Global Hydrogen Production and Storage Technologies Market to Reach US$1.4 Billion by 2018, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Hydrogen Production and Storage Technologies markets. The global market for Hydrogen Production and Storage Technologies is projected to reach US$1.4 billion by the year 2018. Factors expected to encourage adoption of Hydrogen Production and Storage Technologies in the coming years include increasing preference for renewable energy, growing oil prices, and increased focus on reducing carbon dioxide emissions. Further, technology innovations and robust demand from developed markets, including the US and Europe, also augur well for the market.
San Jose, California (PRWEB) July 05, 2012
Follow us on LinkedIn – The world is inching towards an end of the oil era in the first half of the twenty-first century. Globally, the price of oil is climbing at a rapid pace and is expected to reach its peak in the next few decades. Concurrently, rise in commercial application of fossil fuel due to industrialization has drastically increased carbon dioxide emissions, which is not only increasing the temperature of the earth but also threatening an unprecedented effect on global climate and the planet’s chemistry. These factors would play a major role in coercing governments across the globe in conditioning and constraining all political and economic decisions in near future. There arises a need to envision a sustainable future wherein several players can collaboratively produce renewable energy in or close to their automobiles, factories, offices, and homes.
Hydrogen holds tremendous potential for providing secure, affordable, safe, and clean energy from various domestically-available resources. However, due to its non-availability in pure form, hydrogen is considered to be an energy carrier rather than an energy source, thereby indicating that it can efficiently store as well as deliver energy in an easily usable manner. In existing energy supply system, natural gas, diesel fuel, gasoline, and electricity serve as energy carriers, which are produced by converting primary energy sources such as petroleum, coal, natural gas, and nuclear energy.
In future, hydrogen is expected to play a vital role as an energy carrier in sustainable energy supply system by providing an inexhaustible and clean alternate to petroleum for fulfilling the global fuel and energy requirements. Development of hydrogen fuel cell technologies as well as other Hydrogen Production and Storage Technologies would facilitate in efficiently storing renewable energy and creating a wide area network, allowing seamless distribution of energy in similar transparency and access as enjoyed by production and distribution of information over the Internet.
The energy sector across the globe is exhibiting continued interest in harnessing the advantages of hydrogen for improving air quality and achieving energy efficiency. Moreover, the current capacity of oil wells would prove inadequate to fulfill the growing energy requirements of the economy in the next few years. While these factors are expected to motivate researchers and energy companies in considering hydrogen as a potential green fuel, the market for hydrogen production and distribution is expected to gain only by an increase in its accessibility to a larger population. In order to increase the accessibility of hydrogen at a wider scale, hydrogen production and storage technologies would need to be made more commercially viable. Whether hydrogen would be able to completely replace gasoline for powering automobiles or would have an impact on the global production and distribution of energy is not certain. However, the market is optimistic of garnering the benefits offered by widespread commercialization of hydrogen in near future.
Gauging tremendous scope for growth, various startups as well as established companies such as Siemens-Westinghouse and General Electric are in process of developing hydrogen-based technologies. Major automobile manufacturing companies, such as General Motors and Honda, have already developed prototype vehicles which would be powered by hydrogen fuel cells.
Steam methane reforming (SMR) or steam natural gas reforming, partial petroleum oil oxidation, and steam gasification of coal represents the widely deployed hydrogen generation technologies, specifically for industrial applications. Low cost and easy availability of natural gas makes steam reforming of natural gas the dominant production technology, advocated by the fact that close to 24 million metric tons of hydrogen was generated using the SMR technology in 2010.