Hydrogen Generation Market to Reach USD 306.88 Billion in 2030| Emergen Research

VANCOUVER, B.C., Jan. 5, 2023 /PRNewswire/ -- The hydrogen generation market reached USD 135 Billion in 2021 and is expected to register a CAGR of 9.8% during the forecast period, according to latest analysis by Emergen Research. Demand for long-term storage of renewable resources is a key factor driving hydrogen generation market revenue growth.

Drivers:

Increasing trend of shifting toward clean energy and growing deployment of hydrogen fuel cells

The requirement for this market is projected to rise because of rapidly rising demand for fuel cell electric vehicles (FCEVs), such as passenger cars, buses, lorries, and other heavy-duty vehicles. FCEVs are equipped with a fuel cell device, and they run on hydrogen as their main fuel, eliminating harmful emissions. Additionally, there are now significantly more FCEVs on the road as a result of massive FCEV deployment targets set by several countries. The International Energy Agency (IEA), for instance, stated in June 2020 that South Korea plans to deploy around 81,000 FCEVs by 2022 and 2.9 million vehicles by 2040. Continuous urban and industrial growth has forced countries to adopt various power-producing technologies to meet demand.

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Additionally, there are development programs in areas like the Middle East and Africa, and the Asia Pacific with fast-rising populations. Concerns about using sustainable energy sources to lessen reliance on fossil fuels like crude oil and natural gas are becoming increasingly important in the global economy.

Restraints:

Disruptions in supply chain after pandemic

The world's economic systems have been worse as a result of the sudden SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus 2) outbreak that spread from China to every country in the world. The financial stability of countries has been adversely affected by severe government laws designed to contain the virus, such as national and state lockdowns, restricted foreign travel, and social distance norms. To stop the spread of infection to humans, all industrial facilities, manufacturing plants, and road transportation operations have come to a complete halt. Continuous urban and industrial growth has forced countries to adopt various power-producing technologies to meet demand.

Additionally, there are development programs in areas like the Middle East and Africa and the Asia Pacific with fast-rising populations. Concerns about using sustainable energy sources to lessen reliance on fossil fuels like crude oil and natural gas are becoming increasingly important in the global economy. As a result of the declining demand and cash-deficit issues among small businesses and clients, the global market for hydrogen generation has also been affected by the pandemic. The situation is however returning to normal as countries have ceased lockdowns and consumers are back to normal routines.

Growth Projections:

The hydrogen generation market is expected to register a CAGR of 9.8% over the forecast period and revenue is projected to increase from USD 135 Billion in 2021 to USD 306.88 Billion in 2030.

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Current Trends and Innovations:

Many participants working at different levels of the sector are committed to broadening their horizons and establishing new-generation industries. Additionally, partnerships to manufacture green H2 fuel using emission-free technology is projected to open the door for the expansion of the global hydrogen-generating industry. For instance, Plug Power Inc. stated in March 2021 that it will collaborate with various Brookfield Renewable Partners divisions to build a green hydrogen plant in Pennsylvania, United States. A total of 15 metric tons of liquid hydrogen will be produced daily at the new facility to support the de-carbonization of the logistics and transportation sectors. 

Strategic Initiatives:

Major companies included in the market report are Enapter, Claind, Atawey, Hiringa Energy, Exytron, Messer, Hydrogenics Corporation, SOL Group, Iwatani Corporation, and Linde PLC.

• On July 19, 2021, As part of its 200-turbine floating wind-to-hydrogen project in the North Sea, Cerulean Winds signed an agreement with Hp Group to assist onshore green hydrogen reactors and related industrial infrastructure at sites in Scotland and England. The lease and ownership agreements for the sites, as well as the securing of planning licenses and permits, would be the responsibility of the UK operator of large-scale industrial facilities. Before engaging in further in-depth discussions with local government, regulatory, and environmental stakeholders, this would entail getting the blueprint approved.

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Scope of Research

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Emergen Research has segmented hydrogen generation market on the basis of technology, source, application, and region:

• Technology Outlook (Revenue, USD Billion; 2019–2030)
• Steam Methane Reforming
• Coal Gasification
• Electrolysis
• Partial Oxidation
• Source Outlook (Revenue, USD Billion; 2019–2030)
• Blue Hydrogen
• Green Hydrogen
• Application Outlook (Revenue, USD Billion; 2019–2030)
• Petroleum Refinery
• Ammonia Production
• Methanol Production
• Transportation
• Power Generation
• Others
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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