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.
Colorless, odorless, and tasteless, hydrogen (H2) is a highly combustible gas that is insoluble in water. It is a plentiful chemical element found in nature in a variety of forms. It is produced via a number of processes, including coal gasification, partial oil oxidation, electrolysis of water, and steam reforming of natural gas. Consequently, it finds wide-ranging applications in the manufacturing of ammonia and methanol, the refining of petroleum, transportation, and power generation worldwide.
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Hydrogen Generation Market Trends and Drivers:
One of the main drivers of the market’s expansion at the moment is the rising demand for green hydrogen as a clean, renewable energy source. In addition, the general public’s growing awareness of environmentally friendly and emission-free cars is fostering the market’s expansion. In addition, investors in the business are seeing significant growth prospects due to the rising demand for H2 in fuel cell electric vehicles (FCEVs) as a substitute for other hazardous fuels. Governmental organizations from different nations are also enforcing strict laws to lower carbon footprints and promote the use of H2, which is supporting the market’s expansion. In addition, the market is expanding due to the growing use of H2 to meet the world’s growing demand for power.
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.
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