Hydrogen Generation Market Size Worth $180.2 Billion By 2025
The global hydrogen generation market size is predicted to be valued at USD 180.2 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% over the forecast period. Rising demand for renewable sources of energy and safe fuels is projected to boost market growth.
Increasing adoption of hydrogen and awareness toward importance of energy conservation are expected to boost the global market for hydrogen generation by 2025. Rising efforts to shift focus from fossil fuels to renewable fuels is expected to further propel market expansion. Numerous countries are introducing stringent regulations to significantly reduce indiscriminate use of conventional fuels responsible for excessive greenhouse gas emissions.
Hydrogen is among the most abundantly available elements on earth and it plays an important role in agriculture, fertilizer and chemical manufacturing, and pharmaceutical production among others. Over the next two decades, hydrogen is expected to be on par with electricity as an effective energy carrier. It is safely derived from renewable sources of energy and is effective in reducing emissions.
The merchant segment includes both small and large dealers, wholesalers, and companies deriving hydrogen as an excess byproduct. In terms of volume, captive hydrogen is the fastest growing segment with a CAGR of 9.2%. Captive is defined as on-site hydrogen generation, which eliminates numerous problems linked to conveyance and distribution of hydrogen. Therefore, the market is expected to grow substantially in future.
In terms of application, the steam methane reforming segment accounted for 68.8% of the global hydrogen generation market volume in 2016. In this method, methane containing raw material like natural gas is heated at a temperature between 700°C to 1,000°C, which produces hydrogen as a by-product. The coal gasification technology segment is anticipated to expand at a steady CAGR over the forecast period.Gasification of coal is one of the processes applied to produce liquid fuels, power, hydrogen, and chemicals.
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Further key findings from the report suggest:
- The U.S. hydrogen generation market revenue is projected to expand at a substantial CAGR over the forecast period. Favorable government regulations, coupled with financial and economic benefits offered for adopting renewable sources of energy, are expected to boost industry growth by 2025
- Rising demand for reliable supply for different end-use industries primarily in commercial sectors are projected to drive the Europe market
- In 2016, China was among the largest markets in Asia Pacific, owing to systematic shift from fossil fuels to renewable energy to restrict carbon footprint.
Grand View Research has segmented the global hydrogen generation market on the basis of technology, application, system, and region:
Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2014 – 2025)
- Methanol Production
- Ammonia Production
- Petroleum Refinery
Hydrogen Generation ApplicationOutlook (Volume, Million Metric Tons; Revenue, USD Billion, 2014 – 2025)
- Coal Gasification
- Steam Methane Reforming
Hydrogen Generation SystemOutlook (Volume, Million Metric Tons; Revenue, USD Billion, 2014 – 2025)
Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa