Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) — The global Hydrogen generation market size amounted to USD 145.67 billion in 2020. The market is expected to grow from $150.20 billion in 2021 to $220.37 billion in 2028 at a CAGR of 5.6% over the period 2021-2028. This important information is presented by Fortune Business Insights™ in its report titled “Hydrogen Generation Market, 2021-2028”.
The market will benefit from high demand for fuel cell-based buses and electric vehicles (EVs), particularly in North America and Asia-Pacific. For example, in December 2019, Hyundai planned to invest around US$6 billion in the development of hydrogen fuel cell technology in order to increase sales of electric vehicles worldwide
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Report scope and segments:
| report coverage | details |
| forecast period | 2021-2028 |
| Forecast period 2021 to 2028 CAGR | 5.6% |
| Value prognosis 2028 | $220.37 billion |
| base year | 2020 |
| Market size in 2020 | $145.67 billion |
| Historical data for | 2017-2019 |
| number of pages | 240 |
| segments covered | By type (on-site and portable), by technology (steam methane reforming, water electrolysis, partial oil oxidation, and coal gasification), by application (ammonia production, petroleum refining, methanol production, transportation, power generation, and others), and regional |
| growth accelerator | Increasing adoption of desulfurization in the refining industry to drive growth |
| Major players are focused on bagging new business to gain competitive advantage |
Driver & restraint systems:
To reduce emissions of sulfur oxides and acid rain, a process called desulfurization is performed. It helps lower sulfur levels in hydrocarbons and therefore requires hydrogen. This gas is used extensively by the refining industry to break down heavy hydrocarbons. Regulatory authorities around the world are imposing strict laws and regulations on the application of…
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