Hydrogen Generation Market Size will Escalate Rapidly in the Near Future

Global Hydrogen Generation Market Scenario:

The hydrogen generation market size is expected to grow from approximately US$130 billion in 2020 to US$201 billion by 2025, at a compound annual growth rate of 9.2% during the forecast period. Increasing application of fuel cell power generation as well as increasing government regulations for desulfurization and greenhouse gas emissions are high growth prospects for hydrogen generation market during the forecast period.

Market Economics:

Hydrogen generation market is dominated by a few major players with wide regional presence. Leading companies in the hydrogen generation market include Linde (Germany), Air Products & Chemicals (US), Air Liquide (France), Uniper (Germany) and Engie (France).

Air Liquide (France) provides gases, technologies and services to various end-user industries, such as healthcare, electronics, engineering and construction, science and new energies. The company operates through 6 business segments: Industrial Merchants, Large Industries, Healthcare, Electronics, Global Markets and Technologies, and Engineering and Construction.

Air Products & Chemicals (USA) is a leading provider of industrial atmospheres, specialty gases, performance materials and equipment. The company operates its business with two reporting divisions, namely Industrial Gases and Corporate Sector among others.

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The electrolysis technology sector is expected to grow at the highest compound annual growth rate (CAGR) from 2020 to 2025.

The increasing use of fuel cells in power generation and transportation is likely to drive the electrolysis market. Through electrolysis, the electrolyzer system produces hydrogen gas. The remaining oxygen is released into the atmosphere or can be captured or stored. This stored hydrogen can be supplied to other industrial processes or even used for medicinal gases in some cases. Hydrogen gas can be stored as either compressed or liquefied gas, and since hydrogen is an energy carrier, it can be used to power any hydrogen fuel cell electrical application — including trains, buses, trucks, or data centers. Governments have taken measures to increase the demand for electrolysis of water. For example, the US Department of Energy (DOE) has set technical goals and cost contributions to produce hydrogen from water electrolysis.

The Asia Pacific region is likely to emerge as the largest hydrogen generation market

In this report, the hydrogen generation market is analyzed into four regions, namely Europe, Asia Pacific, North America, South America, and the Middle East and Africa. Asia Pacific is one of the leading markets for the adoption of green technologies to meet government targets to reduce greenhouse gas emissions. Japan and South Korea have been investing heavily in fuel cell adoption since 2009 due to the commercial rollout of Japan’s precision fuel cell products. Japan is the first country to commercialize fuel cells and is supporting projects related to the use of fuel cells in residential and automotive applications. It aims to spread green hydrogen on a large scale. The country plans to have 200.00 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet global carbon emissions 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 initially focus on standby power fuel cells (stationary applications).

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Blue hydrogen is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period.

Blue hydrogen is derived from natural gas through steam reforming of methane (SMR). SMR mixes natural gas with very hot steam in the presence of a catalyst, where a chemical reaction produces hydrogen and carbon monoxide. Additional water is added to the mixture, which turns carbon monoxide into carbon dioxide and produces more hydrogen. The resulting carbon dioxide emissions are then captured and stored underground using Carbon Capture, Use and Storage (CCUS) technology, leaving virtually pure hydrogen. The cost of generating blue hydrogen is low. However, hydrogen also presents challenges when transported in large quantities, as it is light in weight. Alberta aims to export blue hydrogen globally by 2040. For example, in October 2020, the Alberta government announced a hydrogen strategy focused on carbon emissions to be competitive amid the global shift to sustainable energy. The strategy identifies the opportunity to use Albertas’ natural gas resources and expertise in Carbon Capture and Storage (CCS) to produce low-emission blue hydrogen for domestic use or export to other domestic and international markets. Therefore, the increasing demand for capturing and reusing carbon emissions is driving the blue hydrogen sector.


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