Hydrogen Generation Market size to grow by USD 47.84 billion from 2022 to 2027, Air Liquide SA, Air Products and Chemicals Inc., Claind Srl, Cummins Inc. and more among the key companies in the market - Technavio
NEW YORK, Nov. 1, 2023 /PRNewswire/ -- The global hydrogen generation market size is estimated to increase by USD 47.84 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 5.58% during the forecast period. The global hydrogen generation market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer hydrogen generation in the market are Air Liquide SA, Air Products and Chemicals Inc., Claind Srl, Cummins Inc., FuelCell Energy Inc, Green Hydrogen Systems, Hiringa Energy Ltd., Hyster Yale Materials Handling Inc., ITM Power plc, Iwatani Corp., Linde Plc, Mahler AGS GmbH, McPhy Energy SA, Messer SE and Co. KGaA, Nel ASA, Parker Hannifin Corp., SHOWA DENKO K.K., Teledyne Technologies Inc., Xebec Adsorption Inc., and Mitsubishi Chemical Holdings Corp. and others. Get a comprehensive report summary describing the market size and forecast along with research methodology -Request a sample report
What's New? -
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial
Vendor Offerings -
- Air Liquide SA - The company offers hydrogen generation solutions such as hydrogen production by electrolysis from renewable energies.
- Air Products and Chemicals Inc. - The company offers hydrogen generation solutions such as pipeline supply as well as delivered gas or liquid and onsite generation.
- Claind Srl - The company offers hydrogen generation solutions such as H series gas generators.
- For details on the vendor and their offerings – Request a sample report
Hydrogen Generation Market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by delivery mode (merchant and captive), application (chemical industry, refinery industry, metal processing industry, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The market share growth of the merchant segment will be significant for the market growth during the forecast period. In merchant delivery mode, hydrogen is delivered by tanker or storage container from the manufacturing facility to a supplier-owned storage capacity facility built at the customer's site. Therefore, rising demand for hydrogen in small quantities along with dealer mode capabilities is expected to drive the growth of the dealer segment of the market over the forecast period. Merchant delivery mode is best suited for customers who do not have consistent demand patterns or sufficient demand volume for captive mode. This solution is less costly for such customers than the company's own shipping method. Hydrogen gas has low distribution costs and can be transported over long distances using the commercial delivery mode. This cost efficiency will drive market growth during the forecast period.
Geography Overview
By geography, the global hydrogen generation market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global hydrogen generation market.
- APAC is estimated to account for 56% of the global market growth during the forecast period. APAC's refining industry is driven by huge local demand for refined petroleum products such as gasoline and diesel. This demand is driven by countries exhibiting healthy GDP growth rates, mainly India and China. According to several government regulations, oil and gas refineries are required to reduce sulfur levels in diesel. To do this, these refineries need to increase their hydrogen content. In November 2022, Indian Oil Corporation Limited (IOCL), its subsidiary Chennai Petroleum Corporation Limited (CPCL) and other capital partners announced the acquisition of the proposed Nagapattinam Refinery and Petrochemical Project in Tamil Nadu, India. Such investments will have a positive impact on the market in the long term and drive the growth of the market of interest during the forecast period.
The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role in the market - Download a Sample Report
Hydrogen Generation Market – Market Dynamics
Key Driver
A major driver for the growth of the hydrogen generation market is the growing demand for fertilizers. The demand is estimated to double due to the rising population. As a result of the rising global population, there will be a huge demand for agricultural products, leading to the requirement for better fertilization management systems. The best fertilizer management practices will be required to increase agricultural production to meet this growing demand. Nitrogen fertilizers are used for fertilizer management. Hence, such factors are expected to drive the demand for fertilizers, which in turn leads to the market growth of the hydrogen generation market during the forecast period.
Key Trends -
- An emerging trend in the hydrogen generation market that is expected to fuel the market growth is the reduction in fuel cell prices.
- Increased investment in research and development has lowered the cost of fuel cell technology.
- The main changes that led to these near-static costs were reduced Pt loading on the anode, larger bipolar plate formation and welding costs (according to OEM feedback), and modified gas diffusion layers (according to OEM feedback).
- Declining production costs of fuel cell systems will lead to an increase in the number of fuel cell applications in various industries.
- This increasing number of fuel cell applications will lead to increased demand for hydrogen gas, thereby driving market growth.
Major challenges -
- A major challenge hindering the market growth of hydrogen generation is the competition from alternative technologies.
- Increased investment in research and development has reduced the cost of fuel cell technology.
- Declining production costs of fuel cell systems will lead to increased fuel cell applications in various industries. This increase in fuel cell applications will lead to increased demand for hydrogen gas, thereby driving market growth. Batteries, for example, are used as backup power solutions in a variety of industrial, commercial, and residential applications.
- It is also widely used in the transportation and telecommunications sector. As such, the use of fuel cells is limited to powering lightweight vehicles for APUs and unmanned aerial vehicles (UAVs) for defense and commercial applications.
- Given that fuel cell technology still lags behind other renewable technologies, it has demand in the market because batteries are available in a wide range of sizes and power ranges.
What are the key data covered in this Hydrogen Generation Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the hydrogen generation market between 2023 and 2027
- Precise estimation of the size of the hydrogen generation market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the hydrogen generation market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of the hydrogen generation market vendors
Gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Related Reports:
The hydrogen compressor market size is expected to increase by USD 841.18 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.36%. Furthermore, this report extensively covers hydrogen compressor market segmentation by technology (multistage and single-stage), end-user (oil and gas, chemicals, and others), and geography (APAC, Europe, North America, MEA, and South America). The growing focus on using hydrogen in refineries is notably driving the hydrogen compressor market growth.
The potassium hydrogen sulfite market size is expected to increase by USD 50.45 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.6%. Furthermore, this report extensively covers the potassium hydrogen sulfite market segmentation by product (food grade, industrial grade, and pharmaceutical grade) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The rise in disposable income and changes in lifestyle are the key factors driving the global potassium hydrogen sulfite market growth.
Browse for Technavio's Materials Reports
Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Delivery Mode
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article