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Hydrogen Generation Market By Regional Revenue, Trend & Growth Forecast 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-03-25 

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.

Growing investment towards the expansion and upgradation of refinery to meet the sulfur emission regulations will stimulate the hydrogen generation market share. 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.

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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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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.

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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Related Report:

GCC Natural Gas Market Share 2018-2024


About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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