Hydrogen Generation Market Size Reach Around US$ 120 Bn 2027: Acumen Research and Consulting

The global hydrogen generation market size is expected to reach of around US$ 120 by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 - 2027

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Acumen Research and Consulting

May 27, 2020, 09:30 ET

LOS ANGELES, May 27, 2020 /PRNewswire/ -- Growing emphasis on decarbonizing energy end-use is the major drivers for the growth of the hydrogen generation market. High energy consumption of hydrogen generation technologies is a major factor expected to restraint the growth of the market.

Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Hydrogen Generation Market (By Production: Steam reforming of hydrocarbons, Fossil Fuels, Electrolysis, Water, Alkaline, Polymer electrolyte membrane (PEM), High Temperature, Dissociation of hydrocarbons, Others (Photolysis, Bio photolysis); By Generation & Delivery Mode: Merchant Production, Liquid Production, Gaseous Production, Captive Production, By-product Production; By End-User: Petroleum Refining & Recovery, Chemical Processing, Automotive Fuels, Ammonia Production, Methanol Production, Others (Aerospace, Electrical & Electronics, Edible fats & oils)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".

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Hydrogen is a safe, effective and most flexible chemical compound on earth with zero carbon emission carriers. The molecular structure is not present, although it is available in various amounts. The gas is non-metallic, colorless, non-toxic, odorless, extremely fuel-efficient and tasteless. Air, which is a extremely environmental compatible process, is the primary raw material used in the process of manufacture of hydrogen. It is the most renewable fuel which can be generated and converted into electricity. It can be stored as hydrides, gasses and fluids in different forms. It can be converted into other sources of energy by chemical transformations, catalytic combustion and hydridization. Hydrogen is convenient to transport, very effective, low boiling and lightweight, making it suitable for industrial applications. The fuel produces non-polluting combustion materials so it is eco-friendly.

Asia Pacific contribute large market share of global hydrogen generation market and likely to continue its trend during forecast period. Robust economic performance, and large-scale R&D projects, is projected to fuel demand in countries such as Japan, China, South Korea, India and Australia. In order to overcome some challenges including pollution and economic disparity between urban and rural population, China undertakes massive changes in the fuel and oil industries. The factor that may hinder the growth of hydrogen generation market is due to rise of air pollution and the rise of sulfur in the climate. The development and use of hydrogen production was expected to fuel the development of a significant number of refineries in major countries including China and India. Governments in countries such as Australia and Japan are considering greener and cleaner technologies to boost the production of hydrogen.

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Market dynamics

The primary factors driving the growth of hydrogen generation market is due to increasing demand of cleaner fuels, rising stringent rules and regulation regarding desulphurization of petroleum products, development in transportation fuel sector, decrease in quality of crudes. Furthermore, rising demand for distillate fuels and hydrogen fuel cell growth & development will impact the market for hydrogen supply directly as they would require high hydrogen usage. Decreasing crude quality has contributed to higher hydrogen demand for its refining and limited the supply of crude oil hydrogen. The factor that may hamper the growth of market is due to high safety while transportation is required to hydrogen as it is flammable and inappropriate transportation network led to increase in transportation costs. A significant share in the hydrogen generation market in Asia-Pacific is due to the strong demand for hydrogen in petroleum refineries and ammonia plant production.

Safety Concerns of Hydrogen

Hydrogen is flammable when it comes in contact with air. It has to handle carefully when it is in gaseous form as it can burn at the moment it leaks. Mostly hydrogen is used by industry as a fuel. The use of hydrogen for fuel however raised concern about health. There are codes and standards in car, portable and stationary applications that use hydrogen as fuel in fuel cells. For instance, US-based trade association National Fire Protection Association (NFPA) also developed the "Standard for Implementation of Stationary Fuel Power Systems." The NFPA became a trade organization located in the U.S. Hydrogen is, however, still used as a fuel in the early stages. These codes and requirements will also prohibit the application of hydrogen fuel.

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The global hydrogen generation market includes prominent players such as Linde AG, Air Products & Chemicals Inc., Iwatani Corporation, Airgas Inc., Caloric Anlagenbau GmbH, Air Liquide SA, Hydrogenics Corp., Nuvera Fuel Cells, LLC, Alumifuel Power Corporation, Praxair Inc., and others.

Recent Developments

In February 2020, Air Liquide strengthens its collaborated with BASF in Antwerp with three new long-term contracts
In December 2019, Nuvera Breaks Ground on Automated Fuel Cell Production Facility in China

Market Segmentation

Hydrogen Generation Market By Production

Steam reforming of hydrocarbons
Fossil Fuels
Electrolysis
Water
Alkaline
Polymer electrolyte membrane (PEM)
High Temperature
Dissociation of hydrocarbons
Others (Photolysis, Bio photolysis)

Hydrogen Generation Market By Generation & Delivery Mode

Merchant Production
Liquid Production
Gaseous Production
Captive Production
By-product Production

Hydrogen Generation Market By End-User

Petroleum Refining & Recovery
Chemical Processing
Automotive Fuels
Ammonia Production
Methanol Production
Others (Aerospace, Electrical & Electronics, Edible fats & oils)

Hydrogen Generation Market By Geography

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Rest of Europe

Asia-Pacific

China
Japan
India
Australia
South Korea
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

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