Hydrogen Generation Market share to witness major growth due to growing demand for diesel fuel from both international and domestic application coupled with growing economics.
Sellbyville, DE -- (SBWIRE) -- 02/15/2019 -- Hydrogen Generation Market share is driven by growing investment towards the expansion and upgradation of refinery to meet the sulfur emission regulations. In 2017, Exxon Mobil announced to invest USD 20 billion to expansion of refining and chemical plants on the U.S. gulf coast by 2020. Increasing petroleum product consumption demand will further complement the business growth. In 2017, the gasoline demand increased from 210,000 bpd to 9,312,000 bpd.
Global Hydrogen Generation Market is expected to grow at over 5% CAGR to surpass USD 186 billion by 2024. Increasing residual processing demand along with stringent specification for cleaner fuel will stimulate the industry growth. Government has introduced several regulations including Tier 3 under the Gasoline Sulfur Fuel program to curb sulfur emission. The aim of the program is to ensure that gasoline sulfur content should not be more than 10 ppm. Ability to crack long chain hydrocarbon into shorter chains to form value added products during refinery process including hydrodesulphurization and hydrocracking will make its adoption favorable.
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Positive outlook towards metal and chemical industry including ammonia and methanol will propel the hydrogen generation market. Increasing demand for metal ore reduction product from metal industry will favor the industry landscape.
Low price and ease availability of natural gas will positively impact the Steam reformer hydrogen generation market. Ability to produce H2 more efficiently i.e. 75% over other alternate will further complement industry growth. Electrolysis hydrogen generation market is predicted to witness grow over 6% by 2024. Ability to split H2O into oxygen and H2 will fuel the industry growth. The process is suitable for small scale distributed hydrogen production.
Metal application for 2015 was valued over USD 5 billion. Growing demand for steel from automobile and construction sector will propel the business growth.
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U.S. hydrogen generation Market is predicted to witness growth over 4% by 2024. Rapid fossil fuel depletion along with increasing focus towards adoption of renewable resource to curb greenhouse gas emission will positively impact the industry growth. Escalating demand for ammonia from fertilizer industry will further complement the industry growth.
Renovation and expansion of refinery existing facility will favor the Venezuela hydrogen generation market share. In 2017, Venezuela and Jamaica signed an agreement of worth USD 1 billion for Petrojam Refinery Expansion Project. The expansion will increase refinery capacity from 30,000bpd to 50,000 bpd.
Growing demand for nitrogen rich fertilizers including urea, DAP, MAP will positively impact the China Hydrogen generation market over the forecast period.
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Germany accounted for over 15% of Europe hydrogen generation market share in 2015. Growing chemical demand from food and construction industry will augment industry. In 2015, the chemical consumption was reached from USD 158.25 billion in 2014 to USD 170.13 billion.
Key participants in hydrogen generation market are Taiyo Nippon Sanso, Xebec Adsorption, Hydrogenics, Air Products and Chemicals, Nuvera Fuel Cells, Caloric Anlagenbau, Praxair Technology, Air Liquide, Messer Group, Iwatani Corporation, Linde and Showa Denko.
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