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% from 2018 to 2023
LONDON, Nov. 27, 2018 /PRNewswire/ -- Increasing adoption of fuel cell vehicles is expected to drive the overall hydrogen generation market.
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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% from 2018 to 2023. The hydrogen generation market is driven by various factors such as the increasing adoption of fuel cell vehicles in countries such as the US, China, and Japan and increasing demand for hydrogen in oil and gas refinery operations for producing cleaner fuels. However, rising investments in battery technology and safety concerns surrounding hydrogen operations can hinder the growth of the hydrogen generation market.
Merchant segment is expected to grow at a high CAGR during the forecast period
Merchant-based hydrogen generation is the fastest growing segment in the hydrogen generation market.The merchant-based hydrogen can be produced by water electrolysis and natural gas processes.
This method of distributed hydrogen generation reduces the need for transportation of fuel and construction of new hydrogen generation infrastructure. Hence, merchant-based hydrogen generation is expected to grow at a high CAGR during the forecast period.
Steam reforming segment is expected to hold the largest market share during the forecast period
Steam reforming method of hydrogen generation, being a mature and proven technology, is expected to hold the largest market share during the forecast period. With the easy availability of raw materials such as natural gas and cost-effective operations of steam reforming technology, large refinery plants and industries rely on steam reforming for large-scale hydrogen generation operations.
Asia Pacific is expected to record the highest growth rate during the forecast period
The Asia Pacific market is expected to grow at the highest rate during the forecast period due to increasing refinery operations in countries such as China and India and the rising deployment of fuel cell vehicles in Japan and South Korea.The oil demand in Asia Pacific would grow by an average of 2% annually by 2023 with the region highly dependent on diesel and gasoline for transportation purposes.
Also, with major automotive manufacturers in the region such as Toyota and Honda investing in fuel cell electric vehicle technology and infrastructure, the demand for fuel cells is expected to peak in the coming years. The rising demand for fuel cells is expected to drive the Asia Pacific market.
In-depth interviews have been conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the hydrogen generation market.
-- By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
-- By Designation: C-Level- 35%, D-Level- 25%, and Others- 40%
By Region: North America- 40%, Europe- 21%, Asia Pacific- 15%, South America- 13%, Middle East -7%, and Africa- 4%
The major players in the global hydrogen generation market are 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).
Research Coverage:
The market study covers the hydrogen generation market across segments.It aims at estimating the market size and the growth potential of this market across different segments such as generation type, state, delivery mode, technology, application, storage, and region.
The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the hydrogen generation market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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