Published on: May 2022
Global rise in the market share of Photovoltaic Hydrogen Production
The global hydrogen generation market is expected to grow at a CAGR of 9.2 percent from an estimated USD 130 billion in 2020 to USD 201 billion by 2025. Because of the growing utilisation of fuel cells in energy production, the market is growing.
Impact of COVID-19 on the Hydrogen Generation Market
The COVID-19 epidemic began in December 2019, and it has had an influence on the worldwide hydrogen generating market in all of the study's major regions. The United States, China, Italy, the United Kingdom, and a number of other significant economies around the world are all affected by the COVID-19 pandemic. The COVID-19 pandemic has significantly reduced power use, while residential building electricity consumption has grown. Governments all across the world, on the other hand, were forced to curb business activities in order to combat the coronavirus danger. The decline in corporate activities has had a negative impact for domestic energy management solutions in the short run.
Government laws on desulfurization and greenhouse gas emissions are a driving force.
Market Segmentation of Photovoltaic Hydrogen Production
Globally, greenhouse gas emissions are rising, owing mostly to the use of fossil fuels and industrialization. Greenhouse gas emissions, such as carbon dioxide (CO2), nitrous oxide (NOx), and methane, are to blame for the rising global temperature, which has risen by about 1° C during the last century. The United States, the European Union, Russia, and China are responsible for 65 percent of global emissions. The United States alone accounts for 25% of these. The following graph depicts the proportion of sectors in the United States that are responsible for greenhouse gas emissions. The amount of sulphur in gasoline has a direct and indirect effect on greenhouse gas emissions. Sulphur obstructs the efficient operation of some catalysts, resulting in increased methane emissions from oxidation catalysts and higher carbon dioxide emissions from more advanced technology. Sulphur also stifles the development of emission-control technology in a number of areas, including fuel-efficient gasoline engine designs, traditional diesel as a fuel-efficient alternative, and advanced or hybrid diesel.
Constraints: Hydrogen energy storage has a high capital cost
Hydrogen can be kept in three different ways: as compressed gas in high-pressure tanks, as a liquid at -253° C, or as a chemical by reacting or absorbing with chemicals or metal complexes. The electrolysis technique can be used to store electricity in the form of hydrogen. The hydrogen can then be used to generate energy, however the round-trip productivity is currently lower than that of alternative storage systems. Nonetheless, due to its better storage capacity than batteries, interest in hydrogen energy storage is fast growing. At the moment, hydrogen energy storage costs more than fossil fuels. Liquid hydrogen has a higher density than gaseous hydrogen and requires liquefaction, which necessitates a complicated mechanical system and adds to the overall cost. Physical hydrogen storage, in which hydrogen is stored in solids on surfaces, is replaced by hydrogen storage.
Possibilities include the advancement of renewable hydrogen generating methods
Hydrogen is currently produced using a variety of processes, including steam methane reforming, partial oil oxidation, coal gasification, and water electrolysis. The majority of hydrogen produced today is used in petroleum refineries and fertiliser production. Ninety-nine percent of it is derived from fossil fuel reformation, which is the most cost-effective way.
Obstacles: Electric vehicles lack a well-established infrastructure
Hydrogen-powered vehicles are becoming more popular in places like South Korea and Japan. Certain countries' governments provide incentives for these automobiles. They also give funding for the construction of the essential infrastructure. The state of California in the United States offers incentives for the usage of fuel cell automobiles. Although hydrogen-powered cars have the potential to be a sustainable technology in the current world, scientists think that hydrogen must be produced from a natural gas source, which necessitates the use of fossil fuels. Electric automobiles, on the other hand, run on battery power and are thus greener than hydrogen cars. The utilisation of hydrogen produced from renewable sources is being pursued.
Furthermore, the infrastructure required for replenishing the tanks is insufficient, posing a challenge to the market's processes.
Asia Pacific is expected to be the greatest market for hydrogen generation
The hydrogen generation market has been studied in this study for four regions: Europe, Asia Pacific, North America, South America, the Middle East, and Africa. Asia Pacific is a prominent market for green technology adoption in order to satisfy government targets for lowering GHG emissions. Because of the commercial deployment of Japanese fuel cell micro-CHP devices, Japan and South Korea have been significantly investing in fuel cell adoption since 2009. Japan was the first country to commercialise fuel cells, and it is currently funding studies including their usage in household and automobile applications. Its goal is to mass-produce green hydrogen. To meet global carbon emission limits, the country wants to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen recharging stations by 2025. Singapore, India, and Malaysia have all expressed interest in fuel cells and have recently launched or are planning to launch specific programmes to promote them in their respective markets. These countries are initially concentrating on fuel cells for backup power (stationary applications).
Key Players in the Market
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