Category: Uncategorised

Cell Expansion Market Growth & Trends

The global cell expansion market size is expected to reach USD 47.13 billion by 2030 registering a CAGR of 12.85%, according to a new report by Grand View Research, Inc. Cell expansion techniques are increasingly employed for the development of cellular and gene therapies from a single cord blood collection. These techniques can also be used for the expansion of stored Stem Cells (SCs) for the development of cancer therapies. Therefore, significant developments in cord blood SCs expansion technologies are expected to boost market growth.

Companies have made heavy investments for the expansion of tissue-engineered products and the development of biologics. For instance, in March 2019, Merck KGaA invested USD 168 million for the expansion of its biologics manufacturing facility in Switzerland. Such initiatives are expected to boost the demand for solutions required for biologic development, thereby leading to market growth.

Access the Cell Expansion Market Size, Share & Trends Analysis Report By Product (Instruments, Culture Flasks & Accessories, Consumables), By Cell Type (Mammalian, Microbial), By Application, By End-use, By Region, And Segment Forecasts, 2023 – 2030

Bioreactors are fundamental tools in this market. Extensive research studies related to the applications of bioreactor engineering approaches have led to the incorporation of novel culture technologies. Moreover, the combined use of automated bioreactors with the microcarrier technology leads to an efficient expansion and enrichment of the cancer SCs. As a result, these approaches have gained immense traction in this market.

Cell Expansion Market Report Highlights

• Broad portfolio of automated expansion systems along with improvements in bioreactor design for large-scale bioproduction results in the lucrative growth opportunity for instruments

• The microbial cells segment is expected to witness the fastest growth rate owing to the implementation of high-throughput cultivation approaches and techniques that avoid the formation of biofilms

• Biopharmaceuticals segment held the largest revenue share in 2022 due to growth in the demand for biosimilars, continuous R&D investments in biomanufacturing, and rise in the number of approvals for biologics

• Asia Pacific is expected to witness the fastest CAGR from 2023 to 2030 due to presence of several consortiums that focus on the evolving fields in the biomedical industry

Order your free sample copy of “Cell Expansion Market Report 2023 – 2030, published by Grand View Research

Key Companies & Market Share Insights

• Key market participants are undertaking several initiatives to expand their market presence and maintain a competitive edge. Moreover, they are involved in collaborations & partnership models, product development, agreements, and business expansion strategies in untapped regions.

• For instance, in April 2022, STEMCELL Technologies Canada and Applied Cells Inc. joined forces to develop a modern way to separate cells, through the combination of the MARS platform of Applied Cells with STEMCELL’s EasySep kits to make isolating cells from different samples easier and more automatic. These samples can be from whole blood, bone marrow, apheresis products, and tissue. The collaboration aims to improve the process of isolation of cells for research and medical purposes, making it more efficient and effective.

• In another development, in May 2023, a research agreement was signed by panCELLa and BioCentriq to study stem cell-derived Natural Killer cell expansion technology. The agreement aims to evaluate panCELLa’s feeder cells, which are genetically engineered, to positively impact the expansion rate, total yield, and potency of manufactured NK cells.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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Lab Automation Market Growth & Trends

The global lab automation market size is expected to reach USD 11.60 billion by 2030, registering a CAGR of 6.64% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as increasing demand for higher efficiency & productivity coupled with the rising need for cost reduction are driving the growth. Moreover, technological advancements and the growing complexity of laboratory workflows are further contributing to the market expansion. For instance, advanced and modern labs deal with numerous complex processes and high throughput workflows, thus, to simplify such complex processes advanced lab systems are in high demand from laboratories.

The rising application of lab automation for speeding up laboratory processes is one of the major factors contributing to market expansion. For instance, Clinical chemistry applications have been replaced by lab automation for tasks such as solid-phase extraction, powder dosing, dilution to weight, sample extraction, and sample preparation for analysis. Similarly, for synthetic biology workflow processes, tasks such as DNA fragment construction, the culture of the host organism, colony selection, final data collection, and analysis have been replaced by automated processes. Therefore, an increase in the number of applications is expected to fuel their adoption in the coming years.

