Hydrogen Generation Market Size Worth $164.78 Billion by 2027: Grand View Research, Inc.
SAN FRANCISCO, May 11, 2020 -- The global hydrogen generation market size is predicted to be valued at USD 164.78 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 4.32% during the forecast period. Growing demand for cleaner and greener energy sources is projected to boost the growth.
Key suggestions from the report:
- Growing demand for hydrogen generation across various regions is a crucial driving factor for steam methane reformers technology, as it is most economical method for hydrogen generation
- Coal gasification technology segment is projected to expand at highest CAGR during the forecast period. Coal gasification provides long term goal for hydrogen generation at a reasonable cost
- Merchant segment accounted for the highest market share in 2019 and the trend is projected to continue till 2027. In merchant system type, hydrogen is produced at a central production facility and is then transported and sold by bulk tank, pipeline, or cylinder truck
- Captive system is projected to register the highest CAGR during the forecast period. On-site hydrogen generation in small scale industries has gained more popularity in last few years
- In application segment, methanol production accounted for the largest market share whereas, application of hydrogen in ammonia production is projected to expand at the highest CAGR during the forecast period
- Some of the significant hydrogen generation market participants include Linde AG; Air Liquide S.A.; Air Products and Chemicals, Inc.; INOX Air Products Ltd.; Iwatani Corporation; Matheson Tri-Gas, Inc.; SOL Group Hydrogenics Corporation; Messer Group GmbH; Tokyo Gas Chemicals Co., Ltd; Taiyo Nippon Sanso; Teledyne Technologies Incorporated; and Hygear
- Key companies are adopting various organic and inorganic growth strategies with a view to expand their service portfolio and market share
Read 121 page research report with ToC on "Hydrogen Generation Market Size, Share & Trends Analysis Report By Application (Coal Gasification, Steam Methane Reforming), By Systems (Merchant, Captive), By Technology, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/hydrogen-generation-market
Demand for cleaner fuel coupled with increasing government regulations for desulphurization of petroleum products is anticipated to fuel the market growth. Hydrogen is an effective energy carrier and this attribute is expected to contribute significantly to its further penetration into newer markets. The demand for clean fuel is expected to witness exponential increase every year, with rising pollution levels coupled with growing government regulations to control and curb the sulfur content in fuels is expected to drive the market.
The merchant system type segment was worth USD 69.75 billion in 2019. This type includes both small and large dealers, wholesalers, and companies having hydrogen as an excess byproduct. In terms of volume, captive system type is the fastest growing segment. Captive is defined as on-site hydrogen generation, which eliminates numerous problems linked to the conveyance and distribution of hydrogen. This factor is expected to drive the segment growth substantially over the forecast period.
On the basis of technology, the hydrogen generation market has been segmented into coal gasification, steam methane reforming, and others. In 2019, steam methane reforming segment accounted for 67.79% of market share in terms of revenue. In this method, methane containing raw material like natural gas is heated to a temperature between 700°C to 1,000°C, which produces hydrogen as a by-product. Coal gasification technology segment was valued at 31.45 billion in 2019 and is anticipated to witness steady growth during the forecast period. Gasification of coal is one of the processes applied to produce liquid fuels, power, hydrogen, and chemicals.
Grand View Research has segmented the global hydrogen generation market based on systems, technology, application, and region:
- Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 - 2027)
- Coal Gasification
- Steam Methane Reforming
- Hydrogen Generation Application Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 - 2027)
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Hydrogen Generation Systems Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 - 2027)
- Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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