The hydrogen generation market is driven by rising demand for cleaner fuel and escalating regulatory restrictions for the desulfurization of petroleum products. The global hydrogen generation market is expected to drive growth at a CAGR of 5.4% from 2022 to 2030.

The Environmental Protection Agency of the United States has released updated GHG emission limits for light-duty trucks and passenger cars intending to considerably reduce GHG emissions while also reducing other pollutants.

The simplest element on Earth, hydrogen is an energy carrier rather than an energy source because it only has one proton and one electron. Although hydrogen can store and supply usable energy, it rarely occurs by itself in nature and must be created from substances that do. Several alternative procedures can be used to create hydrogen. Hydrogen is released from organic materials, such as biomass and fossil fuels, or from inorganic materials, such as water, using thermochemical processes. Using electrolysis or solar power, water (H2O) can also be split into hydrogen (H2) and oxygen (O2). Through biological processes, microorganisms like bacteria and algae can create hydrogen.

Demand for cleaner fuel and escalating regulatory restrictions for the desulfurization of petroleum products are projected to be the main drivers of the global market for hydrogen generation. The efficiency of hydrogen as an energy carrier is anticipated to play a significant role in its continued expansion into emerging markets. During the predicted period, it's anticipated that the demand for energy will increase by almost two-thirds of what it is now.

Invest your time in the distributed power & utility projects that are predicted to drive demand for the expansion of the hydrogen generation sector.

Precedence Research estimates that the global hydrogen generation market size was worth US$ 135.94 billion in 2021 and is projected to increase to US$ 219.2 billion by 2030, with a notable compound annual growth rate (CAGR) of 5.4% projected from 2022 to 2030.

Impact of Covid-19 on the Hydrogen Generation Market

The main source of hydrogen is natural gas, which is mostly used in steam methane reformers to produce hydrogen. However, the use of more recent methods, including electrolysis and pyrolysis, also produces hydrogen. A technique for creating hydrogen and other gases, such as carbon dioxide and monoxide, is steam methane reforming. In order to produce hydrogen, a mature and sophisticated method is used called steam methane reforming.

However, the spread of COVID-19 is a rare global public health emergency that has had an impact on almost every industry, and its long-term effects are anticipated to have an impact on industrial growth for the duration of the projected period. Consumer demand, buying habits, supply chain rerouting, current market dynamics, and significant government involvement have all changed as a result of COVID-19. The pandemic's effects on the economy also forced public and private investors to rethink their plans to invest in brand-new construction-based projects.

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Market Dynamics

Drivers:

- Increasing focus towards clean hydrogen generation

- Government regulations for decarbunization and greenhouse gas emissions

Restraints: High capital cost of hydrogen energy storage

Opportunities: Development of green hydrogen production technologies

Challenges: High production cost associated with clean hydrogen generation

Focusing on the expansion of hydrogen production

There is much potential for development and growth in the clean hydrogen manufacturing industry, which is still in its infancy. The production of clean hydrogen has increased dramatically recently and will continue to do so in the years to come due to the atmosphere's growing carbon footprint. Petroleum refineries and businesses that make fertilizer use the hydrogen that is produced the most. Since it is the most dependable and economical process, fossil fuel reforming accounts for 99% of all hydrogen production. However, the CO2 emissions make it bad for the environment. Electrolysis results in green hydrogen being created. The process used to create green hydrogen involves electrolysis, which emits no carbon dioxide while separating water into hydrogen and oxygen.

Green hydrogen is produced using low-carbon energy sources or renewable resources. Green hydrogen can help sectors and businesses that use a lot of energy and are challenging to decarbonize, such as steel, chemicals, transportation, shipping, and aviation, achieve net-zero carbon dioxide (CO2) emissions. However, the cost of production must be lowered to make it accessible to all countries. The price of blue hydrogen, which is produced using fossil fuels and carbon capture and storage, is currently double that of green hydrogen (CCUS).

The two main methods for producing hydrogen are steam reforming of natural gas and gasification of coal, which together accounts for around 95% of the world's annual hydrogen production. Other techniques for producing hydrogen are still in the early stages of development. Electrolysis and carbon capture and storage (CCS) technologies are included in these procedures for producing hydrogen. The hydrogen produced using CCS technology is referred to as blue hydrogen because it can capture and store carbon dioxide released during production. Second, because electrolysis creates hydrogen using renewable energy sources, it is referred to as "green hydrogen."

Hydrogen Generation Market by Technology

The second-largest and second-fastest-growing method for producing hydrogen is coal gasification. Since about 200 years ago, coal gasification, which uses coal as a raw material to produce hydrogen, has been in use. It is also acknowledged as an established technique, similar to steam methane reforming for the production of hydrogen. Additionally, the steam methanol reforming technique has an efficiency of approximately 60%, whereas the coal gasification method is more expensive.

The technology for steam methane reforming has the highest revenue share—more than 70%—in 2020. Using steam methane reforming, hydrogen can be created along with other gases including carbon dioxide and monoxide. When the waste carbon dioxide is released into the environment, the hydrogen created using steam methane reforming technology is often referred to as "grey hydrogen," while "blue hydrogen" is the term used when the carbon dioxide is mostly absorbed and stored geologically.

Hydrogen Generation Market by System

In terms of systems, the global market for hydrogen generation is led by the merchant segment, which in 2020 will account for over 74% of the market's overall revenue. A bulk tank, cylinder truck, or pipeline is used to transport and sell hydrogen that has been created at a central production plant to a consumer.

During the projection period, the captive segment is anticipated to experience the greatest CAGR in terms of revenue growth. Given the simplicity of adoption, this technology is widely used in socioeconomically developing nations, especially North America and Europe.

Hydrogen Generation Market by Application

With a revenue share of around 40.87% of the overall market in 2020, the petroleum refinery segment led the industry. On the other hand, power generation is anticipated to see the greatest CAGR of 7.58% from 2021 to 2030.

Nearly 25% of the total hydrogen needed in the industrial sector was met by the manufacture of methanol. Furthermore, because methanol is a member of the hydrocarbon family, which requires high heat and complicated production processes, the demand for green hydrogen generation is anticipated to increase significantly by the year 2030.

In the year 2020, almost 65% of all industrial applications of hydrogen were used to generate hydrogen using ammonia. Only 0.3 million tonnes of the total industrial hydrogen demand, or roughly 20% more than the year 2019, were satisfied using low-carbon hydrogen.

Leading Market Players in the hydrogen generation market

A significant number of market participants exist on both a regional and worldwide level, which has led to a highly fragmented market for hydrogen generation. The advent of green hydrogen generation and the analysis of hydrogen energy's potential use as a renewable energy source have expanded the market's potential and chances. By utilizing a variety of inorganic growth tactics, including merger and acquisition, strategic alliance, collaboration, joint venture, geographical expansion, and product development, several firms are heavily investing in the strengthening of their position on a worldwide scale.

Linde plc

Air Liquide International S.A.

Hydrogenics

Inox

Messer Group GmbH

Air Products and Chemicals, Inc.

Weldstar, Inc.

Praxair, Inc.

McPhy

LNI Swissgas

Segments Covered in the Report

By Technology

• Coal Gasification


• Steam Methane Reforming


• Partial Oxidation (POX)


• Electrolysis


• Others

By Application

• Methanol Production


• Ammonia Production


• Petroleum Refinery


• Transportation


• Power Generation


• Others

By Type

• Blue Hydrogen


• Gray Hydrogen


• Green Hydrogen

By System Type

• Merchant


• Captive

By Source

• Natural Gas


• Coal


• Biomass


• Water

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