Growing demand for diesel fuel from both international and domestic application coupled with growing economics will drive the global hydrogen generation market size.
Sellbyville, DE -- (SBWIRE) -- 12/12/2018 -- Hydrogen Generation Market size is forecast to cross USD 180 billion by 2024, according to a new research report by Global Market Insights, Inc.
Strict regulatory norms to reduce sulfur content with measures to reduce the carbon footprint will drive the global hydrogen generation market size. U.S. federal and state governments have adopted various programs including the Tier 3 program to reduce the sulfur content in gasoline, motor oil, and diesel, which aims to lower the gasoline sulfur content up to 10 ppm in 2017.
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Growing demand for petroleum products from developing countries is anticipated to drive the hydrogen generation market size in the coming years. Hydrogen is used in various refining processes including hydrocracking and hydrodesulfurization to crack bigger molecules into lighter ones and converted into more usable products.
Strong investment for the expansion and upgrade of refineries to fulfill emission and sulfur content regulation will stimulate the hydrogen generation market size growth. Increasing heavy crude oil consumption demand will complement the industry landscape. Positive outlook towards the chemical industry including ammonia and methanol will positively influence growth.
Hydrogen generation market demand from the steam reformer process is predicted to witness growth at over 5% CAGR during the forecast period owing to low prices and easy availability of natural gas. In the steam methane reforming process, methane reacts with steam in the presence of catalyst under 3 bar to 25 bar pressure to produce H2, CO2 and CO.
Key insights from the report include:
U.S. hydrogen generation market share contributed over 70% of the regional revenue in 2015. Shifting trends towards renewable resources from conventional resources to reduce carbon emission will positively influence the business growth. Increasing ammonia production owing to presence of abundant natural gas reserves will further drive the industry.
Captive hydrogen generation market share is expected to witness significant growth on account of increasing demand from refinery and petrochemical industry to process residue.
Chemical applications are expected to exceed USD 95 billion by 2024. Increasing ammonia demand from the fertilizer industry will stimulate the industry growth. Rising crop prices and favorable weather conditions are expected to augment fertilizer demand.
China hydrogen generation market share accounted for over 35% of the Asia Pacific industry in 2015 and is predicted to witness substantial growth during the forecast period, largely due to escalating urea demand.
Venezuela was valued at over USD 1 billion in 2015. Expansion and re-innovation of refinery existing facilities may stimulate future business growth.
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Companies operating in the hydrogen generation industry include Nuvera Fuel Cells, Messer Group, Taiyo Nippon Sanso Corporation, Showa Denko, Caloric Anlagenbau, Xebec Adsorption, Iwatani Corporation, Praxair Technology, Hydrogenics, Linde, Air Liquide, and Air Products and Chemicals.