Hydrogen Generation Industry : A $257.9B Opportunity
According to a new market research report, The global hydrogen generation market is projected to reach USD 257.9 billion by 2028 at a CAGR of 10.2% during the forecast period.
The growing demand for cleaner fuels is one of the major factors driving the hydrogen generations market. Global hydrogen generation demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. Hydrogen has long been recognized as a possible low-carbon transportation fuel, but incorporating it into the mix of transportation fuels has been a challenge. It has an advantage over fossil fuels and is becoming expensive day by day. There has been enormous demand for hydrogen for use in fuel-cell electric vehicles and rockets in the aerospace industry. In the transportation sector, fuel cell costs and refueling stations determine how competitive hydrogen fuel cell automobiles are, but lowering the supplied price of hydrogen is a top concern for truck manufacturers.
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Key Market Players
ADM (US),
Chevron (US),
Valero (US),
Neste (Finland),
Cargill, Incorporated (US) among others...
Hydrogen, and hydrogen-derived fuels are low-emission options that are crucial for reducing carbon emissions in industries that have difficulties with direct electrification, such as heavy industry and long-distance transport. Currently, these fuels only account for about 1% of global final energy consumption in 2021. Hydrogen is a particularly clean transportation fuel, producing less CO2 compared with other fossil fuels. There has been an increase in hydrogen production driven by tight environmental regulations and strict engine manufacturer specifications.
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