Hydrogen Generation Market Analysis
The Hydrogen Generation Market size is anticipated to reach USD 210.85 billion by 2027, at a CAGR of 9.45% during the forecast period 2021-2027
Huge investments are being made for energy systems transformation in cities across the globe for the Paris Agreement targets. China, the world's largest emitter of carbon dioxide, aims to meet a target of 20% of its primary energy in renewable sources. Government regulation for desulphurization will also improve the growth of the hydrogen generation industry. Moreover, the increasing demand for clean fuel is expected to see an exponential rise every year, with rising pollution levels. Hydrogen could be the perfect energy carrier for the transport sector to minimize carbon emissions. Increasing the production of electric vehicles will boost demand for hydrogen generation as countries invest in developing hydrogen fuel cell infrastructure such as fuel stations. The global hydrogen generation market is predicted to expand at a high rate during the forecast period, primarily due to favorable government regulations and research and development activities of hydrogen. For example, the Institution of Mechanical Engineers (IMECHE) has approached the government to set up aid for the use of hydrogen to decarbonize the energy system overpower, heat, and the transport sector. In addition, the UK has a strong track record for new energy developments, heading ahead to becoming the global leader in power-to-gas and hydrogen technology. These initiatives and developments will further boost demand for the hydrogen generation market.
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