The global hydrogen generation market is expected to grow by USD 37.32 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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Technavio has announced its latest market research report titled Global Hydrogen Generation Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Hydrogen Generation Market Analysis Report by Application (Chemical, refinery, metal processing, and others), Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the growing demand for fertilizers. In addition, the growing focus on reducing carbon footprint is anticipated to boost the growth of the hydrogen generation market.
The growing global population has significantly increased the demand for food and it is expected to grow two-fold by 2025. With the growing need for effective nutrition management of the global population, there is a continuous increment in agricultural production worldwide. This is increasing the use of fertilizers such as nitrogen fertilizers which use ammonia as a base component. The growing demand for ammonia for fertilizer production is leading to the capacity expansion of several ammonia manufacturers. During the manufacture of ammonia, the synthesis is carried out by a catalytic reaction that requires huge volumes of hydrogen. Therefore, the growing demand for fertilizers will increase the consumption of ammonia, which in turn, will drive the growth of the global hydrogen generation market during the forecast period.
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Major Five Hydrogen Generation Companies:
Air Products and Chemicals Inc.
Air Products and Chemicals Inc. operates its business through segments such as Industrial Gases Americas, Industrial Gases EMEA, Industrial Gases Asia, Industrial Gases Global, and Corporate and other. The company offers hydrogen across the regions.
Cummins Inc. operates its business through segments such as Engine, Distribution, Components, Power Systems, and New Power. The company offers hydrogen generation.
HYGEAR operates its business through segments such as Hydrogen, Nitrogen, Oxygen, and Mixed gas. The company produces hydrogen for various industries, processes, and applications, such as float glass production, metal treatment, semiconductor production, food hydrogenation, chemical processes, and fuel cell cars.
Iwatani Corp. operates its business through segments such as Energy, Industrial Gases & Machinery, Materials, and Agri-Bio & Foods. The company offers hydrogen through Industrial Gases & Machinery business segment.
L Air Liquide SA
L Air Liquide SA operates its business through segments such as Gas & Services, Engineering and Construction, and Global Markets & Technologies. The company offers hydrogen through its Gas & services business segment.
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Hydrogen Generation Market Application Outlook (Revenue, USD Billion, 2020-2024)
Hydrogen Generation Market Geography Outlook (Revenue, USD Billion, 2020-2024)
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