Hydrogen Generation Market HighlightsHydrogen refers to the most abundantly available elements in our universe. Market Research Future (MRFR) has published a research report about the global hydrogen generation market that augurs advancement for this market at 7% CAGR (Compound Annual Growth Rate) between 2018 and 2023. The distinguished factors supporting the global hydrogen generation market growth are growing demand to decarbonize energy use, favorable government regulations, growing research and development (R&D) activities of hydrogen, increasing demand in the transportation sector, and shifting trend towards cleaner energy. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Hydrogen Generation Market is included in the present report.
Key Players
The key players in the global hydrogen generation market include Air Liquide S.A. (France), Air Products and Chemicals Inc. (USA), Ballard Power systems (Canada), Fuelcell Energy (USA), Hydrogenics (Canada), Iwatani (Japan), Linde (USA), Messer Group (Germany), Plug Power (USA), Praxair Inc. (USA), and Showa Denko (Japan).
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Segmental Overview
The global hydrogen generation market has been segmented on the basis of application, generation & delivery type, storage, and lastly, region.
The application-based segmentation segments this market into ammonia production, methanol production, petroleum refinery, power generation, transportation, and others.
By generation & delivery type, the market has been segmented into captive and merchant.
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Regional Outlook
The regional segmentation of the global hydrogen generation market segments the global market into regional markets known as North America, South America, Europe, Asia Pacific, and the Middle East & Africa (MEA).
Holding the largest market share in 2017, the Asia Pacific is expected to rise as the fastest growing regional market during the forecast period. In this region, the market is growing due to the growing demand to decarbonize energy use and increased demand for hydrogen to be used in fuel cell technology for electric vehicles.
Europe is the second largest regional market. In this region, the market is growing due to the growing demand for reliable supply for various end-user industries, mostly from the commercial sectors.
North America is a significant market is due to the presence of well-established market players, and rapid technological advancements. Important country-specific markets in this region are the USA, Canada, and Mexico. I
The MEA region is the small regional market due to poor countries, lack of awareness, lack of infrastructure, lack of advanced technology, and lack of education.
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