CHICAGO, November 13, 2018 /PRNewswire/ --
According to the new market research report "Hydrogen Generation Market by Generation, Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation), Technology (Steam Reforming, Water Electrolysis, & Others), Storage, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Hydrogen Generation Market is expected to reach USD 199.1 billion by 2023, at a CAGR of 8.0% from 2018 to 2023. The Hydrogen Generation Market is expected to grow from USD 135.5 billion in 2018 to USD 199.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period.
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The major factors driving the Hydrogen Generation Market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen in the transportation sector. Stringent restrictions on desulphurization of refinery products are expected to drive the Hydrogen Generation Market.
The transportation segment is expected to grow at the highest CAGR in the global Hydrogen Generation Market during the forecast period
The Hydrogen Generation Market has been segmented based on application into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others. The transportation segment is driven by the growing demand for fuel cell based electric vehicles and buses in North America and Asia Pacific regions. Countries such as the US, China, and Japan are currently investing in developing hydrogen fuel cell infrastructure such as fuel stations and hydrogen generation methods.
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Electrolysis technology is expected to grow at the highest CAGR in the global Hydrogen Generation Market during the forecast period
The Hydrogen Generation Market, by technology, is segmented into steam reforming, partial oxidation, gasification, and electrolysis techniques. Electrolysis technology segment is expected to grow at the highest rate during the forecast period with the increasing demand for fuel cells in transportation and power generation operations. Also, major players are currently using the electrolysis technology through excess renewable power integration that further increases the efficiency of operations.
Asia Pacific is expected to hold the largest market size in the Hydrogen Generation Market during the forecast period
Asia Pacific is estimated to account for the largest share of the market in 2018. The Asia Pacific region is considered the most advanced region in terms of technology innovation and infrastructure of fuel cells. Automotive companies based in the region such as Toyota and Honda are pioneers in fuel cell technology research and have been investing in the fuel cell technology for more than three decades. With rising demand for fossil fuels in transportation operations and growing need to decarbonize energy end-use, hydrogen is expected to play a major role in the fuel transition of the region. The rising demand from stationary and portable power generation applications is also likely to positively impact the Hydrogen Generation Market during the forecast period. All these factors are expected to drive the Hydrogen Generation Market in the Asia Pacific region.
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Major vendors in the Hydrogen Generation Market include Air Liquide (France), Air Products and Chemicals (US), Iwatani (Japan), Hydrogenics (Canada), Linde (Germany), Praxair (US), Messer Group (Germany), Showa Denko (Japan), Ally Hi-Tech (China), Caloric (Germany), Claind (Italy), Erredue (Italy), HyGear (Netherlands), Nuvera Fuel Cells (US), Proton OnSite (US), Taiyo Nippon Sanso (Japan), Teledyne Energy Systems (US), Xebec (Canada), Ballard Power Systems (Canada), FuelCell Energy (US), and Plug Power (US).
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