Hydrogen Generation Market: Outlook
Decarbonization of industries is seen to be an important aspect to reduce hazardous harm to the environment caused by industrial pollution. This can be achieved through the utilization of hydrogen as an energy generator. Therefore, this aspect may help the global hydrogen generation market to gain immense growth across the forecast period of 2024-2030.
Other factors having a major hand in expanding the growth prospects of the hydrogen generation market are the necessity of hydrogen in the transportation sector and the desulfurization of refinery activities. All these factors assure promising growth for the hydrogen generation market through the forecast period. The prominent processes of hydrogen generation are electrolysis and steam reforming.
This hydrogen generation market report has detailed information on diverse factors associated with bringing growth. Prominent factors such as emerging trends, mergers and acquisitions, and the geographical prospects of the hydrogen generation market have been studied in the report. The stakeholders can benefit greatly from this report. This report also includes information on the COVID-19 impact on the hydrogen generation market.
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Hydrogen Generation Market: Competitive Prospects
Players in the hydrogen generation market prepare their business strategy on the grounds of the current market scenario. Global players tie-up with local players to establish influence on the domestic market. New hydrogen generation systems that avoid carbon emissions are being focused upon by the manufacturers in the hydrogen generation market as such systems are trending nowadays.
Large-scale investments in research and development activities also lead to discoveries that invite immense growth prospects for the hydrogen generation market. Mergers, acquisitions, and partnerships are also a prominent part of the growth-generation mechanism. For instance, Bayotech recently announced a partnership with Ariel Re to develop a performance risk solution that guarantees the uptime and output of Bayotech’s hydrogen generators. Such developments assure good growth opportunities.
Some well-established players in the hydrogen generation market are Iwatani, Ally Hi-Tech, Erredue, Nuvera Fuel Cells, Teledyne Energy Systems, Plug Power, FuelCell Energy, Hydrogenics, Air Liquide, Linde, Air Products and Chemicals, Ballard Power Systems, Caloric, HyGear, and Showa Denko.
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Hydrogen Generation Market: Green Hydrogen Generation to Create Good Growth Prospects
Green hydrogen generation has become one of the most sought-after methods for supporting environmental conservation. According to research, green hydrogen industry could generate €320 bn for the UK economy by 2050. These figures describe the burgeoning prospects of green hydrogen generation.
Many green hydrogen facilities are developed across the globe. Some of the recent developments regarding green hydrogen facilities are as follows:
- Infinite Blue Energy Group has decided to start its initial phase one work for Australia’s first 100 percent green hydrogen plant, which is projected to produce 25 tons of green hydrogen per day using wind and solar energy.
- Halcyon Power, a joint venture between Japan’s Obayashi Corporation and Tuaropaki Trust has announced to develop New Zealand’s first carbon-free hydrogen production facility
- Mitsubishi Power recently launched the world’s first standard packages for green hydrogen integration
- Siemens Energy launches its first green hydrogen production project in China at Yanqing District, Beijing
While these developments indicate the growing influence of green hydrogen generation, the high cost of these installations may hinder the growth of the hydrogen generation market to a certain extent. Nevertheless, manufacturers in the hydrogen generation market are trying to develop cost-effective systems.
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Hydrogen Generation Market: Regional Prospects
Asia Pacific may garner extensive growth opportunities for the hydrogen generation market during the forecast period. The increasing presence of refinery industries across various countries may prove to be a prominent growth aspect.
Europe may also gain substantial growth. Government support could prove to be a major growth generator. France has planned a €7 bn hydrogen strategy that has a target of generating hydrogen from 6.5 GW of ‘carbon-free’ sources by 2030.
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