Hydrogen Generation Market Growth Boost by Growing Global Warming Issues
New York, US, Nov. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Generation Market Research Report: Information by Generation and Delivery Type, Storage, Application and Region – Global Forecast till 2030”, the hydrogen generation market will touch USD 210.85 billion at a 9.45% CAGR by 2030.
Hydrogen Generation Market Growth Drivers
The creation and adoption of clean and green energy have become necessary due to the growing concerns about global warming as well as the worsening climatic and environmental conditions brought on by the excessive pollution. Thus, hydrogen is a source of clean and renewable energy and is anticipated to experience rapid growth in the assessment period.
Increasing Investments in Smart Energy Saving to offer Robust Opportunities
Growing investments in “energy-saving” residential and commercial construction are anticipated to encourage the use of hydrogen as a fuel. Investors can make money using hydrogen because it satisfies federal and environmental regulations while also meeting the world’s growing energy needs.
Hydrogen Generation Market Key Players
Prominent market players profiled in the global hydrogen generation market report includes,
- Air Products and Chemicals Inc. (US)
- Praxair Inc. (US)
- Air Liquide S.A. (France)
- Hydrogenics (Canada)
- Iwatani (Japan)
- Messer Group (Germany)
- Plug Power (US)
- Linde (US)
- Showa Denko (Japan)
- Ballard Power systems (Canada)
- Fuelcell Energy (US)
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Hydrogen Generation Market Restraints and Challenges
High Capital Cost to act as Market Restraint
The high capital cost for storing hydrogen energy and lack of funding for the production of large-scale hydrogen may act as Hydrogen Generation Market restraints over the forecast period.
Hydrogen Generation Market Segmentation
The global hydrogen generation market has been bifurcated based on application, storage, and generation & delivery type.
By generation & delivery type, the Hydrogen Generation Market is segmented into merchant & captive.
By storage, power to gas will lead the market over the forecast period.
By application, transportation will dominate the market over the forecast period.
Hydrogen Generation Market Report Scope:
|Hydrogen Generation Market Size by 2030||USD 210.85 billion|
|CAGR during 2022-2030||9.45%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Increasing government support for hydrogen
Development of green hydrogen production technologies
|Key Market Drivers||Increasing demand in transportation sector
Shifting trends towards cleaner energy
Growing demand to decarbonize energy end-use
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Due to decreased demand and cash flow among regional players and traders, the pandemic has had a significant impact on the global hydrogen generation industry. But a number of policymakers have put forth plans to benefit from the decline in carbon emissions brought on by the closure of the manufacturing and transportation sectors, which will increase demand for clean fuel substitutes. For instance, as part of the COVID-19 stimulus package for the hydrogen industry, the Japanese government announced a new fund worth more than USD 19 billion in December 2020. As a result, the outlook for the market for hydrogen generation during the coronavirus outbreak will be improved.
Hydrogen Generation Market Regional Analysis
APAC to Head Hydrogen Generation Market
In 2017, Asia Pacific accounted for the utmost share of the global market for hydrogen generation. According to estimates, the Asia-Pacific region will experience the fastest market growth in the forecast period, primarily as a result of rising demand for hydrogen for use in fuel cell technology for electric vehicles and growing pressure to reduce carbon emissions from energy use. It is anticipated that the demand for electric vehicles and fuel-efficient technology in nations like China and Japan will spur the development of hydrogen production and the construction of efficient hydrogen fuel cell stations. In 2021, the Asia Pacific region possessed a commanding 41.40% revenue share & domineered the global market. With regards to revenue, China was the highest country in the Asia Pacific region in 2021. The usage of hydrogen generation has gone up in the Asia Pacific region for the presence of higher number of refineries in important nations such as China and India.
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Governments in some Asia-Pacific nations, including Australia and Japan, are also researching for cleaner, greener methods of producing hydrogen. The region that uses the most hydrogen power is Asia Pacific. This market for hydrogen generation here has expanded due to the rapid growth of various industries in various economies, including South Korea, China, Japan, and India. The attractive growth of the region is primarily caused by the increasing demand for electric vehicles in the area that are powered by fuel cells.
Furthermore, the region is seeing a huge increase in the production of power from renewable resources. China is the dominant country in the Asia Pacific region, where it will generate roughly 50% of all regional revenues in 2020.The intensive research and development being done there to reduce the price of producing green hydrogen is the main cause of the area’s exponential growth. Asia Pacific is likely to have the fastest market growth due to the rising demand for hydrogen for power generation in countries like China and India.
The market is developing as a result of expanding government initiatives to promote clean and green energy in nations like Australia, Japan, and India. Most of the countries in this region depend on agriculture to develop the economy hence there is a huge demand for ammonia which is utilized as a major raw material in the agricultural chemicals. The increase in the utilization of ethanol blended fuel in this region and on-going reforms in India to improve the percentage of ethanol blend in the fuel is also projected to have positive impact on the market. The above mentioned policies and investments are major factors fuelling the market growth here in the assessment period. China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific are all included in the analysis of the region.
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Due to its ease of conversion into and out of electricity and its ability to generate electricity for future use, hydrogen plays a significant role in the Asia-Pacific region. It is used as a raw material to make feedstock and goods for the mining and farming industries, particularly in Australia. Asia-Pacific is the most populous region on earth and is made up of many developing and underdeveloped nations. In addition, a sizable number of megacities are located there, and the population is constantly growing.
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