Asia-Pacific Hydrogen Generation Market Outlook, 2027

Posted June 27, 2022 by priyapraksh98

Although hydrogen is the most abundant element on earth, it generally does not exist in a free state and needs to be extracted from its compounds, such as water and natural gas. One
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Although hydrogen is the most abundant element on earth, it generally does not exist in a free state and needs to be extracted from its compounds, such as water and natural gas. One of the reasons for hydrogen's being a valuable energy carrier is its diverse production methods. In the Asia-Pacific region, there is a broad range of commitment across the government and private sectors to support the potential of hydrogen in various sectors. The Asia-Pacific region heavily relies on fossil fuels and the overall energy demand is projected to continue to grow during the forecast period. In line with the Paris Agreement, there has been a regional push to reduce greenhouse gases and to lower local environmental pollution. Strong government and commercial support, coupled with technological enhancements across the Asia-Pacific region, point towards the promising prospects for the development of clean hydrogen across the region. On the supply side, the Asia-Pacific region holds the potential for hydrogen exports due to plentiful access to renewable resources in high demand centers. For instance, Australia is considered a potential exporter of hydrogen owing to its geographical proximity, existing infrastructure, and abundance of renewable resources. In 2019, the governments of the region established "The Asia-Pacific Hydrogen Association," which is leading the hydrogen industry across various developing economies in this region.
According to the research report, "Asia-Pacific Hydrogen Generation Market Outlook, 2027," published by Our Company, the hydrogen generation market is anticipated to grow at a 7.06% CAGR in terms of value during the forecast period. The region remains a high-potential market as it is the fastest expanding region for energy demand and renewable growth over the coming time period. This potential also provides a possible secondary use for excess power generation from hydrogen as a form of energy storage. The Asia-Pacific hydrogen generation market is segregated into five prominent countries, including China, Japan, India, South Korea, and Australia. Among these countries, China is projected to occupy more than half the market share during the forecast period.
According to the New Energy Vehicle Industry Development Plan released by the China State Council, China has stepped up its investments in clean hydrogen and has announced initiatives for hydrogen usage. China is the largest producer of hydrogen compared to other countries. Also, China is aiming to focus on expanding the use of hydrogen in heavy transportation and developing infrastructure for the same. From the research, it has been found that during 2016–2019, the number of hydrogen refuelling stations doubled every year. By the end of 2020, more than 80 hydrogen refuelling stations will have been put into operation across the country. On the other hand, Japan has the greatest number of hydrogen refueling stations of any country across the globe. Japan accounts for more than 150 hydrogen stations in the Asia-Pacific market. Due to increasing regulations for carbon emissions across the region, demand for clean hydrogen fuel is increasing across the region.
According to the report, the Asia-Pacific hydrogen generation market is segmented into three technology types, including steam methane reforming technology, coal gasification, electrolysis, and oil/refining or auto-thermal reformation. Among these types, steam methane reforming technology is projected to lead the market with more than 60% of the market share during the forecast period. SMR is a mature technology that has been used for hydrogen production for decades. Currently, the Asia-Pacific region holds the majority share of the world-wide steam methane reforming market. As it is the most economical method for hydrogen generation, it holds the highest market share in the Asia-Pacific hydrogen generation market. Further, based on the application, the Asia-Pacific hydrogen generation market is segmented into various types, including methanol production, ammonia production, petroleum refinery, transportation, power generation, steel and iron production, commercial use, semiconductors, LEDs, displays, photovoltaic segments, and other electronics. Methanol and ammonia production applications are anticipated to occupy more than 45% of the market share in the Asia-Pacific market. On the other hand, the transportation sector is the fastest growing segment in the Asia-Pacific market.
COVID-19 Impact:
The spread of COVID-19 is an unprecedented health crisis across the globe that has impacted nearly every business. Also, the long-term consequences are expected to influence industry growth throughout the projection period. The Asia-Pacific region has also been heavily impacted due to the COVID-19 pandemic. The outbreak has resulted in changes in consumer behavior and demand, purchasing patterns, supply chain rerouting, current market dynamics, and government engagement. Also, economic insecurity caused by the pandemic has triggered the public as well as private investors to reconsider their investment decisions in terms of taking up new construction-based projects. However, various governments across the region are focusing on implanting new regulations and incentives to increase the adoption of eco-friendly technology.
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Last Updated June 27, 2022