The Hydrogen is among the most plentifully accessible elements in our universe. It is available in the surrounding in a gaseous state, albeit in the infinitesimal concentration, less than one per million by capacity. Primarily, it is introduced when the natural gas is heated with the steam, which, in turn, introduces syngas, an amalgamation of the carbon monoxide and hydrogen. The foremost aspects influencing the hydrogen generation market involve increasing requirement to decarbonize the energy end-use and moving trend towards the cleaner energy. The enormous contributions are taking place for the energy systems transformation in the regions among the world for the Paris Agreement targets. In addition, China, the greatest carbon dioxide emitter across the globe schedules to attain the objective of an effective percentage of its primary energy in the renewable foundations.
According to the report analysis, ‘Global Hydrogen Generation Market Size study, by Technology (Steam Methane Reforming, Partial Oxidation of Oil, Electrolysis of Water and Coal Gasification), by Application (Petroleum Refinery, Methanol Production, Ammonia Production, Transportation, Power Generation, Other Applications), by Storage (On-Board Hydrogen Storage, Underground Hydrogen Storage and Power-To-Gas Hydrogen Storage), by Generation & Delivery Mode (Captive and Merchant) and Regional Forecasts 2018-2025’ states that in the worldwide hydrogen generation market there are numerous companies which presently functioning more actively for leading the efficient market growth and accounting the handsome value of market share around the globe during the short span of time while increasing the application of such, decreasing the associated cost, spreading the awareness, setting up several research and development programs and studying and analyzing the rules and regulations of the government includes Air Liquide, Hydrogenics, Plug Power, Ballard Power Systems, Claind, Hygear, Nuvera Fuel Cells, Proton Onsite, Teledyne Energy Systems, Showa Denko, Praxair and several others.
In addition, the worldwide hydrogen generation market is worth approximately USD 158 billion in 2017 and is predicted to increase with a healthy growth rate of more than 8.0 % over the review period of 2018-2025. The Hydrogen Generation Market is uninterruptedly increasing across the globe over the coming years.
The forecast aspects influencing the hydrogen generation market involve the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and growing requirement for hydrogen as fuel in the transportation sector. The effective growth in the demand of alternative fuels to decrease the greenhouse gas emission is increasing growth to the market. According to U.S. Department of Energy, carbon emission can be decreased by 33% by substituting the fuels consumed by industries with hydrogen. Stringent regulations on desulphurization of refinery products are predicted to impel the hydrogen generation market.
Based on the region, the market of hydrogen generation is spread across the globe which majorly involves Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant economy across the globe in terms of market share owing to quickly growing demand of hydrogen fuel. Europe also underwrites a pleasing growth in the worldwide Hydrogen Generation market owing to the regulations imposed for desulphurization being carried out in refining activities in several refineries. Asia-Pacific is also probable to exhibit greater growth rate / CAGR over the forecast period 2018-2025 due to effective growth in the demand of decarbonized energy end-users in underdeveloped countries such as India China and Japan. Therefore, in the upcoming years, it is anticipated that the market of hydrogen generation will increase around the globe over the near years more proficiently.
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Ankur Gupta, Head Marketing & Communications