CHICAGO, Sept. 4, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 20 Hydrogen Generation Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The market for hydrogen generation was estimated to be worth $160.0 billion in 2022 and is anticipated to rise to $263.5 billion by 2027, with a predicted CAGR of 10.5% between 2022 and 2027. The market is expanding as a result of the rising demand for hydrogen for fuel cell electric vehicles (FECV) and rockets used in the aerospace industry. The use of hydrogen fuel cells in light-weight vehicles like bicycles, automobiles, buses, trains, material handling equipment, boats, ships, commercial aircraft, auxiliary power units (APUs) of aircraft, marine vessels, and specialty vehicles like forklifts is promoting the market growth in the transportation sector.
Due to the existence of strict emission regulations, the market is anticipated to have significant expansion in North America, Europe, and Asia Pacific. Because the nations in the region are ambitious about decreasing their carbon footprint and are investigating the use cases of renewable energy sources, the Asia Pacific region is predicted to lead the worldwide market.
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Unveiling the Market Leaders: Honoring Excellence in Hydrogen Generation Markets
CATEGORIZATION OF HYDROGEN GENERATION COMPANIES ON 360 QUADRANTS
Hydrogen generation companies evaluation was conducted for 60 companies, of which the top 20 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Aramco, Linde, Shell, Air Liquide, Chevron and Air Products.
Uniper have been recognized as contenders in the Hydrogen Generation quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Siemens, Iberdrola, Orsted, Xebec Adsorption, BayoTech and Hiringa have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the Hydrogen generation industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified ENGIE, BP, Equinor, ExxonMobil, PETRONAS, Messer Group, and Iwatani Corporation as emerging companies.
Evaluation Criteria
The vendor evaluation was conducted on over 60 companies of which the top 20 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor's market share, and business strategies have been considered to evaluate the Hydrogen Generation quadrant. The top criteria for company evaluation were Production Technologies (steam methane reforming (SMR), Partial Oxidation (POX), Goal Gasification and Electrolysis), Application (power generation, transportation, petroleum refinery, ammonia production, and methanol production), Source (grey hydrogen, blue hydrogen, and green hydrogen).
360Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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