Hydrogen Electricity Generation Market Size Overview
Hydrogen is considered to be among some of the most abundant elements available in the universe. It is produced when natural gas is heated with steam leading to the production of syngas, a mix of hydrogen and carbon monoxide. Similarly, hydrogen can be produced by electrolyzing water and biomass gasification. Biomass gasification is a process where the plant matter is heated and reacted to enable the production of hydrogen and carbon dioxide.
Some of the factors that pose as primary drivers for the growth of Hydrogen Electricity Generation Market Size including the growing shift towards the use of clean energy in the power generation mix, growing awareness towards environment-friendly ways of energy production, and supportive government initiatives to use clean energy production alternatives. Many cities across the globe are investing heavily for energy system transformations for the Paris Agreement targets. For instance, China, the world’s largest carbon dioxide emitter, has announced its plan to bring down its carbon emission down to 20% of its original emission by making a shift towards the use of renewable energy sources.
Furthermore, desulphurization initiatives taken up by the government authorities in various economies across the globe are expected to push the hydrogen generation market. With a rising need to control pollution levels, a rapidly rising demand for cleaner energy sources is observed to fuel exponential market growth for hydrogen generation. An upsurge in the production of electric vehicles is estimated to fuel the demand for hydrogen generation as many countries are projected to increase investments in developing hydrogen fuel stations.
Market Segmentation
The global hydrogen electricity generation market is segmented on the basis of generation & delivery type, application, and storage.
By generation & delivery type, the market is segmented into captive and merchant. The captive segment of hydrogen generation market is expected to grow at the fastest rate due to its capability of eliminating numerous problems linked to conveyance and distribution of hydrogen.
By application, the hydrogen generation market is segmented into petroleum refinery, ammonia production, methanol production, transportation, and power generation. The transportation segment is expected to showcase the fastest growth owing to the growing demand for fuel cell based electric vehicles and buses, especially in Asia Pacific and North America. By storage, the hydrogen generation market has been segmented into on-board storage, underground storage, and power-to-gas storage.
Regional Analysis
The global hydrogen electricity generation market is regionally segmented into North America, South America, Europe, Asia-Pacific, and Africa.
Asia Pacific is estimated to spearhead the global hydrogen generation market during the forecast period, just like it held the largest market share for hydrogen generation in 2017. The APAC is also considered to grow at the fastest rate during the review period, owing to the growing demand for usage of decarbonized energy and an augmented demand for the use of hydrogen in the fuel cell technology used in electric vehicles. The burgeoning market for electric vehicles in Japan and China is likely to push the hydrogen generation market in these countries. In 2018, the Chinese government established a target of 2 million new electric vehicles by 2020, which included hydrogen-fueled vehicles. Such policies and announcements are expected to promote substantial growth of the hydrogen generation market in the APAC region.
Key Players
The global hydrogen electricity generation market has many notable players in the market that boast great dominance over the market. Some of these players are profiled by Market Research Future, including Praxair, Inc. (US), Air Liquide S.A. (France), Air Products and Chemicals, Inc. (US), Hydrogenics (Canada), Iwatani (Japan), Messer Group (Germany), Plug Power (US), Linde (US), Showa Denko (Japan), Ballard Power systems (Canada), and Fuelcell Energy (US).
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