CHICAGO, February 16, 2021 / PRNewswire / – According to New Market Research Report “Hydrogen production market by Application (Oil Refinery, Ammonia and Methanol Production, Transportation, Power Generation), Production and Delivery Mode (Captive, Merchant), Source (Blue, Green and Gray Hydrogen), Technology and Region – Forecast until 2025 “, published by MarketsandMarkets, the size of the hydrogen production market is expected to reach 201 billion USD by 2025 on an estimate 130 billion USD in 2020, at a CAGR of 9.2% over the forecast period. The increase in fuel cell power generation applications is driving the growth of the market. In addition, the increasing adoption of electric vehicles leads to the deployment of renewable energies on a large scale Asia Pacific region, creates opportunities for the hydrogen production market.
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The electrolysis technology segment is expected to grow at the highest CAGR from 2020 to 2025.
The growing use of fuel cells in power generation and transportation is likely to boost the electrolysis market. By electrolysis, the electrolyser system creates gaseous hydrogen. The oxygen that remains is released into the atmosphere or can be captured or stored. This stored hydrogen can be supplied for other industrial processes or even used for medical gases in some cases. Hydrogen gas can be stored as a compressed or liquefied gas, and because hydrogen is an energy carrier, it can be used to power any hydrogen fuel cell electrical application, including trains, buses, trucks or data centers. Measures have been taken by governments to stimulate demand for water electrolysis. For example, the US Department of Energy (DOE) has set technical goals and cost contributions for the production of hydrogen from the electrolysis of water.
The transportation applications segment is expected to grow at the highest CAGR of the hydrogen production industry during the forecast period.
Rapidly increasing demand for fuel cell electric vehicles (FCEVs) Asia Pacific region is likely to stimulate the hydrogen production market in the coming years. Hydrogen finds application in various modes of transportation, such as buses, trains, fuel cell electric vehicles (FCEVs) and others (including navy, airplane and drones). FCEVs are powered by hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no tailpipe emissions; they emit only water vapor and hot air. Fuel cell vehicles use hydrogen to power the electric motor by combining hydrogen and oxygen (from the air) to produce electricity, which powers the engine. This process of converting gaseous hydrogen into electricity produces only water and heat as by-products, thereby eliminating harmful gaseous emissions. Fuel cell cars and trucks are expected to reduce emissions by more than 30% compared to their gasoline-powered counterparts. Refueling a fuel cell electric vehicle takes less than 10 minutes. Therefore, FCEV vehicles are expected to increase hydrogen demand.
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Blue hydrogen is expected to grow at the highest CAGR during the forecast period.
Blue hydrogen is derived from natural gas by steam methane reforming (SMR). SMR mixes natural gas with very hot steam in the presence of a catalyst, where a chemical reaction creates hydrogen and carbon monoxide. Additional water is added to the mixture, converting the carbon monoxide to carbon dioxide and creating more hydrogen. The carbon dioxide emissions produced are then captured and stored underground using carbon capture, use and storage (CCUS) technology, leaving almost pure hydrogen. The cost of producing blue hydrogen is low. However, hydrogen also presents challenges when moved in large quantities because it is lightweight. Alberta aims to export blue hydrogen to the world by 2040. For example, in October 2020, From Alberta The government announced a hydrogen strategy focused on carbon emissions in order to be competitive in the global transition to sustainable energy. The strategy identifies the opportunity to use Albertas’ natural gas resources and its experience in carbon capture and storage (CCS) to produce low-emission blue hydrogen for local use or for export. to other national and international markets. Therefore, the growing demand for carbon capture and reuse is driving the blue hydrogen segment.
The merchant production and delivery modes segment is expected to grow at the highest CAGR in the hydrogen production industry during the forecast period.
Increasing large-scale hydrogen production through water electrolysis and natural gas process is expected to boost the merchant segment. Merchantable hydrogen can be produced both by electrolysis of water and by natural gas processes. This method reduces the need for fuel transportation and, subsequently, the need to build new hydrogen production infrastructure. However, its limited production capacity leads to higher hydrogen costs compared to captive hydrogen production. Small-scale reformers and existing gas pipelines are typically used by merchant hydrogen producers to supply hydrogen to customers on-site. Hydrogen is produced in refineries and off-site refueling stations using either natural gas or water and electricity. Electrolysers used for the production of merchantable hydrogen produce pure oxygen as a by-product with hydrogen. This oxygen is used to enrich the greenhouse gas content for food production.
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Asia Pacific likely to emerge as the largest hydrogen production market
In this report, the hydrogen production market has been analyzed for four regions, namely, Europe, Asia Pacific, North America, South America, Middle East and Africa. Asia Pacific is one of the main markets for the adoption of green technologies to meet government GHG emission reduction targets. Japan and South Korea have invested heavily in fuel cell adoption since 2009 due to the commercial deployment of Japanese fuel cell micro-cogeneration products. Japan is the first country to commercialize fuel cells and supports projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,000 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet global carbon emission standards. Singapore, India, and Malaysia are also showing interest and have just started or are expected to launch exclusive programs to promote fuel cells in regional markets. These countries initially focus on back-up fuel cells (stationary application).
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the major players in the Hydrogen Generation market. The main players in the hydrogen production industry are) Linde (Germany), Air Liquide (France), Air Products & Chemicals (United States), Uniper (Germany) and Engie (France). These players are adopting various strategies to increase their share in the hydrogen production market. Joint ventures, collaborations and partnerships, contracts and agreements, investments, expansions and acquisitions have been a strategy widely adopted by the major players in the hydrogen production industry.
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