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Moreover, the rising integration of lab automation with advanced digitalization and connectivity trends is likely to offer significant growth opportunities for the market in the coming years. Integration of advanced laboratory equipment with cloud-based platforms, and LIMS platforms allow real-time data monitoring, and convenient data exchange for better flexibility and efficiency. Also, recent digital product introductions are anticipated to offer more traction for the market over the forecast period. For instance, in December 2022 LabVantage Solutions, Inc. launched its new LIMS platform to help labs process faster and lower the overall cost of the process.

Furthermore, various organic and inorganic developments done by market players in term of new launches, collaborations, acquisitions, and new facility expansions are likely to have a positive impact on market growth. For instance, in January 2023 QIAGEN launched its new EZ2 connect MDX platform for automatic sample processing in diagnostic laboratories. Similarly, in April 2023 Molgen acquired Synchron lab automation, a leader in lab automated systems. This acquisition helped Molgen to efficiently build advanced automated solutions for its customers.

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Lab Automation Market Report Highlights

• The continuous flow segment held the largest revenue share of 56.93% in 2022, owing to the higher demand for continuous flow systems in industries and the surging adoption of continuous flow in laboratories for offering high-quality services

• The modular automation systems segment dominated the market and accounted for the largest revenue share of 51.69% in 2022, attributed to the mix-and-match capabilities and flexibility capabilities offered by modular systems

• Clinical chemistry analyzers end-use segment held the largest revenue share in 2022. Factors such as technological advancements, rising preference for automated laboratory instruments, and higher demand for advanced systems in clinical chemistry labs for sample handling, storage, and labeling are contributing to the largest revenue share of the segment

• North America dominated the global market for lab automation with a revenue share of 35.76% in 2022, attributed to the presence of a well-established healthcare framework, and robust demand for advanced systems across laboratories

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Fire Protection System Market Growth & Trends

The global fire protection system market size is expected to reach USD 130.37 billion by 2030, expanding at a CAGR of 6.6% from 2023 to 2030, according to a new study by Grand View Research Inc.Modern fire alarm and detection systems are expected to see increased demand due to the ongoing development of new buildings around the world, including both residential and non-residential constructions. Modern technologies like artificial intelligence, the Internet of Things, and smart sensors being incorporated are also anticipated to drive the market. In addition, as mandatory fire safety regulations are implemented in sectors including oil & gas, manufacturing, and mining, the use of fire prevention systems is expanding. The adoption of fire protection systems is being fuelled by a variety of end-use sectors as well as escalating safety concerns and improved awareness of preventative actions.

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A fire prevention system is one of the most crucial systems that must be installed in every structure or organization. A fire protection system is employed to control, recognize, and safeguard occupants of a building or establishment from fire hazards. These tools aid in extinguishing fires or smoke, alerting occupants of buildings, and reducing property damage and casualties. Fire protection systems contain a variety of apparatus, such as fire detectors, fire response systems, fire analysis software, fire suppression systems, and fire sprinkler systems.

Governments in the area hold manufacturers of fire safety equipment operating in the area to a number of standards and regulations. This has inspired several value chain participants to create reliable fire safety systems and intelligent components with wireless communication capabilities. Consumer demand has steadily increased over the past few years in developed nations like Europe and North America, and this growth tendency is likewise anticipated to continue in the next years. However, the markets in developing areas and countries remain largely untapped due to lax laws and the high cost of sophisticated fire protection equipment. Nevertheless, it is anticipated that the need for fire safety equipment would increase as the economy in nations like Brazil and India continues to improve.

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Fire Protection System Market Report Highlights

• The commercial application segment is predicted to dominate and generate a fire protection systems market revenue of 39,486.7 by the end of 2023

• Asia Pacific fire protection systems market is estimated to grow at a CAGR of 9.2%

• The aggressive campaigns being carried out by various public safety associations and prominent manufacturers of fire safety equipment and subsequently, the growing awareness among the end-users to ensure fire safety is expected to drive the growth of the market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Car Wash Service Market Growth & Trends

The global car wash service market size is expected to reach USD 49.06 billion by 2030, registering a CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Consumer preference for professional vehicle wash services over home washing is growing as the on-demand car wash trend continues. A key trend among customers with hectic lifestyles and busy schedules is the shift from ‘do-it-yourself’ to ‘do-it-for-me.

