SELBYVILLE, Del., Aug. 7, 2019 /PRNewswire/ -- Rising disposable income and a surge in the demand for automobiles, electronics and petroleum products have reinforced the hydrogen generation market size, with significant applications in the metal, chemical and petroleum refining sectors.
In essence, growing concerns with regard to the carbon and sulfur emissions originating from these segments have created a need to shift towards cleaner sources of power. Increased awareness among consumers about the long-term hazards of fossil fuels and their depletion has further coerced industries to adopt comparatively safer options like hydrogen.
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A key advantage the hydrogen generation industry could provide to the economy is that the gas can be produced locally from numerous sources, either centrally to be distributed later on or generated onsite where it will be used continuously.
More businesses are understanding the benefits of various hydrogen production methods and seeking new ways to adopt the substance into the manufacturing of various end-products. Although setting up a hydrogen production plant involves considerable capital and could be difficult for smaller enterprises to build, increasing in the number of hydrogen supply merchants will ensure consistent access to clean fuel for businesses.
Initiatives, such as the Paris Agreement, signed in 2016, which lays down the ambitious target of reducing greenhouse gas emissions by 40% across the European Union by 2030, as compared to 1990 levels, will stimulate hydrogen generation market trends. Presence of leading chemical manufacturers, automakers and metal producers in Europe will certainly provide a massive customer base for the industry. Electrolysis of water has been a common technique to produce hydrogen and many businesses are using the method to meet their distinct energy requirements.
Increased renewable energy generation in Europe is allowing the deployment of clean power to support hydrogen product methods across the region. Reportedly, solar power itself accounted for nearly 3.9% of the total power consumption in the EU in 2018 and is predicted to accelerate at a faster pace.
Using a renewable source enables the electrolysis of water method to be pollution-free, ensuring a sustainable way to generate hydrogen. Rising investments in renewable energy in countries like the U.K., Germany, France and in Eastern European nations will bolster the emergence of sustainable hydrogen production plants, strengthening Europe hydrogen generation industry outlook.
Metal applications are crucial in supporting the economy of a region, as they form a major part of industries like construction, automotive, semiconductor, among many others. Utilizing hydrogen and synthesis gas in the blast furnace during steel production to replace coal is expected to reduce total carbon emissions from the sector to a large extent.
Browse key hydrogen generation market insights from the latest report spread across 117 pages offering 224 market data tables as well as 11 figures and charts along with the table of contents:
Europe hydrogen generation market size will undoubtedly experience considerable growth from the metal sector, primarily to help companies meet emission control and regulatory requirements. It has been estimated that steel production contributes around 7% of the global CO2 emissions.
Companies in Germany are found using hydrogen in steel plants, a step aimed at lowering CO2 emissions at manufacturing facilities. With the majority of steel manufacturers in the region facing notable competition from local and international rivals, moving towards a more sustainable production and complying with EU carbon targets could be vital in maintaining a strong foothold in the years to come.
The presence of a strong and supportive regulatory scenario is likely to fuel the regional hydrogen generation market share. As evident, Europe hydrogen generation industry is poised to accrue considerable revenues from metal applications over the forecast period, driven by stringent CO2 emission standards.
Regional trends will significantly outline the industry scope over the next few years, primarily due to the varying metal production capacities and a tremendous demand from different end-user segments. Constantly evolving regulatory landscape across the world will provide a reliable foundation for market players to build long-term growth strategies, in conjunction with rapid urbanization.
A gradual surge in the consumption of refined petroleum products will instigate the expansion of hydrogen production plants over the coming years, whereas higher awareness about the process will endorse the market potential.
Increase in R&D activities to support regional development of more efficient transportation fuels will substantially boost hydrogen generation market share, as automakers and vehicle users look forward to adopting a clean energy source. Hydrogen fuel-cells seem to emit only water and heat while powering the vehicles, unlike traditional fossil fuels, representing a novel solution for future sustainability.
In time, as more countries are able to start using efficient hydrogen production methods to complement their conventional power sources, hydrogen generation will gather momentum across emerging economies in Asia-Pacific and MEA regions as well.
Crude oil maintains its position as a key element across various industrial and commercial applications, with fuels being one of the most widely consumed products globally. However, the deteriorating quality of crude oil has enforced oil and gas companies to find ways for improving their output while simultaneously complying with tightening quality regulations.
Global hydrogen generation market is anticipated to record considerable gains from refineries aiming to produce high-quality and cleaner fuels from low-quality oils. Expanding the customer base for crude oil products will offer a continuous revenue source for hydrogen production plants.
Unprecedented developments in technology and the ability to produce hydrogen more efficiently has intensified the competitive dynamics of hydrogen generation industry. Iwatani Corporation, Showa Denko, Hydrogenics, Caloric Anlagenbau GmbH, Nuvera Fuel Cells, Xebec Adsorption Inc. and Taiyo Nippon Sanso Corp. are some of the prominent suppliers of hydrogen that are supporting the growth of various end-use segments.
Partnerships between industry players, as well as with companies from other sectors, like mining, steel and chemical production, will remarkably impact market performance over the projected timeframe.
What does the report offer?
The hydrogen generation market report encompasses a gist of the industry analysis alongside vital parameters concerning the market size, share, and the latest trends. The industry ecosystem and the market segmentation have also been mentioned in meticulous detail in the study.
Also inclusive of the regional spectrum, the report provides information on the various companies that vie with one another for holding a dominant position in the market contendership.
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Hydrogen Generation Market Forecasts to 2024
The worldwide hydrogen generation market is expected to achieve over a 5% CAGR up to 2024, owing to Strict regulation to reduce sulfur emissions.
SOURCE Global Market Insights, Inc.