NEW YORK, Oct. 5, 2021 /PRNewswire/ — The global hydrogen generation market is expected to grow by USD 38.71 billion, progressing a CAGR of over 5% during 2021-2025, according to Technavio’s latest market report. Based on our research, the market is expected to witness a 4.93% year-over-year growth in 2021 despite the widespread growth of the COVID-19 pandemic.
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By application, the chemical industry segment is expected to generate maximum revenue in the hydrogen generation market during the forecast period. The increasing global demand for fuel will be crucial in driving the growth of the segment.
Based on the geography, APAC will present significant opportunities for market vendors. The growth of the hydrogen generation market in APAC can be attributed to increasing investments in industries such as chemical, fertilizer, refinery, glass, semiconductor, metal processing, and food. Also, the healthy GDP growth in countries such as China and India will fuel the growth of the hydrogen generation market in APAC during the forecast period.
Hydrogen Generation Market: Major Growth Drivers
The hydrogen generation market growth is expected to be driven by the following factors:
- Growing demand for fertilizers
- Growth in global refining capacity
The growth of the metal processing industry is expected to emerge as a major trend in the market during the forecast period. The global steel demand has been continuously on the rise. The strong growth of the industrial sector in countries such as Brazil, India, China, Iran, and Mexico has significantly increased the consumption of steel in the construction industry. Also, the thriving automotive sector in countries such as China and India has further increased the consumption of steel products. All these factors are leading to a rise in the demand for hydrogen in the metal processing industry, which is contributing to the growth of the global hydrogen generation market.
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Hydrogen Generation Market: Key Vendor Offerings
Air Products and Chemicals Inc.: The company generates hydrogen through steam methane reforming, where the steam reacts with the natural gas at very high temperatures to produce syngas which can be further processed to convert the carbon monoxide through a reaction with steam to produce more hydrogen.
Cummins Inc.: The company generates hydrogen through Cummins electrolysis technology where an electrolyzer splits water into hydrogen and oxygen and the hydrogen generated can then be used in industrial, chemical, or short, and long-term power applications.
Claind Srl: The company generates hydrogen through steam methane reformer, which has a capacity of 170 million standard cubic feet of high purity hydrogen.
Iwatani Corp.: The company generates hydrogen using renewable methods which can be used in industrial, chemical, or short and long term power applications.
LAIR LIQUIDE SA: The company generates hydrogen to meet the challenges of clean transportation by reduction of greenhouse gases, pollution in cities, and dependency on fossil fuels.
Reasons to Buy Hydrogen Generation Market Report:
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist hydrogen generation market growth during the next five years
- Estimation of the hydrogen generation market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the hydrogen generation market across APAC, Europe, North America, MEA, and South America
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hydrogen generation market vendors
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| Hydrogen Generation Market Scope | |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2020 |
| Forecast period | 2021-2025 |
| Growth momentum & CAGR | Accelerate at a CAGR of over 5% |
| Market growth 2021-2025 | $ 38.71 billion |
| Market structure | Fragmented |
| YoY growth (%) | 4.93 |
| Regional analysis | APAC, Europe, North America, MEA, and South America |
| Performing market contribution | APAC at 57% |
| Key consumer countries | China, US, Japan, Germany, and France |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | Air Products and Chemicals Inc., Cummins Inc., Claind Srl, Iwatani Corp., LAIR LIQUIDE SA, Linde Plc, Parker Hannifin Corp., SHOWA DENKO K.K., Teledyne Technologies Inc., and Xebec Adsorption Inc. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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