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Covid-19 impact on Hydrogen Generation Market Size to surge at 4.32% CAGR is expected to reach $164.78 Billion in 2027

The global hydrogen generation market size is predicted to be valued at USD 164.78 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 4.32% during the forecast period. Growing demand for cleaner and greener energy sources is projected to boost the growth.

Demand for cleaner fuel coupled with increasing government regulations for desulphurization of petroleum products is anticipated to fuel the market growth. Hydrogen is an effective energy carrier and this attribute is expected to contribute significantly to its further penetration into newer markets. The demand for clean fuel is expected to witness exponential increase every year, with rising pollution levels coupled with growing government regulations to control and curb the sulfur content in fuels is expected to drive the market.

The merchant system type segment was worth USD 69.75 billion in 2019. This type includes both small and large dealers, wholesalers, and companies having hydrogen as an excess byproduct. In terms of volume, captive system type is the fastest growing segment. Captive is defined as on-site hydrogen generation, which eliminates numerous problems linked to the conveyance and distribution of hydrogen. This factor is expected to drive the segment growth substantially over the forecast period.

On the basis of technology, the hydrogen generation market has been segmented into coal gasification, steam methane reforming, and others. In 2019, steam methane reforming segment accounted for 67.79% of market share in terms of revenue. In this method, methane containing raw material like natural gas is heated to a temperature between 700°C to 1,000°C, which produces hydrogen as a by-product. Coal gasification technology segment was valued at 31.45 billion in 2019 and is anticipated to witness steady growth during 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:

  • Growing demand for hydrogen generation across various regions is a crucial driving factor for steam methane reformers technology, as it is most economical method for hydrogen generation
  • Coal gasification technology segment is projected to expand at highest CAGR during the forecast period. Coal gasification provides long term goal for hydrogen generation at a reasonable cost
  • Merchant segment accounted for the highest market share in 2019 and the trend is projected to continue till 2027. In merchant system type, hydrogen is produced at a central production facility and is then transported and sold by bulk tank, pipeline, or cylinder truck
  • Captive system is projected to register the highest CAGR during the forecast period. On-site hydrogen generation in small scale industries has gained more popularity in last few years
  • In application segment, methanol production accounted for the largest market share whereas, application of hydrogen in ammonia production is projected to expand at the highest CAGR during the forecast period
  • Some of the significant hydrogen generation market participants include Linde AG; Air Liquide S.A.; Air Products and Chemicals, Inc.; INOX Air Products Ltd.; Iwatani Corporation; Matheson Tri-Gas, Inc.; SOL Group Hydrogenics Corporation; Messer Group GmbH; Tokyo Gas Chemicals Co., Ltd; Taiyo Nippon Sanso; Teledyne Technologies Incorporated; and Hygear
  • Key companies are adopting various organic and inorganic growth strategies with a view to expand their service portfolio and market share

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