Asia Pacific Is Expected to Lead the Hydrogen Power Generation Technology Market with a 14% Compound Annual Growth Rate through 2030
Market barriers include more economical alternative technologies and fuels, hydrogen infrastructure challenges, and hydrogen storage
A new report from Guidehouse Insights analyzes the global market for hydrogen power generation technologies based on geographic region and provides an analysis of current market issues, opportunities, drivers, and key market players regarding electrolyzers through 2030.
The market for hydrogen power generation technologies is transitioning toward maturity and wider adoption, buoyed by improving economics, growing government support, and demand for clean and reliable power. According to a new report from Guidehouse Insights, Asia Pacific is expected to lead the hydrogen power generation technology market with a 14% compound annual growth rate (CAGR) through 2030.
“The emergence of commercially viable hydrogen vehicles and massive investments in electrolyzers for green hydrogen production have pushed hydrogen’s potential to new levels,” says Isabelle Branco-Lo, research analyst with Guidehouse Insights. “Although hydrogen’s role in the power sector accounts for less than 1% of electricity production, hydrogen power generation technologies are increasingly being entertained as viable power solutions as the hydrogen economy grows.”
Although hydrogen is being positioned as a fundamentally clean and reliable fuel of the future, several barriers still exist to widespread adoption. Three of the most pressing issues facing hydrogen’s viability as a power generation source are the cost considerations of cheap alternatives for generation and backup power, a lack of transportation and distribution infrastructure, and the high cost of hydrogen storage.
The report, Hydrogen Power Generation Technologies, analyzes the global market for hydrogen power generation technologies based on geographic region. The study provides an analysis of current market issues, opportunities, drivers, and key market players regarding electrolyzers. Global market forecasts for capacity and revenue extend from 2021 through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Hydrogen Power Generation Technologies, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.