The concept of “all-new, all the time” appears to have driven the wash center’s popularity as automated car washing has become the norm for vehicle owners during the last few decades. In the automobile care industry, new technologies and equipment improved the wash process, gained market share, and raised client expectations.

Access the Car Wash Service Market Size, Share & Trends Analysis Report By Type (Tunnels, Roll-over/ In-bay, Self-Service), By Mode Of Payment (Cash, Cashless), By Region (North America, Europe), And Segment Forecasts, 2024 – 2030

In addition, the United States Census Bureau in 2020 estimated that more than 70% of automobile owners in America started using car wash facilities instead of washing their cars at home in the last decade (2011 -2020). Every day, nearly 8 million vehicles are washed in car washes, according to estimates.

Technological advancements are transforming the face of on-demand vehicle wash services. The main purpose of improving car wash technology is to reduce friction and manual vehicle preparation time, resulting in cleaner, drier vehicles in less time. Touchless car washing and hybrid car washing are two technologies that are moving the business forward.

The emergence of COVID-19 had a huge impact on the industry. During the peak of the pandemic, most businesses were closed. New York State authorized car washes to resume in late April 2021, but only under severe conditions that limited the number of personnel allowed on site and prohibited in-person payment. Furthermore, the pandemic ushered in several significant improvements in the industry.

To make it easier for tech-savvy consumers, car washes have begun to use smartphone apps and online booking systems. Customers who schedule services online can avoid the line and go straight to the wash when they arrive. Car washes are beginning to take smartphone payments as well. For some clients, not processing virtual wallet payments can be a deal-breaker in an increasingly cashless environment. Car washes that accept more payment methods than credit card readers attract more clients and grow more quickly.

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Car Wash Service Market Report Highlights

• The market is expected to grow at a CAGR of 6.1% from 2024 to 2030. As the number of new and old cars on the road increases, so does the number of cars that need to be washed. Car washes are also good for the environment because they use two-thirds less water than home car washes

• The roll-over/ in-bay segment accounted for the largest revenue share of 51.24% in 2023. Less operating costs, less installation area, and low water use are just a few of the primary drivers driving operator demand for in-bay car washes

• The cashless segment is estimated to ascend at a CAGR of 6.4% over the forecast period. The expansion of this market is being fueled by technology advancements in the banking industry, as well as a large number of car wash providers that accept cashless payments

• North America had the largest market share of 50% in 2023. The changing business dynamics in the region, as well as a huge number of strategic alliances between industry competitors, are driving this market’s expansion. For example, the International Car Wash Group (ICWG) purchased Village Express Car Wash in October 2020. Through this acquisition, ICWG positioned itself for additional growth in the region.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

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Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

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U.S. Active Adult (55+) Community Market Growth & Trends

The U.S. active adult (55+) community market size is estimated to reach USD 805.0 billion by 2030, expanding at a CAGR of 4.02% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing interest of older adults below 65 years of age in a maintenance-free lifestyle, structured activities, socialization, and a sense of community are the major factors driving the market. In addition, retirement not being in the eligibility criteria, and the variety of optional care and support services available at these facilities are the factors boosting the market growth.

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An increasing population aged between 55 to 64 years is categorized as active adults seeking a social and friendly environment. According to the U.S. Census Bureau, baby boomers aged between 55 and 73 have brought both challenges and opportunities to the economy, infrastructure, and institutions. Active adult communities are quite similar to any other residential community, apart from their age restrictions, most of them are designed for a low maintenance lifestyle. These communities are mostly built near shopping malls, parks, restaurants, and other places for socializing, as the residents want to live a healthy lifestyle during their final years of retirement. The communities do not provide on-site dining facilities or healthcare services to the residents. The Homeowners Association (HOA) dues of these communities pay for assured communal amenities.

