June 11, 2020
As per the report titled ‘Hydrogen Generation Market Size By Delivery Mode, By Process, By Application Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global hydrogen generation market is expected to record substantial growth through 2026.
Swelling demand for cleaner energy sources is propelling the growth of hydrogen generation market. By employing a chemical reaction and not combustion, hydrogen can be used in fuel cells to generate power, with heat and water as the only byproducts.
Hydrogen finds application in homes, cars, portable power and other areas. It can be generated using conventional resources like nuclear energy, natural gas and coal, as well as renewable energy sources like geothermal, biomass, wind, hydro-electric and solar power.
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Hydrogen generation is accomplished through different procedures which includes electrolytic process, wherein splitting of water is done using different energy sources. Photolytic process involves water splitting by sunlight through biological and electrochemical materials. Whereas, thermal process includes renewable liquid and biooil processing. Natural gas reforming and coal gasification are other processes.
The report bifurcates hydrogen generation market in terms of delivery mode, process terrain, application spectrum, and regional landscape.
Based on delivery mode, the market is segmented into merchant and captive, wherein the latter segment is poised to gain traction in the coming years. Growing preference for onsite generation of hydrogen as well as rising demand from metal industries will drive the growth of captive segment.
Based on process terrain, hydrogen generation market is categorized into electrolysis, steam reformer, and others. Steam reformer segment is anticipated to growth substantially over the forecast period, owing to reduced natural gas prices along with its easy availability. In steam reforming, hydrogen is extracted from carbon component of natural gas or hydrocarbons like propane or naphtha using thermal energy. Hydrogen is primarily used in ammonia plants as well as in refining processes for extraction of sulfur from petroleum.
Meanwhile, electrolysis segment is also slated to register considerable growth through 2026. Hydrogen generation through electrolysis involves dissociation of water into hydrogen and oxygen by supplying electricity in a unit named electrolyzer. The process is environment friendly, safe and reliable.
From the application point of view, the market is divided into chemical, petroleum refining, metal, and others. Hydrogen generation market share from chemical application is poised to witness a substantial growth rate of 6% during the analysis timeframe.
Parallelly, metal application segment of hydrogen generation market is reckoned to expand with a CAGR of over 5% through 2026, claims the report. Moreover, escalating use of hydrogen in fuel cells coupled with its vast potential in heat & power generation applications is set to boost the adoption of hydrogen in transport and other sectors.
Considering the regional landscape, Europe market is estimated to grown rapidly over 2020-2026, owing to prospering transport and steel making industries in the region. Also, increasing demand for petroleum products and ongoing R&D are slated to propel hydrogen generation market in Asia Pacific.
Leading companies in hydrogen generation market are Nuvera Fuel Cells, Air Liquide SA, Air Products & Chemicals Inc., Hydrogenics Corporation, Iwatani Corporation, Messer Group GmbH, Showa, Caloric Anlagenbau GmbH, Teledyne Energy Systems Inc., Plug Power Inc., Nel ASA, Taiyo Nippon Sanso, Ballard Power Systems Inc., Mahler AGS GmbH, Xebec Adsorption Inc., McPhy Energy S.A., HyGear B.V., Ally Hi-Tech Co, Ltd., Denko K.K., and Claind S.R.L among others.