As per the report, the global hydrogen generation market is estimated at USD 164.78 billion by 2027. It is projected to develop by 4.32% CAGR for the duration of the forecast.
Rising demand for the greener and cleaner resource of energy is expected to increase the development. Requirement for the cleaner fuel along with the government policies about the desulphurization of fuel is expected to power the expansion of the market. Hydrogen is an efficient transporter of energy and this quality is estimated to considerably add to its additional access into new markets.
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The requirement for clean fuel is estimated to observe the substantial growth annually, by growing stages of the pollution along with increasing rules by the government to restrain the sulfur content in the fuels, is projected to impel the hydrogen generation market.
Further key findings from the report suggest:
• Methanol production held the biggest share of the market in the application sector. The use of the hydrogen in ammonia production is estimated to increase by the maximum CAGR, for the period of the forecast.
• In 2019, merchant section held the maximum share of the market and the inclination is expected to persist till 2027. The hydrogen is generated at a main manufacturing facility and then is transported and distributed through pipeline, bulk tanks otherwise using cylinder truck, in merchant system category.
• Increasing requirement for the hydrogen generation, through diverse regions, is a fundamental dynamic factor for the technology of steam methane reformers, since it is largely a cost-effective technique for the hydrogen generation.
• Captive system is estimated to record the top CAGR, throughout the period of the forecast. On site hydrogen generation, in small size businesses, has increased its reputation in preceding a small number of years.
• The sector of coal gasification technology is expected to enlarge by the maximum CAGR for the period of the forecast. Coal gasification offers long term objective for the hydrogen generation on reasonable price.
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Million Insights segmented the global hydrogen generation market based on application, technology, system and region.
Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
• Coal Gasification
• Steam Methane Reforming
Hydrogen Generation Application Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
• Methanol Production
• Ammonia Production
• Petroleum Refinery
Hydrogen Generation Systems Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 – 2027)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East and Africa
• Saudi Arabia
• South Africa
Some of the companies for hydrogen generation market are: Air Products and Chemicals Inc., Hydrogenics, Linde AG, Air Liquide S.A., Hy gear, Taiyo Nippon Sanso, Messer Group GmbH, Matheson Tri-Gas, Inc., INOX Air Products Ltd., Teledyne Technologies Incorporated, Tokyo Gas Chemicals Co., Ltd, SOL Group Hydrogenics Corporation; and Iwatani Corporation.
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