Hydrogen Generation Market size to exceed $180bn by 2024

Hydrogen Generation Market size is set to surpass USD 180 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
 

Growing focus toward utilization of clean fuel, rising demand for residual processing accompanied by strict regulations and mandates to limit for sulfur emissions is anticipated to drive the hydrogen generation market growth. Shift from the usage of fossil fuels to renewable fuels owing to government norms with an aim to limit greenhouse gas emissions will drive the product demand. The U.S. state & federal government has adopted various programs including Tier 3 to reduce the sulfur content in motor oil, gasoline and diesel which is set to complement the business outlook.

 

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Chemical industry is anticipated to grow substantially amounting to USD 96 billion by 2024. Underline factors including rapid technological advancements coupled with ongoing research and development activities will augment the business scenario. For instance, in 2017, Exxon Mobil declared to invest USD 20 billion toward the expansion of chemical and refining plants on the U.S. gulf coast. Growing utilization of hydrogen in numerous refining process including hydro sulfurization along with hydrocracking to process the molecules into usable products will drive the product installation. Increasing demand for petroleum products from the emerging economies is further anticipated to boost the industry landscape.
 

Hydrogen Generation Market

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The Asia Pacific hydrogen generation market is anticipated to grow over USD 80 billion by 2024. Rising crude oil consumption in developing economies including India and China will stimulate the business landscape. Increasing refinery operations to meet the growing demand for fuels in India, South Korea, and China is projected to stimulate the product installation. In addition, China has announced the construction of hydrogen city focusing on promoting R&D of fuel cells & building hydrogen fueling stations to achieve mass production of fuel cell vehicles by 2020.
 

Browse key industry insights spread across 117 pages with 224 market data tables & 11 figures & charts from the report, “Hydrogen Generation Market Size By Delivery Mode (Captive, Merchant), By Process (Steam Reformer, Electrolysis), By Application (Petroleum Refinery, Chemical, Metal), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Netherlands, Russia, China, India, Japan, Saudi Arabia, Iran, UAE, South Africa, Brazil, Argentina, Venezuela), Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hydrogen-generation-market
 

Germany hydrogen generation market is set to witness substantial growth over USD 44 billion by 2024 owing to increasing heavy crude oil consumption. Introduction of norms to reduce the emissions coupled with a shift toward the use of renewable fuels is set to complement the industry landscape. Increasing ammonia production on account of presence of abundant natural gas reserve along with escalating demand for urea in the fertilizer industry will stimulate the business growth.
 

Upsurge in demand from transportation industry owing to rise in fuel cell sales including Fuel Cell Electric Vehicles (FCEVs) and fuel cell buses will drive the U.S. hydrogen generation market growth. Initiatives to reduce the dependency on the gasoline fuel imports along with development of supporting infrastructure including hydrogen fueling stations is further set to strengthen the industry outlook.
 

Industrial gas distributors are focusing on developing new distribution channels with enhanced efficiency to increase the industry penetration and geographical reach. Key industry manufacturers comprises Nuvera Fuel Cells, Caloric Anlagenbau, Taiyo Nippon Sanso Corporation, Showa Denko, Iwatani Corporation, Hydrogenics, Air Liquide, Messer Group, Xebec Adsorption, Praxair Technology, Air Products and Chemicals.
 

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Hydrogen Generation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2013 to 2024, for the following segments:

By Delivery Mode

  • Captive
  • Merchant

By Process

  • Steam Reformer
  • Electrolysis

By Application

  • Petroleum Refinery
  • Chemical
  • Metal

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Netherland
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
  • Middle East & Africa
    • Saudi Arabia
    • Iran
    • UAE
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Venezuela

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