Pune, July 17, 2020 (GLOBE NEWSWIRE) -- The global hydrogen generation market is set to gain traction from the high demand for fuel cell-based buses and electric vehicles (EVs), especially in North America and Asia Pacific. In December 2019, Hyundai, for instance, planned to invest around USD 6 billion in the development of hydrogen fuel cell technology to increase the sales of electric vehicles worldwide. This information is given by Fortune Business Insights™ in a recent study, titled, “Hydrogen Generation Market Size, Share & Industry Analysis, By Type (On-site and Portable) By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the hydrogen generation market size was USD 142.33 billion in 2019. It is projected to reach USD 208.86 billion by 2027, thereby exhibiting a CAGR of 5.2% during the forecast period.
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This Report Answers the Following Questions:
- What are the growth drivers and obstacles in the market?
- Which companies would lead the market in terms of revenue?
- What are the key strategies adopted by the companies?
- How will the ruling bodies promote the usage of hydrogen generation processes?
Drivers & Restraints-
Rising Adoption of Desulfurization in Refining Industry to Boost Growth
To reduce the emissions of sulfur oxides and acid rain, a process called desulfurization is followed. It helps in lowering the sulfur content in hydrocarbons and hence requires hydrogen. This gas is extensively used by the refining industry to break up heavy hydrocarbons. The regulatory bodies worldwide are implementing strict laws and regulations on the application of heavier hydrocarbons, as well as to reduce the emissions in the atmosphere. Such factors are expected to augment this market growth in the coming years. However, the technologies required for hydrogen generation are expensive. It may obstruct the market growth.
Segment-
Ammonia Production Segment to Lead Backed by its Economic Feasibility
In terms of application, the market is divided into power generation, transportation, methanol production, petroleum refinery, ammonia production, and others. Amongst these, the ammonia production generated 38.2% hydrogen generation market share in 2019. The segment is set to retain its dominant position in the near future owing to the increasing usage of hydrogen in the ammonia plants across the globe. Besides, ammonia is experiencing high popularity because of its cost-effective nature and easy adoption.
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Regional Analysis-
Asia Pacific to Dominate Fueled by Increasing Refinery Operations
Geographically, Asia Pacific procured USD 49.34 billion revenue in 2019. This growth is attributable to the rising refinery operations in the countries such as China, South Korea, and India to meet the increasing demand for fuels. Japan, for instance, declared that it has planned to bring about 6,000 fuel cell cars and 100 fuel cell buses on the road by the end of 2020. This proves that the popularity of hydrogen generation systems would surge in this region.
In Europe, the countries are persistently investing hefty amounts of money in the development of hydrogen projects. They are looking forward to achieving the targets set by the European Commission to encourage the adoption of sustainable and clean energy sources in future. This would further accelerate the demand for these systems. North America, on the other hand, would showcase considerable growth during the forthcoming years backed by the implementation of strict norms by the governments to curb the emissions of greenhouse gases.
Competitive Landscape-
Key Players Focus on Bagging New Orders to Gain Competitive Edge
The major companies present in the market are mainly engaging in receiving new orders from the industry giants for their in-house hydrogen generation systems. As the number of new hydrogen facilities is increasing, the demand for such systems is also surging rapidly. Below are two of the latest industry developments:
- February 2019: Praxair, Inc. is set to construct a world scale hydrogen plant in Louisiana. The newly built plant will be integrated with the company’s pre-existing Louisiana production network. It will be done via the Mississippi River Corridor hydrogen pipeline system.
- February 2019: Hydrogenics Corporation bagged a new order from Air Liquide Canada to design, construct, and install an electrolyzer system for the production of hydrogen in the latter’s new facility in Canada. The system is 20 megawatt.
List of the Leading Companies Profiled in the Hydrogen Generation Market Research Report. They are as follows:
- Air Liquide (France)
- Air Products (US)
- Iwatani Corporation (Japan)
- Hydrogenics (Canada)
- Linde (UK)
- Praxair, Inc (US)
- Messer Group (Germany)
- Showa Denko K.K. (Japan)
- Epoch Energy Technology Corporation (Taiwan)
- Idroenergy Spa (Italy)
- McPhy (France)
- Proton OnSite (US)
- LNI Swissgas (Switzerland)
- Airgas (US)
- Parker Hannifin (US)
- FuelCell Energy (US)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Cryogenic Pump Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- On-site
- Portable
- Market Analysis, Insights and Forecast – By Technology
- Steam Methane Reforming
- Water Electrolysis
- Partial Oil Oxidation
- Coal Gasification
- Market Analysis, Insights and Forecast – By Application
- Ammonia Production
- Petroleum Refinery
- Methanol Production
- Transportation
- Power Generation
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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