The COVID-19 pandemic resulted in senior living facilities becoming a hub for COVID-19 infections. This resulted in a fall in occupancy in adult community homes. The immediate impact was the drop in revenue of the adult community market, resulting in losses. According to the National Investment Center for Seniors Housing & Care’s MAP Data, the occupancy at retirement centers hit a 16-year low in 2020 due to the pandemic. The pandemic has also resulted in a staffing crisis for the active adult living communities due to restrictions on the workforce and the non-availability of a quality workforce for the amenities, resulting in a challenge in providing the best services for restaurants, clubs, housekeeping, and others. In addition, many elder staff members retired due to the pandemic.

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U.S. Active Adult (55+) Community Market Report Highlights

• People in the U.S. buying homes at active adult retirement communities look forward to various amenities like sports, restaurants, clubs, & recreational activities among others. Common areas are the most important amenity in demand by seniors because they all have different hobbies and want to spend each day engaged & content

• By gender, women held the maximum share in 2021 attributed to a greater life expectancy for women. The men segment is expected to witness a high CAGR during the forecast period attributed to the postponement of disability to older ages

• Strategic initiatives undertaken by various market players are expected to keep growth prospects upbeat in the following years. For instance, in December 2019, The Villages announced a partnership with the University of Florida, aimed at facilitating advanced healthcare & wellness services for the village community

• There are different types of active adult communities based on the population, including luxury communities, college town & university communities, retirement parks, golf and resort communities, religion-specific communities, active senior communities, single-only communities, and gated communities. The college town and university communities are more preferred among older people who want to continue working

• The increasing number of retirements since the COVID-19 pandemic, growing life expectancy, and rising focus of investors on senior living are factors driving the entry of new players

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Social Commerce Market Growth & Trends

The global social commerce market size is anticipated to reach USD 6,243.94 billion by 2030, and it is set to expand at 31.6% CAGR from 2023 to 2030, according to a new study by Grand View Research Inc. Growing ease of online purchases is considered the most significant factor driving social commerce demand. Combining entertainment with impulsive purchasing habits continues to drive social commerce. It provides brands, and retailers with a new medium, which holds enormous potential for value generation.

The growing use of the internet for advertising practices has revolutionized the business model of various companies. Moreover, it has also created alternate revenue streams. The easy availability of high-speed and affordable internet services for customers offers marketers a new channel to reach out to their target audience. This has led to the rise of influencer marketing practices. Brands have developed more individualized advertising campaigns, improving the client experience. Their commercial relationships continue to scale by utilizing these marketing techniques.

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A survey organized by the influencer marketing hub suggested that more than 40% of the participants have made at least one purchase as a result of social media company postings or influencer content. The fact that influencers can help organizations achieve key marketing goals including engagement, sales, high-quality content, and brand awareness, which in turn drives the significant demand for influencer marketing.With the upsurge in influencer marketing, Instagram shopping brands are seen leveraging these individuals to create awareness and validation for their products and services.

Furthermore, the growing popularity of the live-stream shopping trend is expected to drive market growth during the forecast period. Before the pandemic, the ‘shoppable video’ was well-known in China. Furthermore, COVID-19 brought with it a live commerce experience that has led to a resurgence in this method of shopping. The live shopping experience most closely resembles in-person shopping. Through this, buyers can watch people try products in real-time, allowing the brand to get feedback instantly. The pandemic accelerated the adoption of live stream shopping, giving ample opportunity for it to reach the untapped markets.

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Social Commerce Market Report Highlights

B2C segment dominated the market in 2022 and is expected to continue dominance with a shift in consumer mindset and rising digitization contribute

The personal & beauty care segment is expected to grow at a high pace during 2022 due to offerings such as cashback, discounts, same-day or next-day deliveries, EMI options by social commerce platforms

Asia Pacific is anticipated to grow at a healthy CAGR of 33.1% over the forecast period. This growth is attributable to the proliferation of the internet and smartphones in the region

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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Dashboard Camera Market Growth & Trends

The global dashboard camera market size is expected to reach USD 7.64 billion by 2030, registering a CAGR of 9.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to an increasing adoption of dashboard cameras in automobiles worldwide. This technology is being incorporated in several commercial as well as personal vehicle dashboards, as it empowers the driver to take control of the vehicle’s security and enables them to record incidents such as collisions, theft, and vandalism. In September 2023, Cobra Electronics introduced the RAD 700i-connected radar detector, which offers advanced features at an affordable price point.

