The Global Hydrogen Gas Generation System market is projected to grow at a CAGR of around 5% during the forecast period, 2022-27. With the growing demand for hydrogen gas in different sectors such as industrial, transportation, healthcare, oil & gas, etc., the Hydrogen Gas Generation System market would witness a considerable incline in the forthcoming years. In addition, the increasing demand for hydrogen gas for fuel cells in the automobile industry as well as the clean energy goals of various countries such as the US, India, Germany, etc., would further stimulate the market for hydrogen gas generation systems. Furthermore, the factors such as increasing demand for low greenhouse emissions, rising environmental concerns, and the government's stringent emissions norms have been the major factors driving the need for hydrogen gas as an alternative fuel in various industries such as chemical processing, refining, fertilizers manufacturing, petroleum recover, etc.
Moreover, the carbon emission targets in industrial sectors like in automobile industry have boosted the demand for hydrogen gas generation systems across the globe. Along with that, many countries such as China, the US, India, and others have been extensively devoted & taken initiatives for the expansion of hydrogen gas production systems. In 2022, India’s one of the largest oil companies, Indian Oil Corporation, announced to set up green hydrogen plants at its Mathura & Panipat refineries by 2024. Furthermore, the firm has the target to produce 70,000 tonnes of green hydrogen by 2030.
Hence, such initiatives by the countries would provide revenue generation opportunities for the key players of the Global Hydrogen Gas Generation System market during the forecast period. Therefore, owing to its eco-friendly benefits & clean energy targets of several countries, the Global Hydrogen Gas Generation market would grow considerably in the forecast years, further states, the recent research report, “Global Hydrogen Gas Generation System Market Analysis, 2022-2027”.
Blue Hydrogen held a Considerable Share in Global Hydrogen Gas Generation System Market
Based on the Type, the market bifurcates into Green Hydrogen, Blue Hydrogen, and Grey Hydrogen. Among the three, the Blue Hydrogen type has accumulated a considerable share in the Global Hydrogen Gas Generation System market due to its cost-effective production technique. Steam methane reforming has been a majorly used technique for the production of blue hydrogen in historical years.
Additionally, blue hydrogen production plants have also been proposed to curb carbon emissions. For instance, in 2022, Reliance Industries Ltd., announced to re-purpose the existing plant, which converts petroleum coke into synthesis gas for the production of blue hydrogen for USD1.2 to 1.5 per kilogram. Along with this, the company has targeted to set a net-zero carbon emission for its business by 2035.
Nevertheless, the objective of blue hydrogen gas production by the government of nations such as South Korea would further provide the potential area for the Global Hydrogen Gas Generation System market to grow significantly in the forecast years. For instance, as of 2021, the South Korean government aimed to produce 27.9 million blue hydrogens by 2050.
North America has been the Regional Front Runner in Global Hydrogen Gas Generation System Market
Geographically, North America contributed significantly to the growth of the Global Hydrogen Gas Generation System market in the historical years. The growth of the market has been primarily driven by its large number of applications in several industries such as automotive, chemical, healthcare, power generation, metal fabrication, welding, and many more. The rapid industrialization in the region has negatively impacted the environment of the region, which, in turn, has led the government of countries in North America such as the US & Canada to take initiatives for clean energy production techniques.
In 2020, Canada’s Federal Government launched Hydrogen Strategy, which aims to achieve net-zero carbon emissions by 2050, thereby boosting the demand for hydrogen gas generation systems across the region. Consequently, such initiatives by the government of the region would drive the Global Hydrogen Gas Generation System Market in 2022-27, reveals MarkNtel Advisors in their research report, "Global Hydrogen Gas Generation System Market Research Report (2022-2027)”.
According to MarkNtel Advisors, the leading players in the Global Hydrogen Gas Generation System Market are Ener Blue, ThalesNano Inc., Nel Hydrogen, Hitachi Zosen Corporation, Helbio S.A, Parker Hannifin, Altergy, SilPac, PERIC Hydrogen Technologies Co. Ltd., Althea Technology, FuelCell Energy, Inc., LNI, Swissgas, Giner Inc., and Enapter S.R.L.
Key Questions Answered in the Study