Automobiles based on hydrogen fuel cell technology are witnessing ascending sales thereby complementing the growth of hydrogen generation market. Moreover, rising population level is augmenting the demand for more energy thereby further underlining its significance. According to Fact.MR’s analysts, the global hydrogen generation market will follow robust growth curve at approximately 7.5% CAGR during the forecast period (2019-2029). Greater government incentive on clean and low-cost energy will supplement the growth of hydrogen generation market. Further, escalated efforts towards minimizing carbon emissions will bode well for market.
“Major stakeholders must engage in vertical integration strategies to ensure uninterrupted supply of raw materials,” suggests Fact.MR report.
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Key Takeaways of Hydrogen Generation Market Study
- Captive hydrogen generation continues to be preferred by leading players, generating over 86% of total demand.
- Innovative solutions offered by major producers are the growth engine of hydrogen generation market.
- North America hydrogen generation market contributes more than 1/4th of total revenue on the back of extensive gas pipeline networks.
- South Asia & Oceania will offer profitable possibilities for globally leading producers during the forecast period.
Hydrogen Generation Market – Key Drivers
- Solar photovoltaics are experiencing steep decline in costs thereby favoring the growth of hydrogen generation market.
- High pollution levels in major economies of the world are necessitating the demand for hydrogen generation.
- Increasing number of government initiatives for green energy will tip the scale in favor of market through the forecast period.
- Strict regulatory requirements on curbing carbon emissions are fuelling the adoption of hydrogen generation systems.
Hydrogen Generation Market – Key Impediments
- Postponement of shale gas exploration activities due to COVID-19 will hinder the growth of hydrogen generation market through the pandemic.
- Relatively high price point is limiting the adoption of hydrogen generation systems.
Anticipated Impact of COVID-19 on Hydrogen Generation Market
The ongoing COVID-19 pandemic has major adverse effects on the production and demand for hydrogen generation. The chemical industry is one of the worst affected industries due to the global outbreak of COVID-19. The pandemic is showing no signs of slowing down resulting in dwindling sales in Europe and North America, the hardest-hit markets. The trend is projected to continue through the latter half of 2020. Oil & gas exploration activities have been massively hit by the pandemic resulting in declining hydrogen generation. As a result, the existing reserves are being utilized to fulfill the logistic requirements of medical supplies during this outbreak. However, once the pandemic recedes, the upward growth trajectory will resume in the first half of 2021.
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Competition Landscape of Hydrogen Generation Market
The hydrogen generation market is highly consolidated in nature with top players accounting for majority share in the overall market stack. Some of the other prominent players in the global hydrogen generation market that are profiled in this Fact.MR report include, but are not limited to, Teledyne Energy Systems, Proton Onsite, Nuvera Fuel Cells, Hygear, Linde, Iwatani, Hydrogenics, Air Products and Chemicals, Air Liquide, Erredue, and Praxair. Strategic acquisitions, joint ventures, and collaborations among industry leaders will be vital for hydrogen generation market in foreseeable future. Moreover, prominent players are working on solar-based hydrogen generation systems to gain competitive edge in the global market.
About the Report
This 170-page study offers in-depth commentary on the global hydrogen generation market. The study provides compelling insights on the hydrogen generation market on the basis of technology (coal gasification, steam methane reforming), system (merchant, captive), application (methanol production, ammonia production, and petroleum production) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa)