The global hydrogen (H2) generation market is projected to grow at a CAGR of 5.2% during the forecast period to reach $152.09bn by 2021, according to the recent report released by Research and Markets, “Hydrogen Generation Market by Generation & Delivery Mode, Technology, Application & Region – Global Forecast to 2021.”
This growth is attributed to high demand for H2 as a cleaner fuel, government regulations for desulfurization of petroleum products, and decreasing crude oil quality. H2 has potential applications in chemical processing, petroleum recovery and refining, metal production and fabrication, aerospace, and fuel cells.
The demand for H2 is the largest in petroleum refinery and ammonia production. During petroleum refining, H2 is used for desulfurization, and thus, the requirement for H2 in refineries depends on the sulfur level present in petroleum products. Governments are regulating sulfur content in final petroleum products, hence; the demand for H2 generation is increasing.
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