Hydrogen Generation Market Sets New Record, Projected at USD 262.0 Billion By 2031 at 6.8% CAGR: AMR

PORTLAND, OREGON, UNITED STATES, November 14, 2023 /EINPresswire.com/ -- The rapid surge in technological innovations related to the extraction of hydrogen through sustainable resources such as Green hydrogen has a significant impact on the hydrogen generation market. The government initiatives towards zero carbon emissions led to the increase in the utilization of fuel cell-powered vehicles. Furthermore, the increased population across the globe has led to an increase in the demand for food; hence in order to increase the food production hydrogen is used in the production of ammonia. The hydrogen generation market size was valued at $136.3 billion in 2021, and the hydrogen generation industry is estimated to reach $262.0 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

Request for Sample PDF: https://www.alliedmarketresearch.com/request-sample/1575

Hydrogen production is the family of industrial methods for generating hydrogen gas. As of 2020, the majority of hydrogen (∼95%) is produced from fossil fuels by steam reforming of natural gas and other light hydrocarbons, partial oxidation of heavier hydrocarbons, and coal gasification.

Hydrogen produced is mostly used by petroleum refineries and fertilizer-producing companies. A total of 99% of hydrogen comes from fossil fuel reforming, as it is the most conventional and cost-effective method. However, it is not beneficial for the environment due to CO2 emissions. Green hydrogen is produced from electrolysis. Electrolysis is the method used to produce green hydrogen as it uses electricity to split water into hydrogen and oxygen and gives out zero carbon emissions. One of the objectives that various nations have set for 2050 is the decarbonization of the earth. The generation of an element like hydrogen, which produces green hydrogen, is one of the key factors in achieving this goal because it now accounts for more than 2% of worldwide CO2 emissions. For instance, the European Union (EU) released a unique hydrogen policy in 2020 that combines initiatives to support green hydrogen generation capacities’ rapid growth. By 2023, Florida Power & Light plans to have a 20 MW green hydrogen plant up and running. The 1.75 gigawatts Okeechobee gas-fired plant owned by FP&L will utilize this hydrogen in a 20% blend.

Get a Customized Research Report @ https://www.alliedmarketresearch.com/request-for-customization/1575

An increase in governmental regulations for the desulphurization of petroleum products is projected to drive the growth of the hydrogen generation market opportunities. Hydrogen is an effective energy carrier, and this quality is expected to contribute significantly to its further penetration into newer markets. The global electricity demand is expected to witness an increase of nearly two-thirds of the current demand during the forecast period. Focus on projects related to distributed power & utility, is expected to boost the hydrogen generation market growth during the forecast period.

Competitive Analysis:

The Hydrogen Generation industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Hydrogen Generation market include,

Linde plc
Iberdrola
Siemens AG
Electrochaea GmbH
Iwatani Corporation
Uniper SE
Cummins Inc.
Messer
Nel ASA
Xebec Adsorption Inc.
Ally Hi-Tech Co. Ltd
McPhy Energy S.A
ThyssenKrupp
L'Air Liquide S.A.
ITM Power
Orsted A/S

The hydrogen generation market forecast is segmented on the basis of source, process, delivery mode, application, and region. On the basis of source, it is classified into blue hydrogen, gray hydrogen, and green hydrogen. On the basis of process, the market is categorized into steam methane reforming, coal gasification, electrolysis, and others. On the basis of delivery mode, the market is bifurcated into captive and merchant. On the basis of application, the global hydrogen generation market is divided into chemical processing, transportation, petroleum recovery, power generation and others. Furthermore, the chemical processing segment is bifurcated into ammonia, methanol, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest hydrogen generation market share, followed by North America, and Europe.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1575

Key findings of the study:

- As per hydrogen generation market analysis, by source, the grey hydrogen segment accounted for the largest share in 2021.
- By process, the steam methane reforming segment was the leading segment in 2021.
- By delivery mode, the captive segment held the largest market share in 2021.
- By application, the chemical processing segment held the largest market share in 2021.
- By region, Asia-Pacific is projected to exhibit a CAGR of 7.3% from 2022 to 2031.

Latest Trending Reports by Allied Market Research:

1. Clean Hydrogen Market - https://www.globenewswire.com/news-release/2023/04/10/2643733/0/en/Clean-Hydrogen-Market-to-Reach-18-3-Billion-Globally-by-2032-at-14-8-CAGR-Allied-Market-Research.html

2. Blue Hydrogen Market - https://www.globenewswire.com/news-release/2022/09/07/2511107/0/en/Global-Blue-Hydrogen-Market-Is-Expected-to-Reach-3-5-Billion-by-2031-Says-AMR.html

3. Grey Hydrogen Market - https://www.prnewswire.com/news-releases/grey-hydrogen-market-to-reach-174-9-billion-globally-by-2032-at-2-9-cagr-allied-market-research-301838246.html

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn