The latest report by IMARC Group, titled “Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global hydrogen generation market size reached US$ 153.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222.4 Billion by 2028, exhibiting a CAGR of 6.9% during 2023-2028.
Hydrogen (H2) gas is a colorless, odorless, and tasteless substance known for its high flammability and insolubility in water. It is a plentiful chemical element found in various forms in nature. The production of hydrogen involves different methods, including steam reforming of natural gas, electrolysis of water, partial oxidation of oil, and coal gasification. Consequently, hydrogen is widely utilized in various sectors globally, such as ammonia and methanol production, petroleum refining, transportation, and power generation.
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Hydrogen Generation Market Trends and Drivers:
Currently, the market is experiencing a surge in demand for green hydrogen as a clean and renewable source of energy. This increased demand is a key driver of market growth. Furthermore, there is a growing awareness among the general public about the benefits of eco-friendly and zero-emission vehicles, which is also contributing to market growth. In addition, the rising popularity of hydrogen (H2) as an alternative fuel for fuel cell electric vehicles (FCEVs) is creating lucrative opportunities for investors in the industry. Moreover, governments around the world are implementing strict regulations to reduce carbon emissions and promote the adoption of hydrogen, which is further fueling market growth. Additionally, the global increase in electricity demand is also driving the market forward through the growing adoption of hydrogen as an energy source.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technology:
- Coal Gasification
- Steam Methane Reforming
- Others
Breakup by Application:
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Others
Breakup by Systems Type:
- Merchant
- Captive
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Air Liquide International S.A.
- Air Products Inc
- CLAIND srl
- INOX Air Products Ltd.
- Linde plc
- Mahler AGS GmbH
- McPhy Energy S.A.
- Messer Group GmbH
- NEL Hydrogen
- Taiyo Nippon Sanso Corporation
- Weldstar Inc.
- Xebec Adsorption Inc.
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