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DUBLIN, Jan. 26, 2023 /PRNewswire/ — The “Hydrogen Generation Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.
Key Market Insights
Demand for Hydrogen over Conventional Fuel expected to boost the Hydrogen Generation Market over the coming years
The global hydrogen generation market value surged from US$ 148.2 Bn in the year 2021 and is expected to reach US$ 279.02 Bn by the year 2030, expanding at a CAGR of 7.3% during the forecast from 2022 to 2030.
Hydrogen has unique capabilities and significant potential in low carbon energy future due to its abundance in the earth’s atmosphere and lightest of all elements. Its potential in a low carbon energy future is largely driven by three characteristics. Firstly, efficient energy carrier and storage medium due to high specific energy content by weight.
Secondly, the combustion of hydrogen produces only water and heat. Last, electric energy can be produced by hydrogen or vice-versa. Through fuel cell process oxygen and hydrogen can be converted into water and electrical energy. However, high production cost coupled with lack of proper distribution channels worldwide are some of the prime factors that hinder the global adoption of hydrogen. Presently, 5000 miles of hydrogen pipelines are available globally.
Technology Analysis
Steam Reforming Segment held Largest Market Revenue Share in the year 2021
In 2021, steam reforming held the largest revenue shares in the global hydrogen generation market. The significant share of the segment is mainly due to its application in hydrogen production from conventional resources such as natural gas. Natural gas is a significant source of hydrogen and held nearly 50% of share in the global hydrogen production. In addition, steam reforming method provides the highest conversion efficiency of about 70-80% and improved operational and…
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