Hydrogen Generation Market worth $199.1 billion by 2023 Hydrogen Generation Market - Global Forecast to 2

Hydrogen Generation Market worth $199.1 billion by 2023
The report "Hydrogen Generation Market by Generation, Application (Petroleum Refinery, Ammonia
Production, Methanol Production, Transportation, Power Generation), Technology (Steam
Reforming, Water Electrolysis, & Others), Storage, and Region - Global Forecast to 2023" The
Hydrogen Generation Market is expected to reach USD 199.1 billion by 2023, at a CAGR of 8.0% from
2018 to 2023. The hydrogen generation market is expected to grow from USD 135.5 billion in 2018 to
USD 199.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast
period. The major factors driving the hydrogen generation market include the growing demand to
decarbonize energy end-use, government regulation for desulphurization of refinery activities, and
increased demand for hydrogen in the transportation sector. Stringent restrictions on desulphurization of
refinery products are expected to drive the hydrogen generation market.
Browse 124 market data Tables and 48 Figures spread through 221 Pages and i n-depth TOC on
"Hydrogen Generation Market - Global Forecasts to 2023"
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The transportation segment is expected to grow at the highest CAGR in the global hydr ogen
generation market during the forecast period
The hydrogen generation market has been segmented based on application into petroleum refinery,
ammonia production, methanol production, transportation, power generation, and others. The
transportation segment is driven by the growing demand for fuel cell based electric vehicles and buses in
North America and Asia Pacific regions. Countries such as the US, China, and Japan are currently investing
in developing hydrogen fuel cell infrastructure such as fuel stations and hydrogen generation methods.
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Electrolysis technology is expected to grow at the highest CAGR in the global hydrogen generation
market during the forecast period
The hydrogen generation market, by technology, is segmented into steam reforming, partial oxidation,
gasification, and electrolysis techniques. Electrolysis technology segment is expected to grow at the
highest rate during the forecast period with the increasing demand for fuel cells in transportation and
power generation operations. Also, major players are currently using the electrolysis technology through
excess renewable power integration that further increases the efficiency of operations.