Trusted Business Insights presents the Latest Study on Hydrogen Generation Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
The hydrogen generation market size was valued at USD 108.1 billion in 2016 and is predicted to exhibit a CAGR of 5.8% by 2025. Shifting trends such as rising focus on cleaner energy and favorable government regulations are encouraging market expansion. Stringent government regulations to control rampant use of fossil fuels, coupled with introduction of gas-based fuel cell vehicles, is anticipated to boost demand for hydrogen over the forecast period.
Hydrogen is among the most abundantly available elements in our universe. It is present in the atmosphere in a gaseous state, albeit in miniscule concentration – less than one per million by volume. It is commonly produced when natural gas is heated with steam, which, in turn, produces syngas – a mixture of carbon monoxide and hydrogen. Alternately, hydrogen can be produced by electrolyzing water as well.
Demand for clean fuel is projected to witness exponential increase every year, with rising pollution levels. Stringent government regulations to control sulfur content in fuels are expected to drive the market in near future.
According to the Environmental Protection Agency (EPA), annual production of hydrogen was pegged at over 50 million tons. It can be generated from an extensive range of initial raw materials, including the most commonly used technology like steam reforming of natural gases. This process leads to enormous amounts of greenhouse gas emissions. About 50% of international demand for hydrogen is presently satisfied by steam reforming, close to 30% is fulfilled from naphtha or oil reforming in refinery or industrial off-gases, about 17% is done by coal gasification, and the remaining is done by water electrolysis and other sources.
In agriculture, hydrogen is used to produce ammonia by the Haber process, along with methanol and cyclohexane, which are also used to produce pharmaceuticals and plastic. Hydrodesulphurization of fuels in oil refining process is a catalytic chemical reaction used to reduce sulfur from petroleum products including gasoline or petrol, kerosene, jet fuel, fuel oils, diesel, and natural gas. Desulphurization is used to create fuels including ultra-low-sulfur diesel, with a view to curb sulfur dioxide emission from aircrafts, automotive vehicles, ships, railroad locomotives, and oil or gas power plants, among various other forms of petroleum combustion.
