projects coupled with the advancements in Canadian refining sector.
Growing consumption across Asian buildings
Hydrogen is gaining popularity as a buzzword in the real estate industry in Asia. The rising consumption of hydrogen-based fuel across the residential and commercial buildings in the region will power APAC industry outlook.
For instance, recently in May 2021, Toyota announced its collaboration with Japanese petroleum company ENEOS for developing a hydrogen fuel cell system to power its Woven City, a prototype of ‘the city of the future’. The collaboration marks a prominent move toward a hydrogen-based society, wherein the two firms are expected to assess the viability of a fully carbon-free supply chain right from production to usage.
Rising adoption by small scale industries in Asia
Asia Pacific hydrogen generation market size is set to grow significantly through the forecast timeframe, promoted by the growing adoption of renewables. Small scale industries are particularly leveraging the benefits of convenient storage and distribution offered by hydrogen. The ongoing R&D activities aimed at developing advanced industrial hydrogen generators are adding impetus to product adoption.
APAC market trends are seeing a move toward the adoption of industrial hydrogen generators. Offering superior hydrogen purity, several industrial hydrogen generator manufacturers are fulfilling the need for uninterrupted supply, fully integrated backup systems, compact designs, and easy maintenance.
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Growing LNG imports in China
The outbreak of the novel coronavirus marks a major disturbance in the global economy and trade as production as well as consumption are scaled down worldwide. China hydrogen generation market share is expected to exhibit a rising curve through the forecast timeframe, owing to the strong support from the regional government in these challenging times.
As per the records of the International Energy Agency (IEA), China ranks as the largest LNG importer with substantial potential for hydrogen projects. Robust industrialization alongside growing population rate is generating spiraling demand for electricity. With chemical, semiconductors, and automotive industries seeing expansion, Asia Pacific industry forecast is likely to register rising adoption.
Stream reformer process to see uptick in Europe
On account of the abundance of traditional fuels, stream reformer process (SMR) is expected to witness a rising deployment across Europe. The advantages accompanying this process include minimal operational costs and prevention of carbon deposition. Stream reformers can prevent carbon deposition over the catalyst. They are gaining acclaim across central oil plants and gas refineries due to their wide-ranging applications.
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Changing compliance demands across Europe
The announcement of new standards as per the recent Environment & Climate Change Law 2020 has reemphasized the need to limit emissions in Europe. Technological innovations for realizing a carbon-free future is paving the way for Europe industry expansion. Economic viability of advanced hydrogen generators is likely to accelerate the move toward sustainable, reliable, and efficient energy supply through 2026.
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