Hydrogen is currently generated with the electrolysis of water and has gained prominence owing to its use as a green feedstock to the chemicals industry. The global Hydrogen generation Market Size report by Market Research Future (MRFR) estimates the market size and growth pattern using dynamic variables for the period of 2022 to 2030 (forecast period). The COVID-19 outbreak, the industry impact, and its aftermath for the forecast period are explored in detail.

Market Scope

The global hydrogen generation market is expected to grow at 7.80% CAGR during the forecast period. Efforts by nations for conserving energy sources and lowering dependence on fossil fuels can drive the market growth. This is evident with the introduction of stringent policies by various nations. Massive investments in energy transformation systems as well as agreements between nations for lowering carbon emission rates can bode well for the market.

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The steady rise in production of electric vehicles, favorable regulations for charging infrastructure, development of hydrogen-based batteries, and research and development into scope of hydrogen are other major drivers of the market. The European Commission invested close to USD 24 billion in fuel cell technology projects and complete several projects in collaboration as part of the Horizon 2020 initiative. The COVID-19 pandemic has brought a halt to all major energy producers from transitioning to cleaner sources. But the fear of abandoning green policies for recovering economic growth can be detrimental to the market. But the decarbonization of energy can lead to the eventual demand for hydrogen after 2021.

But the high production of hydrogen can restrain market growth

Competitive Outlook

  • Praxair, Inc.
  • Fuelcell Energy
  • Messer Group, Iwatani, Air Liquide S.A., Hydrogenics, Linde, Showa Denko, Air Products and Chemicals, Inc., Ballard Power Systems, and Plug Power are key players of the global hydrogen generation market.

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Segmentation

The global hydrogen generation market has been segmented based on generation & delivery type, storage, and application.

The global hydrogen generation market is segmented by generation and delivery type into captive and merchant. Captive hydrogen is estimated to show impressive growth as it eliminates numerous problems linked to conveyance and distribution of hydrogen.  On the other hand, the merchant segment is estimated to reap huge dividends for the market owing to technologies of electrolysis and reformation for production of hydrogen.

By storage, it is segmented into underground storage, power-to-gas storage, and on-board storage.

Based on application, the market is classified into transportation, power generation, petroleum refinery, ammonia production, methanol production, and others. The transportation segment is expected to be the fastest growing application segment due to the growing demand for fuel cell based electric vehicles and buses especially in Asia Pacific and North America regions. The development of hydrogen-based vehicles for consumers is likely to be a positive development for the market and will drive the segment growth.

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Regional Analysis

Asia Pacific (APAC) holds the largest share in the global hydrogen generation market due to increased demand for hydrogen fuel cell technology in the automotive sector. With rising demand for renewable 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. China is expected to contribute a large revenue share of the regional hydrogen generation market. This is exemplified by the investment of close to USD 1.23 billion by the domestic Hebei government in China.

Europe holds second position in the hydrogen generation market. The growing demand for reliable supply for various end-user industries is anticipated to be the primary regional driver of the market.