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The report discusses key developments in the global hydrogen generation market in light of the novel COVID-19 pandemic. The report provides a precise summary of the industry's various aspects that are likely to be affected by the pandemic.
According to the latest reports, the hydrogen generating market size is anticipated to reach USD 210.85 billion by 2027, up from an estimated USD 133.56 billion in 2020, at a CAGR of 9.45 percent.
Hydrogen refers to the most abundantly present elements in our universe. It is present in the gaseous state of the atmosphere. Hydrogen is typically produced when natural gas is heated with steam, which produces a mixture of carbon monoxide and hydrogen. Hydrogen can also be produced by electrolyzing water. Some sources of hydrogen generation include biomass gasification, wherein the plant matter is heated and reacted to produce hydrogen and carbon dioxide. Significant factors driving the hydrogen generation market include rising demand to decarbonize energy end-use and a change in the trend towards cleaner energy.
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Market Dynamics
Huge investments are being made for energy systems transformation in cities across the globe for the Paris Agreement targets. China, the world's largest emitter of carbon dioxide, aims to meet a target of 20% of its primary energy in renewable sources. Government regulation for desulphurization will also improve the growth of the hydrogen generation industry. Moreover, the increasing demand for clean fuel is expected to see an exponential rise every year, with rising pollution levels. Hydrogen could be the perfect energy carrier for the transport sector to minimize carbon emissions. Increasing the production of electric vehicles will boost demand for hydrogen generation as countries invest in developing hydrogen fuel cell infrastructure such as fuel stations. The global hydrogen generation market is predicted to expand at a high rate during the forecast period, primarily due to favorable government regulations and research and development activities of hydrogen. For example, the Institution of Mechanical Engineers (IMECHE) has approached the government to set up aid for the use of hydrogen to decarbonize the energy system overpower, heat, and the transport sector. In addition, the UK has a strong track record for new energy developments, heading ahead to becoming the global leader in power-to-gas and hydrogen technology. These initiatives and developments will further boost demand for the hydrogen generation market.
The global hydrogen generation market is expected to see significant growth during the forecast period due to the increasing adoption of hydrogen, and awareness of the importance of energy conservation is estimated to bolster the global hydrogen generation market. Increasing efforts to shift emphasis from fossil fuels to renewable fuels is expected to further boost the hydrogen generation industry's expansion. Countries across the globe are introducing strict standards to reduce the use of unconventional fuels, leading to excessive greenhouse gas emissions.
Market Segmentation
The global market for Hydrogen Generation System Market has been segmented into generation & delivery type, storage, and application.
Regional Analysis
Regionally, the global hydrogen generation market has been segmented into North America, Asia Pacific, Europe, and the Middle East & Africa.
The Asia Pacific has the largest share of the hydrogen generation market due to increased demand for hydrogen fuel cell technology in the automotive sector. With the increasing demand for fossil fuels in transport operations and a rising need to decarbonize energy end-use, hydrogen is anticipated to play a vital role in the fuel transition of the region. Europe is second in the hydrogen generation industry. The increasing demand for reliable supply for various end-user industries, mainly in the commercial sector, is expected to be the primary regional driver.
Key Players
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