Hydrogen Generation Market Outlook to 2031 with Competitive Analysis of Leading Players and Key Growth Trends

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrogen Generation Market Size, Share & Trends Analysis Report By Technology (SMR, POX, Coal Gasification, Electrolysis), Application (Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation), Source (Blue, Green, Gray), Generation Mode (Captive, And Merchant)- Market Outlook And Industry Analysis 2031"

The global Hydrogen Generation market is estimated to reach over USD 366.49 billion by 2031, exhibiting a CAGR of 9.46% during the forecast period.

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Continuous urbanization and industrial expansion have compelled nations to adopt various power generation technologies to meet the rising energy demand. Similarly, infrastructure development projects in densely populated regions, including the Middle East, Africa, and Asia-Pacific, are driving the need for efficient energy solutions.

Growing concerns about the environmental impact of fossil fuel dependence, particularly crude oil and natural gas, have intensified the global shift toward sustainable energy sources. According to BP's Statistical Assessment of Global Energy 2020, published in June 2020, total energy consumption in the Asia-Pacific region increased from approximately 249.4 exajoules in 2018 to around 257.6 exajoules in 2019. This upward trend in energy consumption is expected to drive the market's compound annual growth rate (CAGR).

Additionally, the global population increase is projected to double the demand for food, necessitating more intensive farming, advanced protective cropping systems, and enhanced fertilizer management practices. Nitrogen-based fertilizers will play a pivotal role in meeting this demand. Ammonia, particularly in the form of ammonium nitrate, is a key component of nitrogen fertilizers. The rising demand for agricultural products due to population growth is expected to increase the need for ammonia-based fertilization management systems, thereby driving market expansion.

List of Prominent Players in the Hydrogen Generation Market:
• Linde plc,
• Air Liquide,
• Cummins Inc.,
• Air Products Inc.,
• Uniper SE,
• Engie,
• Siemens,
• Nel ASA,
• ITM Power,
• Iberdola,
• McPhy Energy S.A.,
• Messer,
• Enapter S.r.l.,
• Orsted A/S,
• Xebec Adsorption Inc.,
• Grren Hydrogen,
• Plug Power Inc.,
• Atawey,
• Hiringa Energy Limited

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Market Dynamics
Drivers:
Decarbonization refers to the progressive reduction of the carbon footprint associated with primary energy consumption. One of the most significant challenges in the global energy sector is the transition toward a low-carbon economy, which has driven the demand for green energy technologies and cleaner energy sources such as hydrogen. The increasing focus on reducing carbon emissions has stimulated growth in the hydrogen production industry, supported by government initiatives aimed at lowering carbon footprints. As a clean energy source, hydrogen is expected to reduce reliance on oil, thereby contributing to a decrease in greenhouse gas emissions and other pollutants. Hydrogen can be produced from a wide range of energy sources, including biomass, wind, solar, nuclear, and clean fossil fuels, making it a versatile solution for sustainable energy production.

Challenges:
Hydrogen serves as a synthetic energy carrier, meaning it transports energy produced by various processes. The production of hydrogen through water electrolysis involves the conversion of electrical energy into hydrogen. Beyond production, additional high-grade electrical energy is required for compressing, liquefying, transporting, transferring, and storing hydrogen. The energy consumed during hydrogen production must ideally correspond to the energy content of the synthetic gas. Common production methods, such as electrolysis and reforming, involve energy conversion processes where electrical or chemical energy from hydrocarbons is converted into hydrogen's chemical energy. However, energy losses are inevitable during these conversion processes, which poses a challenge for improving efficiency and cost-effectiveness.

Regional Trends:
The Asia-Pacific region is poised to experience the fastest growth in the hydrogen market, driven by increasing adoption of hydrogen for power generation in China and India. Government initiatives aimed at promoting green and clean energy in countries such as Australia, Japan, and India are further contributing to market expansion. The rapid economic development in key markets, including South Korea, China, Japan, and India, has facilitated the growth of the hydrogen production sector. The increasing demand for fuel cell-powered electric vehicles is a major factor driving regional growth. Additionally, the region is witnessing a rise in power generation from renewable sources, further supporting the expansion of the hydrogen market.

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Recent Developments:
• In August 2022, A green hydrogen plant was put into operation by Larsen & Toubro (L&T) at its AM Naik Heavy Engineering Complex in Hazira, Gujarat, India. The facility would probably produce 45 kg of green hydrogen every day, which will be used exclusively in the company's Hazira manufacturing site for captive consumption.

Segmentation of Hydrogen Generation Market-
By Source-
• Blue Hydrogen
• Gray Hydrogen
• Green Hydrogen
By Technologies-
• Steam methane reforming (SMR)
• Partial Oxidation (POX)
• Coal gasification
• Electrolysis
By Application-
• Petroleum Refinery
• Ammonia Production
• Methanol Production
• Transportation
• Power Generation
By Generation-
• Captive
• Merchant
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.