Billion-Dollar Hydrogen Generation Market Analysis through 2023-2027 | Discover Top Trends and Drivers and Major Market Leaders
Trends, Drivers, and Forecasts for Core Companies 2023-2027
The Hydrogen Generation Market is expected to grow into a billion-dollar industry owing to factors like the decline in fuel cell costs, advancements in carbon capture technologies, and government incentives for fuel cell vehicles (FCVs). It is estimated the Hydrogen Generation Market will witness a revenue increase of USD 47.84 Bn and is estimated to grow at a CAGR of 5.58% between 2023 and 2027.
When it comes to the leading companies, names like Air Products and Chemicals Inc., Cummins Inc., Claind Srl, Iwatani Corp., LAIR LIQUIDE SA, Linde Plc, Parker Hannifin Corp., SHOWA DENKO K.K., Teledyne Technologies Inc., and Xebec Adsorption Inc. are some of the major market participants and contributing significantly to the market development worldwide.
Snapshot of the Hydrogen Generation Market
Hydrogen Generation Market Segments and Key Trends
When it comes to market segmentation it can be classified by Application as the chemical industry, refinery industry, metal processing industry, and others. followed by regions consisting of APAC, Europe, North America, Middle East and Africa, and South America.
Speaking of Trends, it has been observed that the decrease in fuel cell prices, attributed to increased R&D investments is trending in the market landscape of the Hydrogen Generation.
Moreover, declining production costs of fuel cell systems are enabling their widespread adoption in different sectors. As fuel cell applications increase, there will be a surge in demand for hydrogen gas, fostering market growth.
Hydrogen Generation Market: Leading Factors to Drive Market Growth
Technavio Senior Analyst Quoted ~ "the rising demand for fertilizers is notably driving market growth"
Demand for food is expected to double with the rise in population, therefore to meet this growing demand, intensive farming, protective cropping methods, and the best fertilizer management practices will be required to increase agricultural production.
For example, in fertilizer management, nitrogen fertilizers will be used. Ammonia is one of the major components used in nitrogen fertilizers, with ammonium nitrate being the preferred form.
The growing demand for fertilizers is one of the primary factors driving the growth of the hydrogen generation market. The report provides a detailed study of all the factors that are likely to boost the market. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals.
Technavio has been monitoring the growth trajectory of the market which is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights through analytical examination of the market that will enable businesses to plan and set the path for future growth prospects. Purchase our best-selling report on the Hydrogen Generation Market to leverage growth opportunities with a view to short-term and long-term business goals.
Hydrogen Generation Market Highlights of the Report for 2023-2027
