Hydrogen Generation Market worth $199.1 billion by 2023

The report "Hydrogen Generation Market by Generation, Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation), Technology (Steam Reforming, Water Electrolysis & Others), Storage, and Region - Global Forecast to 2023", MarketsandMarkets: The 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%.

Browse 124 market data Tables and 48 Figures spread through 221 Pages and in-depth TOC on "Hydrogen Generation Market by Generation, Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation), Technology (Steam Reforming, Water Electrolysis, & Others), Storage, and Region - Global Forecast to 2023"
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The hydrogen generation market is expected to register a CAGR of 8.0% from 2018 to 2023. The growing emphasis on decarbonizing energy end-use, increasing fuel demand in the transportation sector, and government regulations for desulphurization are few of the main factors driving the hydrogen generation market. Hydrogen is an indispensable element having an outstanding energy carrying capacity. It has widespread applications in various industries such as petrochemicals, agriculture, and electronics. As a clean fuel, it has a propitious future in the fuel cell technology and automobile industries.

The captive segment will continue to dominate the hydrogen generation market, by generation type, during the forecast period

The hydrogen generation market is segmented, by generation type, into captive and merchant. The captive segment accounted for the largest market size in 2018. The dominance of the captive generation segment is expected to continue throughout the forecast period. The demand for captive hydrogen is primarily from petroleum refineries where it is used to reduce the sulfur content of diesel.

Transportation segment, by application, is projected to grow at the highest CAGR during the forecast period

Based on application, the hydrogen generation market has been segmented into petroleum refineries, ammonia production, methanol production, transportation, power generation, and others. Among these, the transportation segment is projected to register the highest growth during the forecast period. The growth of this segment is driven by the increasing market penetration of fuel cell cars and trucks, which can reduce emissions by over 30% compared with their gasoline-powered counterparts.

Asia Pacific will continue to dominate the hydrogen generation market during the forecast period

The Asia Pacific market is projected to grow at a CAGR of 8.0% during the forecast period to reach USD 90.8 billion by 2023. This growth is expected as the region is the largest producer of ammonia and has the highest refinery throughputs. Also, the rising demand for fuel cell electric vehicles in countries like China, Japan, and South Korea is expected to stimulate the growth of this market in the Asia Pacific region.

The prominent players in the hydrogen generation market are Air Liquide (France), Linde (Germany), Praxair (US), Air Products and Chemicals (US), Ballard Power Systems (Canada), Iwatani (Japan), Hydrogenics (Canada), and Plug Power (US). Ballard Power Systems, Air Liquide, and Hydrogenics were observed to be the most active players that focused mainly on contracts & agreements and investments & expansions strategies.

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