Increasing fuel cell power generation application is driving the growth of the market. Moreover, increasing adoption of electric vehicles leads to renewable energy deployment at large scale in Asia Pacific region, creates opportunities for hydrogen generation market.
Global Hydrogen Generation Market Overview:
The hydrogen generation market size is projected to reach USD 201 billion by 2025 from an estimated USD 130 billion in 2020, at a CAGR of 9.2% during the forecast period.
COVID-19 Impact on the Hydrogen Generation Market
The outbreak of COVID-19 started in December 2019, which has also impacted the global hydrogen generation market across all major regions considered in the study. Major countries affected by the COVID- 19 outbreak include China, the US, the UK, Italy, and several key economies across the world. The electricity demand has been reduced significantly due to the COVID-19 pandemic, though electricity use in residential buildings has increased. However, governments across the world were compelled to reduce the business activities in response to minimize the threat of coronavirus. Owing to the decline in the business activities has further negatively impacted residential energy management solutions in the short term.
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Increasing large scale hydrogen production through water electrolysis and natural gas process is expected to drive the merchant segment. Merchant hydrogen can be produced by both water electrolysis and natural gas processes. This method reduces the need for transportation of fuel and, subsequently, the need for construction of new hydrogen generation infrastructure. However, its limited production capacity leads to higher hydrogen costs compared with captive hydrogen generation. Small-scale reformers and existing natural gas pipelines are generally employed by merchant hydrogen producers to supply hydrogen to customers on-site. Hydrogen is generated at offsite refineries and refueling stations using either natural gas or water and electricity. The electrolyzers used for merchant hydrogen generation produce pure oxygen as a by-product along with hydrogen. This oxygen is used to enrich the content of greenhouse gases for food production.
Rapid rise in demand for Fuel Cell Electric Vehicle (FCEV) in Asia Pacific region is likely to drive the market for hydrogen generation in the coming years. Hydrogen finds its application in various modes of transportation, such as buses, trains, fuel cell electric vehicles (FCEV), and others (including marine, airplane, and drones). FCEVs are powered by hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no tailpipe emissions; they only emit water vapor and warm air. Fuel cell vehicles use hydrogen to power the electric motor by combining hydrogen and oxygen (from the air) to produce electricity, which runs the motor. This process of converting hydrogen gas into electricity produces only water and heat as byproducts, thus eliminating harmful gaseous emissions. It is expected that fuel cell cars and trucks can reduce emissions by over 30% compared with their gasoline-powered counterparts. Refueling a fuel cell electric vehicle takes less than 10 minutes. Therefore, FCEV vehicles are expected to increase the demand for hydrogen.
This research report categorizes the hydrogen generation market-based technology, application, source, generation & delivery mode and region
Based on source, the market has been segmented as follows:
- Blue Hydrogen
- Green Hydrogen
- Grey Hydrogen
Based on technology, the market has been segmented as follows:
- Steam Methane Reforming (SMR)
- Partial Oxidation (POX)
- Coal Gasification
- Electrolysis
Based on application, the market has been segmented as follows:
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
- Other Applications
Based on the region, the market has been segmented as follows:
- North America
- Asia Pacific
- South America
- Europe
- Middle East
- Africa
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Asia Pacific likely to emerge as the largest hydrogen generation market
Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. Japan and South Korea are heavily investing in fuel cell adoption since 2009 because of the commercial deployment of Japanese fuel cell micro-CHP products. Japan is the first nation to commercialize fuel cells and is supporting the projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet the global carbon emission standards. Singapore, India, and Malaysia are also showing interest and have just started or are expected to start exclusive programs to promote fuel cells in regional markets. These countries are initially focusing on backup power (stationary application) fuel cells.
