Increasing investments towards the development of refining facilities across emerging countries is anticipated to drive global hydrogen generation market growth. Extensive usage of hydrogen across various applications such as semiconductors and metals would complement industry expansion through the forecast timespan. In addition, growing investments across other businesses such as food and beverages, and automobile may fuel the demand for hydrogen overtime.
According to a research report by Global Market Insights, Inc., the global hydrogen generation market is likely to exceed a valuation of $160 billion through 2026.
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Mentioned below are some key trends accelerating global hydrogen generation market share:
Growth in the captive hydrogen segment
With respect to the delivery mode segment, the captive hydrogen generation segment is likely to foresee significant development over the coming years primarily due to the massive implementation of captive vehicles fleet in countries such as Japan.
The segment is slated to witness massive expansion due to an upsurge in the use of hydrogen in the metal market in recent years. In addition, technological advancements combined with decrease in manufacturing cost will boost segment share in numerous applications.
Escalating demand for ammonia and methanol
Increasing demand for energy products including industrial feedstocks along with growing requirement to produce methanol and ammonia is expected to compel chemical hydrogen generation sector growth.
It is used to produce hydrogen that can be used by a wide variety of businesses or even for distribution in other sectors. Large scale use of chemical hydrogen across industries and its cost-effectiveness is projected to push its demand over the coming years.
Increasing deployment of hydrogen worldwide
On the geographical forefront, Europe hydrogen generation market would foresee growing demand due to the current regulatory policies and norms focused on reducing carbon emissions. Green hydrogen generation techniques are observing higher investments as they can be a way to minimize carbon footprint.
Large scale adoption of manufacturing procedure across sectors like transport is projected to fuel the product share in Europe. Considering these development factors, the Europe hydrogen generation market is projected to observe the growth of more than 4% through 2026.
Apart from Europe, ongoing R&D activities across Asia Pacific is anticipated to propel regional hydrogen generation market share through 2026. Increasing deployment of fuel cell electric vehicles is major factor pushing product demand in the region. Development of robust and powerful infrastructure like fuel cell stations across key nations like Japan would a key factor propelling regional market size.
While on a global scale, the competitive landscape of the hydrogen generation market is inclusive of players such as Nuvera Fuel Cells, Nel ASA, Air Products & Chemicals, Messer Group, Showa Denko KK, and Air Liquide among others.
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