Adoption of clean energy solutions in power generation, manufacturing, and logistics is creating a high need for hydrogen generation processes. For instance, the US Department of Energy (DOE), and Department of Transportation (DoT) constantly revises the Hydrogen Posture Plan (2006) to leverage advanced hydrogen extraction and applications to develop support infrastructure such as gas pipelines and re-fuelling stations. As the COVID-19 slowdown edges off, demand for hydrogen generation will recover in tandem with low prices.
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Applications in methanol and ammonia production amid surging demand for these chemical compounds will continue to generate revenues. The increase in average size of electrolysers and capacity expansion of these devices paint a profitable picture for market players. Major organizations are leveraging such technological advancements in economies of scale to strengthen their market position.
Key Takeaway of Hydrogen Generation Market Study
- Steam methane reform will grow more than two-fold during the projection period. The technology segment accounts for a majority share of over 68% of the total market value. The crucial role of steam reforming in large-scale supply of fuel for hydrogen fuel cells acts as a major factor for growth in this segment.
- On the back of thermal efficiency and negligible carbon emission, coal gasification technologies for hydrogen generation account for the second largest market value share of over 30%. The segment offers attractive revenue prospects with a stellar 8% CAGR through 2029.
- Surging demand for biodiesel, organic synthesis that employs methanol as a fuel, solvent, and antifreeze element, will make this application segment account for more than 40% of the total market value. The segment shows a strong growth trajectory.
- Application of hydrogen generation in petroleum refining offers the most remunerative growth opportunities with a stupendous 9% CAGR during the projection period. Increasing emphasis on clean energy and desulphurization of fuel drive growth in this segment.
- Captive hydrogen generation systems are gaining popularity owing to energy efficiency and decreased carbon emissions of the system type. Captive hydrogen generation systems account for a lion’s share of ~86% of the total market value with an equally impressive growth rate.
- Merchant systems however exhibit a double digit growth rate of more than 10% CAGR during the projection period. Favorable gas-pipeline infrastructure development will attract customers through 2029.
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“Surging demand for ammonia and methanol production will uphold the demand for hydrogen generation processes. Disruptive innovations such as solar hydrogen generation using water electrolysis or direct solar water splitting will differentiate product offerings of hydrogen generation companies.”-Says Fact.MR Analyst
Clean Energy Initiatives Post COVID-19 Recovery to Further Hydrogen Generation
Adoption of fuel cell automotive across the globe is a trend to track by market players. For instance, developing countries in Asia Pacific such as China, India, and Indonesia are investing in developing modern infrastructure that promotes the adoption of new-energy automotive. Further, incentive policies in developed regions such as the US and Russia promote hydrogen adoption by the manufacturing industry. Concerns over decreasing air quality and respiratory problems are accelerating the demand for hydrogen generation in oil & gas applications. In a consolidated competitive landscape, mergers, acquisitions, and capacity expansion partnerships are popular strategies adopted by market players.
Resurgent economies that successfully combat and contain COVID-19 will drive the demand for hydrogen generation in a bid to improve the quality of air since, respiratory health conditions are a central factor to the rampant spread of coronavirus. The hydrogen generation market will regain first quarter revenue losses in clean energy adoption post the pandemic. However, current scenarios warrant advance planning from market players to come up with recovery strategies. Targeting low COVID-19 impact areas or fast-recovery areas is a chief growth strategy. Change in supply chain and distribution channels is foreseen in a COVID-19 infected hydrogen generation market through 2029.
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Find More Valuable Insights on Hydrogen Generation Market
Fact.MR, in its new offering, provides an in-depth analysis of the global hydrogen generation market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the hydrogen generation market on the basis of application (methanol production, ammonia production, and petroleum refining), technology (coal gasification, steam methane reforming, and others), system (merchant, and captive), across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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Content Source: https://www.factmr.com/media-release/1438/global-hydrogen-generation-market