Global hydrogen generation market outlook: Rising demand for desulfurization and strict emission control norms to drive the industry growth
Rising popularity of petroleum products in emerging economies is expected to stimulate Hydrogen Generation Market Size over the next few years. Hydrogen is primarily used in refining process such as hydro desulfurization to remove sulfur from refined petroleum products such as petrol, diesel, jet fuels, etc. and make them more usable. Strict norms to reduce sulfur dioxide emissions from aircraft, ships, automobiles, industrial furnaces, and railroad locomotives will drive hydrogen generation industry growth in the near future. As per Global Market Insights, Inc., “Hydrogen generation industry size is projected to surpass USD 180 billion by 2024.”
Hydrogen is generated from two processes known as electrolysis and steam reforming process. Global hydrogen generation market revenue from electrolysis process is expected to grow at a rate of 5% over 2016-2024. Hydrogen generation industry size from steam reforming process is forecast to witness a high growth over the coming seven years, owing to lower natural gas costs along with its easy availability.
Germany Hydrogen Generation Market size, by application 2013-2024 (USD Billion)
Hydrogen generator finds varied applications across metal, construction, petroleum refinery, glass, propellant fuel, chemical, automobile, and semiconductor sectors. Chemical sector, which accounted for over half of hydrogen generation market share in 2015, will grow significantly over the coming timeframe. The growth can be credited to rising demand for ammonia from agricultural sector as well as its rampant use in urea production.
Hydrogen generation industry revenue in the petroleum refinery sector will grow substantially over the coming years as a result of its wide use in the hydrocracking process along with high preference for petroleum products such as diesel, gasoline, etc.
Taking into consideration the global outlook, APAC hydrogen generation industry revenue will witness a substantial growth over the coming seven years. The growth can be attributed to heavy demand for petroleum products from refineries. India and China are expected to be the key regional revenue contributors.
Europe hydrogen generation market is projected to observe a substantial growth over the next few years. Rising use of chemicals in construction and food & beverages sector will positively impact the regional growth. Germany is expected to contribute significantly towards the regional revenue share.
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North America hydrogen generation industry will grow considerably over the coming seven years, owing to heavy demand for ammonia. In addition to this, rising preference for renewable sources of energy to curb the greenhouse emissions is expected to contribute substantially towards the regional growth over the coming years. U.S. is predicted to dominate the regional share.
MEA hydrogen generation industry will witness a high surge over the period of 2016-2024 due to growing demand for fertilizers. LATAM market is expected to observe a noticeable growth over the next few years, owing to remodeling of current deployments and large-scale expansion of refineries.
Key industry players include Messer Group GmbH, The Linde Group, Nuvera Fuel Cells Inc., Iwatani Corporation, Taiyo Nippon Sanso Corporation, Hydrogenics, Showa Denko K.K., Caloric Anlagenbau GmbH, Xebec Adsorption Inc., Praxair Technology Inc., and Air Liquide.
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Author Name : Dhananjay Punekar