The "Hydrogen Generation Market by Application (Petroleum Refinery, Ammonia & Methanol Production, Transportation, Power Generation), Generation & Delivery Mode (Captive, Merchant), Source (Blue, Green & Grey Hydrogen), Technology, and Region-Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen generation market was valued at USD 143 billion in 2019 and is projected to reach USD 201 billion by 2025; it is anticipated to grow at a CAGR of 9.2% during the forecast period.
Rising obligations to reduce greenhouse gas emissions from traditional methods has driven the hydrogen generation market growth. Furthermore, increased demand for long-term storage of renewable energy is driving the hydrogen generation market. However, the high energy consumption of hydrogen generation technologies is likely to hamper the growth of the hydrogen generation market.
The power generation segment, by end user, is expected to be the largest and the fastest-growing market from 2020 to 2030
The end user segment is categorized as transportation, power generation, and industrial feedstock. The power generation segment is expected to grow at the highest CAGR during the forecast period, as electricity generated by using green ammonia is observed to be the cleaner version of gas. By using the electrolysis process, surplus renewable energy generated at isolated locations can be used to produce carbon-free ammonia, which can act as a sustainable fuel for power generation. Furthermore, the need for long term storage of renewable energy generated at isolated wind farms and solar panels drives the growth of green ammonia market. Europe is expected to hold the largest power generation market. This growth is owing to the favorable government initiatives and plans to produce green ammonia in Netherlands.
The Electrolysis segment, by technology, is expected to be the fastest-growing market from 2020 to 2025
The electrolysis segment is expected to be the fastest-growing technology sub-segment during the forecast period, owing to the increasing use of fuel cells in the power generation and transportation segment. Through electrolysis, the electrolyzer system creates hydrogen gas. The oxygen that is left over is released into the atmosphere or can be captured or stored. This stored hydrogen can be supplied for other industrial processes or even used for medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied, and since hydrogen is an energy carrier, it can be used to power any hydrogen fuel cell electric application - including trains, buses, trucks, or data centers. Measures have been taken by governments to boost the demand for water electrolysis. For instance, the US Department of Energy (DOE) has set technical targets and cost contributions for hydrogen production from water electrolysis.
Asia Pacific: The largest and the fastest-growing region in the hydrogen generation market.
The Asia Pacific is expected to dominate the global green hydrogen market between 2020 and 2025. Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. Japan and South Korea are heavily investing in fuel cell adoption since 2009 because of the commercial deployment of Japanese fuel cell micro-CHP products. Japan is the first nation to commercialize fuel cells and is supporting the projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refuelling stations by 2025 to meet the global carbon emission standards. Singapore, India, and Malaysia are also showing interest and have just started or are expected to start exclusive programs to promote fuel cells in regional markets. These countries are initially focusing on backup power (stationary application) fuel cells.
Market Dynamics
Drivers- Demand for Long-Term Storage of Renewable Energy
- Government Regulations for Desulfurization and Greenhouse Gas Emissions
- Increasing Demand in Transportation Sector
- High Capital Cost of Hydrogen Energy Storage
- High Energy Consumption of Hydrogen Generation Technologies
- Increasing Focus on Developing Hydrogen-Based Economy
- Development of Green Hydrogen Production Technologies
- Lack of Well-Established Infrastructure for Electric Cars
Companies Mentioned
- Air Liquide
- Air Products & Chemicals
- Ally Hi Tech
- Aquahydrex
- Atawey
- Claind
- Cummins
- Electrochaea
- Enapter
- Engie
- Exytron
- Fuel Cell Energy
- Green Hydrogen Systems
- Hiringa Energy
- ITM Power
- Iwatani
- Linde
- Mcphy Energy
- Messer Group
- Nel Hydrogen
- Plug Power
- Showa Denko
- Starfire Energy
- Taiyo Nippon Sanso
- Uniper
- Xebec
For more information about this report visit https://www.researchandmarkets.com/r/ad5z96
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005892/en/
Contacts:
Laura Wood, Senior Press Manager
press@researchandmarkets.com
