Hydrogen Generation Market Is Expected to Witness A Significant CAGR In the Period 2018-2023
The global hydrogen generation market is projected to reach USD 199.1 billion by 2023 from an estimated USD 135.5 billion in 2018, at a CAGR of 8.0%. The growth of the hydrogen generation market is driven by the growing need to decarbonize the energy end-use, rising demand for fuel cells in the transportation sector, and stringent regulations to regulate the sulfur content in fossil fuel generation.
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The hydrogen generation market is dominated by a few major players that have a wide geographical presence and are established brand names. Leading players in the hydrogen generation market include Air Liquide (France), Air Products and Chemicals (US), Iwatani (Japan), Hydrogenics (Canada), Linde (Germany), Praxair (US), Messer Group (Germany), Showa Denko (Japan), Ally Hi-Tech (China), Caloric (Germany), Claind (Italy), Erredue (Italy), HyGear (Netherlands), Nuvera Fuel Cells (US), Proton OnSite (US), Taiyo Nippon Sanso (Japan), Teledyne Energy Systems (US), Xebec (Canada), Ballard Power Systems (Canada), FuelCell Energy (US), and Plug Power (US).
Merchant hydrogen generation segment is estimated to be the fastest growing market for hydrogen generation from 2018 to 2023. This segment is expected to witness growth because of increased demand in transportation and power generation. Merchant hydrogen generation is carried out by adopting various methods such as water electrolysis and small-scale reformers.
Asia Pacific is the fastest growing market for hydrogen generation from 2018 to 2023. Increasing refinery operations and rising investments to promote fuel cell electric vehicles in countries such as China and Japan are expected to drive the market for hydrogen generation in the region.
The electrolysis of water technology segment is expected to grow at the highest rate from 2018 to 2023. Electrolysis is a clean method to produce hydrogen with no emissions of greenhouse gases but has high energy consumption. Currently, excess renewable energy from the grid is used by operators to carry out electrolysis and generate hydrogen. All these factors will drive the growth of electrolysis technology during the forecast period.
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Based on application, the transportation segment is estimated to grow at the highest rate from 2018 to 2023. The demand for hydrogen has increased in the transportation sector with increasing deployment of fuel cells in countries such as China, Japan, and the US. Also, power generation applications such as stationary and portable power for remote power generation and backup operations also drive the market for hydrogen. Major players operating in the hydrogen generation market are currently investing in hydrogen infrastructure projects such as hydrogen filling stations to complement the growth of the transportation segment.