According to Precedence Research, the global hydrogen production market size is expected to exceed approximately US $ 219.2 billion by 2030 and will increase its growth at a CAGR of 5.4% from 2021 to 2030.

Tokyo, October 26, 2021 (GLOBE NEWSWIRE) – The world hydrogen production market size was valued at US $ 129.6 billion in 2020. The global hydrogen production market is driven by the growing awareness of the adoption of green and clean energy. The deterioration of environmental conditions due to excess economic activity around the world has resulted in the deterioration of environmental health. Growing government initiatives to reduce the carbon footprint are encouraging the adoption of hydrogen for power generation.

In addition, the growing investments of leading research and development players for the development of hydrogen using renewable and environmentally friendly sources are expected to drive the growth of the global hydrogen production market. In addition, the growing demand from the fuel cell industry is driving the demand for hydrogen. The increasing emphasis on green energy across all industries is expected to drive the growth of the hydrogen production market across the globe.

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The crucial factors responsible for the growth of the market are:

  • Government initiatives on the rise to reduce carbon emissions

  • Growing demand for green energy in developed countries

  • Growing industrialization in developing countries

  • Growing demand for hydrogen in various industries

  • Growing demand from the ammonia industry

  • Development strategies adopted by market players

Scope of Hydrogen Production Market Report

Cover of the report

Details

Market size

$ 219.2 billion by 2030

Growth rate from 2021 to 2030

5.4% CAGR

Fastest Growing Market

Asia Pacific

The biggest market

North America

Year of reference

2021

Forecast period

2021 to 2030

Covered segments

Technology, system type, application, region

Regional snapshots

Asia-Pacific is the dominant and fastest growing market for hydrogen production. This is attributed to the increasing number of manufacturing plants and the development of various industries in the region. Rapid industrialization has fostered the growth of the hydrogen production market in Asia-Pacific. Robust economic development in countries like Japan, China and India has exponentially increased hydrogen consumption in various industries. The increase in public spending on building infrastructure for the distribution of various goods and government policies aimed at attracting FDI are expected to foster the industrial development of the region, which in turn is expected to boost the market growth of the hydrogen production in the region during the forecast period. period.

Market dynamics

DriverThe increased deployment of vehicles powered by fuel cells is increasing the demand for hydrogen. The development of fuel cell electric vehicles, particularly heavy-duty vehicles and passenger vehicles, is an attempt to reduce carbon emissions from vehicles around the world and is expected to stimulate demand for hydrogen. Additionally, increased urbanization and industrialization have pushed nations to develop and embrace green energy to protect the environment from global warming.

ConstraintsSignificant capital investments are associated with the production of hydrogen. Various technologies like electrolysis are very expensive and also consume a lot of energy while producing hydrogen. This factor could hamper the growth of the market in the years to come.

OpportunitiesThe various development strategies such as partnerships, joint ventures and agreements promote the growth of the market and provide lucrative growth opportunities for the market players. For example, Obayashi Corporation and Tuaropaki Trust have created a joint venture named Halcyon Power to develop New Zealand’s very first carbon-free hydrogen production unit.

ChallengesThe main challenge associated with hydrogen production is the lack of coal. The lack of coal due to the shutdown of mining centers due to heavy rainfall in 2020 has resulted in power cuts in major economies like China and India.

Highlights of the report

  • On the basis of technology, the steam methane reforming segment dominated the market. This is due to the extensive use of this technology around the world to produce hydrogen. It is a mature technology and it generates cheap hydrogen. Increasing industrialization is driving the demand for hydrogen for power generation in various industries, thus boosting the growth of this segment.

  • Based on the application, the others segment is expected to be the fastest growing segment due to the growth of the chemical industry. Chemistry is a huge industry which contributes significantly to the growth of the GDP. In the chemical industry, hydrogen is produced as a by-product and is supplied to many industries. Hence, this segment is expected to grow rapidly during the forecast period.

  • Based on the type of system, the captive segment is estimated to be the most opportunistic segment during the forecast period. The captive segment refers to the production of hydrogen on site. The captive system is very widely used in developed markets due to the developed infrastructure. In addition, it eliminates distribution costs because in this system, hydrogen is produced and consumed at the site itself.

Segments covered in the report

By technology

  • Coal gasification

  • Steam reforming of methane

  • Others

By application

  • Methanol production

  • Ammonia production

  • Oil refinery

  • Transport

  • Energy production

  • Others

By type of system

By geography

  • North America

  • Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Rest of the world

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