Hydrogen Generation Market Size Projected to Reach USD 220.37 Billion by 2028 | Fortune Business Insights
According to Fortune Business Insights, the global hydrogen generation market size is projected to reach USD 220.37 billion by 2028 from its value USD 150.20 billion in 2021, at CAGR of 5.6% during forecast period.
Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The hydrogen generation market size to hit USD 220.37 billion by 2028. The global market size was valued USD 145.67 billion in 2020 and USD 150.20 billion in 2021. Growing collaboration of companies and government initiates for carbon neutrality to drive the growth of market. The market is set to gain traction from the high demand for fuel cell-based buses and electric vehicles (EVs), especially in North America and Asia Pacific.
In December 2019, Hyundai, for instance, planned to invest around USD 6 billion in the development of hydrogen fuel cell technology to increase the sales of electric vehicles worldwide.
Key Industry Developments:
July 2020: Air Products signed an agreement to join forces with NEOM and ACWA Power to construct a green hydrogen-based ammonia production plant worth about USD 5 billion in Saudi Arabia. The facility will produce 650 tons of hydrogen by utilizing electrolysis by 2025
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Forecast Period 2021 to 2028 CAGR
2028 Value Projection
USD 220.37 Billion
Market Size in 2020
USD 145.67 Billion
Historical Data for
No. of Pages
Hydrogen Generation Market Size, Share & COVID-19 Impact Analysis, By Type (On-site and Portable), By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others) And Regional
Rising Adoption of Desulfurization in Refining Industry to Boost Growth
Key Players Focus on Bagging New Orders to Gain Competitive Edge
Drivers & Restraints-
To reduce the emissions of sulfur oxides and acid rain, a process called desulfurization is followed. It helps in lowering the sulfur content in hydrocarbons and hence requires hydrogen. This gas is extensively used by the refining industry to break up heavy hydrocarbons. The regulatory bodies worldwide are implementing strict laws and regulations on the application of heavier hydrocarbons, as well as to reduce the emissions in the atmosphere. Such factors are expected to augment the hydrogen generation market growth in the coming years. However, the technologies required for hydrogen generation are expensive. It may obstruct the market growth.
The pandemic has severely affected the global hydrogen generation industry, owing to decreased demand and cash-flow among regional players and traders. However, a number of policymakers have announced proposals to take advantage of the reduced carbon emission levels brought about by the closure of the manufacturing and transportation industries, boosting demand for clean fuel alternatives. For example, in December 2020, the Japanese government announced a new fund worth more than USD 19 billion as part of the COVID-19 stimulus package for the hydrogen industry. This will improve the outlook of the hydrogen generation market during the coronavirus outbreak.
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This Report Answers the Following Questions:
What are the growth drivers and obstacles in the market?
Which companies would lead the market in terms of revenue?
What are the key strategies adopted by the companies?
How will the ruling bodies promote the usage of hydrogen generation processes?
Ammonia Production Segment to Lead Backed by its Economic Feasibility
In terms of application, the market is divided into power generation, transportation, methanol production, petroleum refinery, ammonia production, and others. Amongst these, the ammonia production generated 37.9% hydrogen generation market share in 2020. The segment is set to retain its dominant position in the near future owing to the increasing usage of hydrogen in the ammonia plants across the globe. Besides, ammonia is experiencing high popularity because of its cost-effective nature and easy adoption.
Asia Pacific to Dominate Fueled by Increasing Refinery Operations
Geographically, Asia Pacific procured USD 50.27 billion in 2020. This growth is attributable to the rising refinery operations in the countries such as China, South Korea, and India to meet the increasing demand for fuels. Japan, for instance, declared that it has planned to bring about 6,000 fuel cell cars and 100 fuel cell buses on the road by the end of 2020. This proves that the popularity of hydrogen generation systems would surge in this region.
In Europe, the countries are persistently investing hefty amounts of money in the development of hydrogen projects. They are looking forward to achieving the targets set by the European Commission to encourage the adoption of sustainable and clean energy sources in future. This would further accelerate the demand for hydrogen generation systems. North America, on the other hand, would showcase considerable growth during the forthcoming years backed by the implementation of strict norms by the governments to curb the emissions of greenhouse gases.
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The major companies present in the market are mainly engaging in receiving new orders from the industry giants for their in-house hydrogen generation systems. As the number of new hydrogen facilities is increasing, the demand for such systems is also surging rapidly.
A List of Key Manufacturers Operating in the Global Market:
Showa Denko K.K.
Epoch Energy Technology Corporation
Hydrogen Generation Market Segmentation:
Steam Methane Reforming
Partial Oil Oxidation
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Hydrogen Generation Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.3. Market Analysis, Insights and Forecast – By Technology
6.3.1. Steam Methane Reforming
6.3.2. Water Electrolysis
6.3.3. Partial Oil Oxidation
6.3.4. Coal Gasification
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1. Ammonia Production
6.4.2. Petroleum Refinery
6.4.3. Methanol Production
6.4.5. Power Generation
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Latin America
6.5.4. Asia Pacific
6.5.5. Middle East and Africa
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