Hydrogen Generation Market Worth 152.09 Billion USD by 2021
PUNE, India, March 22, 2016 /PRNewswire/ --
The report "Hydrogen Generation Market by Generation & Delivery Mode (Captive, Merchant), Technology (Steam Methane Reforming, Partial Oxidation, Gasification, and Electrolysis), Application (Refinery, Ammonia Production, and Methanol Production), & Region - Global Forecast to 2021", published by MarketsandMarkets, The Hydrogen Generation Market is expected to grow from an estimated USD 117.94 Billion in 2016 to USD 152.09 Billion by 2021, at a CAGR of 5.2% during the forecast period.
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Browse 88 Tables and 37 Figures spread through 180 Pages and in-depth TOC on "Hydrogen Generation Market"
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Major factors such as cleaner fuel as compared to others, government regulations for desulfurization of petroleum products, and decreasing crude oil quality are driving the market worldwide.
Hydrogen production for refinery application: Largest market by application
The refining industry was the largest hydrogen consumer; it accounted for the largest share of total hydrogen consumption in 2015, with Asia-Pacific being the main regional market. The refinery segment is expected to be the highest growth contributor, followed by methanol, from 2016 to 2021. Hydrogen production in refineries is projected to grow faster due to increasing demand for petroleum products in developing countries such as India and China and tightening norms to reduce sulfur content in those countries.
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Steam Methane Reforming: Largest used technology for hydrogen generation
Steam methane reforming of natural gas is one of the commonly used thermal methods for hydrogen generation. This process involves the reaction of methane with water in a reactor in the presence of a catalytic converter. This is a commonly used method because of easy availability of the raw material (methane) and a cost-effective process. This technology accounted for more than one-third of the market share (volume) in 2015 among other technologies of hydrogen production (partial oxidation, gasification, and electrolysis).
Asia-Pacific: Largest Market for Hydrogen Generation
In 2015, Asia-Pacific was the largest market for hydrogen generation among other regions studied in this report. The region would continue to dominate the Hydrogen Generation Market, due to growing demand for petroleum products from refineries with lower sulfur content. Governments in Asia-Pacific also administering stringent regulations regarding sulfur content of petroleum products, and are investing highly in R&D of hydrogen and fuel cell technology to reduce sulfur emissions in the environment.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in Hydrogen Generation Market such as Linde AG (Germany), Air Liquide SA (France), Air Products & Chemicals Inc. (U.S.), Praxair Inc. (U.S.), Airgas Inc. (U.S.), and Hydrogenics Corp. (Canada) among others. Dominant players are trying to penetrate developing and developed economies and adopting the contracts & agreements strategy to increase market share.
Market share analysis, by revenue, for key companies is included in the report. The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions. It strategically analyzes micro markets with respect to growth trends, future prospects, and contribution to the total market covered by technology, generation & delivery mode, application, and region.
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