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Hydrogen Generation Market to reach USD 210.85 billion by 2027 - Research Report By Market Research Future (MRFR)

New York, June 18, 2021 (GLOBE NEWSWIRE) -- Hydrogen Generation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Generation Market Research Report, Type, Service, Technology End User and Region - Forecast till 2027” the market is expected to reach USD 210.85 billion by 2027, at a CAGR of 9.45% during the forecast period. (2020 -2027).

The hydrogen generation market outlook appears promising mainly due to the rising awareness of the implications of fossil fuel uses on the environment. Moreover, the growing energy consumption worldwide fuels the market growth, increasing efforts to explore new sustainable energy resources. The increasing pressure to control the continually rising carbon footprint in emerging markets presents untapped opportunities for hydrogen generation uses. 

Rising government focus on substantiating hydrogen generation output by increasing hydrogen generation capacities offers significant market growth opportunities. Additionally, favorable policy reforms and government mandates, alongside the increasing renewable power generation, Influence the hydrogen generation market size. Many industry players today are striving to develop breakthrough electrolyzer technology.



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Key companies profiled in hydrogen generation market research report are:

  • Air Liquide S.A. (France)
  • Praxair Inc. (US)
  • Air Products and Chemicals Inc. (US)
  • Iwatani (Japan)
  • Hydrogenics (Canada)
  • Messer Group (Germany)
  • Linde (US)
  • Plug Power (US)
  • Showa Denko (Japan)
  • Fuelcell Energy (US)
  • Ballard Power Systems (Canada)
  • others.



Browse In-depth Market Research Report (100 pages) on Hydrogen Generation

https://www.marketresearchfuture.com/reports/hydrogen-generation-market-7026


With rising numbers of initiatives to replace rare earth materials with inexpensive earth-abundant materials, the market is estimated to garner substantial traction in the years to come. In this regard, Market Research Future (MRFR) asserts that the global hydrogen generation market is poised to garner exponential value by 2027, expanding at a significant CAGR during the review period (2020 to 2027). 

The COVID-19 disruption affected the hydrogen generation industry negligibly. Of course, industry players had to confront several challenges, such as disrupted supply chains, shortages of components, logistic issues in delivering end products, and attracting workers from quarantines. However, the pandemic also reassured a robust demand in the renewable energy market.

The renewable energy market kept growing steadily, heading with the increased energy demand from the industrial sectors throughout 2020. Besides, substantial investments and initiatives aimed to establish hydrogen generation centers to accelerate technological and infrastructure developments in green hydrogen are supporting the market growth. The hydrogen generation market is rapidly returning to normal and is projected to pick up further, following lockdown mandates relax in many countries.

Segmentation

The hydrogen generation market analysis is segmented into generation & delivery type, storage, applications, and regions. The generation and delivery type segment is sub-segmented into captive and merchant. Among these, the captive hydrogen segment is growing at a faster rate, eliminating numerous problems linked to the conveyance and distribution of hydrogen.

The application segment is sub-segmented into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others. Transportation is the fastest-growing application segment, heading with the growing demand for fuel cell-based electric vehicles and buses, especially in the APAC and North America.


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Regional Analysis

The Asia Pacific region dominates the global hydrogen generation market. The market growth is driven by the increase in demand for hydrogen fuel cell technology from the automotive sector. Besides, decreasing fossil fuel levels worldwide, alongside the growing demand for alternative fuel and awareness for environmental awareness, fosters hydrogen generation market growth. 

Also, increasing transportation operations and the need for decarburizing energy processes substantiate the hydrogen generation market size playing a major role in the fuel transition in the region. The rising focus on green energy generation and escalating demand for energy in the region push the regional market growth. The rising focus on alternative energy resources and green energy production impact the market growth positively. 

Europe stands second in terms of the hydrogen generation market share globally. The growing demand for reliable supply for various end-user industries, primarily from the commercial sectors and a large number of hydrogen generation projects, are hydrogen generation market trends in the region. Additionally, the market growth is supported by the rising stress and abundant success of renewable energy generation in the region.  

Similarly, the increasing exports of stored hydrogen to North Africa and other regions positively impact the hydrogen generation industry growth. Moreover, increasing clean hydrogen production and leading electrolyzer manufacturing industry in the region boost the hydrogen generation market value. The European hydrogen generation market is expected to create a substantial hydrogen generation market revenue pocket throughout the forecast period. 

North America accounts for a considerable hydrogen generation market share. Increased energy consumption and demand for power, alongside the continually growing population and rapid urbanization & industrialization in the region, drive the hydrogen generation market growth. 

High temperature electrolyzer generated by the thermal energy produced in the nuclear power plant bolsters the overall efficiency of hydrogen production further. Besides, the electricity generated by nuclear plants can be used to produce cost-effective hydrogen in support of the burgeoning hydrogen economy. Also, growing production capacities and hydrogen generation manufacturers in the region influence the regional market growth. 


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Competitive Analysis

The hydrogen generation market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players also make strategic investments in research and development activities and foster their expansion plans. 

For instance, recently, on Jun 08, 2021, GreenCore and Loop Energy announced a partnership to develop and build hydrogen-powered EV charging stations. These companies anticipate the first pilot installation to be completed within 2021 with scalable EV charging and hydrogen refueling stations by the end of 2026, following the recent partnerships with BayoTech, a leading provider of deployable hydrogen production systems.

About Market Research Future:

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