The global hydrogen generation market size is expected to reach USD 184.23 billion by 2028 according to a new study by Polaris Market Research. The report “Hydrogen Generation Market Share, Size, Trends, Industry Analysis Report, By Systems Type (Merchant, Captive); By Technology; By Application; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing use of the product in the areas of chemical processing along with fuel cells and oil and refinery will be the major forces behind the rapid growth of the global industry during the forecast period. The emergence of the green product will provide an opportunity for the further growth of this industry over the coming years.
The product is used in the development of fuel cells. Fuel cells are being promoted worldwide as they have applications in electric cars and power production on a small scale for commercial buildings. Desulfurization will be another significant factor that will drive the growth of this industry over the coming years.
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Steam methane reforming is a widely used technology for production. In contrast, technologies such as water electrolysis are emerging technologies due to their ability to produce green products without the emission of greenhouse gases in traditional technologies such as steam methane reforming and coal gasification. The product has applications in ammonia production, methanol production, power production, transportation, oil refineries, and others.
The emergence of the COVID-19 pandemic is expected to slightly slow down the growth of the global market during the forecast period. There is a significant slowdown in the oil and refinery industries, which are substantial manufacturers of the product. The economic slowdown has negatively impacted power production as most commercial buildings have been shut, limiting the growth of hydrogen-based fuel cells.
Polaris Market Research has segmented the hydrogen generation market report on the basis of technology, systems type, application, and region:
Hydrogen Generation, Technology Outlook (Volume – Million metric tons; Revenue – USD Million, 2016 – 2028)
- Steam Methane Reforming
- Coal Gasification
Hydrogen Generation, Systems Type Outlook (Volume – Million metric tons; Revenue – USD Million, 2016 – 2028)
Hydrogen Generation, Application Outlook (Volume – Million metric tons; Revenue – USD Million, 2016 – 2028)
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Power Generation
Hydrogen Generation, Regional Outlook (Volume – Million metric tons; Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa