Hydrogen generation market is expected to witness a substantial growth owing to rise in energy demands and high fossil fuel cost. Growth in the production capacities of petroleum refining and chemical processing industries, environmental pollution associated with fossil fuels and stringent regulatory norms to de-sulfurize petroleum products pose as major drivers for the growth of the hydrogen generation market. In addition, rapid growth of the hydrogen fuel cell technology to reduce dependency on fossil fuels is expected to augment the market growth over the forecast period. The market is segmented on the basis of its production technology and the mode of delivery. Hydrogen is produced on a large scale by steam reformation of natural gas due to low cost of natural gas particularly in North America and Middle East. Hydrogen production using on-site production plant held the majority share owing to transportation concerns.
Hydrogen is used extensively in application such as chemical processing, petroleum recovery & refining, metal production, fabrication, aerospace and fuel cell. Petroleum recovery & refining held the majority market share followed by chemical processing. Fuel cell technology is expected to be the fastest growing market owing to rise in demand from the automotive sector due to pollution free standards. However, fuel cell technology is very expensive as compared to the internal combustion (IC) engine, thus restricting its use in commercial vehicles. Transportation of hydrogen requires high safety owing to it being a highly flammable fuel. In addition, lack of proper distribution channels increases the overall transportation cost which pose as major restrain for the hydrogen generation market.
Hydrogen generation market is dominated by Asia Pacific owing to large ammonia production plants and high refinery output. Asia Pacific is expected to continue having the largest market share owing to rise in refining capacities particularly in India, China and Malaysia. Europe held the second largest market share followed by North America. However, North America is expected to grow faster than Europe owing to increased shale gas explorations in the region.
Key players in the hydrogen generation market include Airliquide S.A., Idroenergy, Parkar Balston, Praxair Inc., HGenerators, Airgas Inc., McPhy Energy, Heliocentris and Air Products and Chemicals.
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