Rising awareness about in-car safety, along with favorable government initiatives, is expected to drive the global market over the forecast period. Law enforcement agencies traditionally used dashboard cameras and car DVRs across the world. Nevertheless, as per the recent trends, they are increasingly installed in both passenger and commercial vehicles. The surge number of fraudulent insurance claims and medical compensation by means of fake car accidents has been a crucial factor in boosting the adoption of dashcams in vehicles, prompted by insurance companies. Insurance companies have now started accepting camera footage to resolve disputes regarding insurance claims. Also, insurance companies in some countries, such as the U.K. and Japan, are offering discounts on insurance premiums for installing a camera in a vehicle.

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Dashcams are switched on in the driving mode and parking autonomously and, therefore, can record the incidents automatically. However, recording any unauthorized movement in or near the parked vehicle tends to drain the vehicle’s external battery due to the continuous use of dashcams. This has prompted the development of energy-efficient dashcams that help in overcoming such challenges. Several energy-efficient dash cams offer enhanced features, such as timer and voltage cut-off functions, that enable automatic turning off the camera and voltage drop below the cut-off value. For instance, the Thinkware Dash Cam T700 is a great option for those looking for a reliable and advanced dash camera. It comes equipped with a built-in super night vision mode, which ensures high-quality footage even in low-light conditions. Additionally, the camera includes energy-saving parking recording features that help conserve power while still capturing important moments. The motion detection and impact detection features in its parking surveillance mode make it a great choice for those looking for added security and peace of mind.

Dashboard cameras, also known as dashcams, are gaining popularity in commercial fleets after being popularized in police vehicles. The businesses are promoting the installation of cameras and considering the many advantages they offer. By gathering important data in the event of hit-and-runs, accidents, traffic infractions, and insurance fraud, these cameras can aid in reducing rising insurance costs and aiding law enforcement agencies to resolve cases quickly by offering recordings as evidence.

The owners of commercial fleets can keep an eye on every driver and vehicle’s activities though dashcams. For instance, an AI dashcam developed by Verizon enables sending real-time alerts to vehicle fleet owners, which helps them to monitor the vehicle’s location. Also, owing to the installation of a dashcam in each vehicle, fleet owners can monitor driver behavior in real-time. This allows them to identify any risky driving habits and provide feedback to help improve their performance on the road. Additionally, dashcams can help protect drivers from false claims of misconduct or accidents, as they provide an objective record of what happened. Moreover, some cameras relate to other complementary technologies, such as telematics and recorders. These devices are gaining wide acceptance, as they are inexpensive, simple to operate, and easy to install.

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Dashboard Camera Market Report Highlights

The demand for 2-channel dash cams worldwide is expected to grow during the forecast period owing to their capability of recording from the front as well as the inside of the vehicle. Prominent players are now concentrating on enhancing the convenience and user-friendliness of car DVRs by incorporating additional features, such as the inclusion of night vision cameras, high-endurance battery life, and expandable storage capacity in their offerings

Advanced dashboard cameras come with Wi-Fi connectivity, GPS support, and parking motion detection. These features are expected to drive the demand for advanced dashboard cameras over the forecast period

The market has seen a significant increase in demand for high-quality video recording. Full HD and 4K video quality have become the new standard, as drivers and fleet owners seek to capture clear and detailed footage for safety, security, and legal purposes

As the demand for high-quality video recording increases, more drivers are investing in cameras that can capture Full HD and 4K video for safety, security, and legal purposes. This has led to the growth of the market in the personal application sector

The market is experiencing growth in the in-store distribution channel, as more retailers stock these devices due to increasing demand from consumers. This trend is expected to continue as dash cameras become more popular for their safety benefits and ability to capture evidence in the event of an accident

Asia Pacific market has experienced exponential growth fueled by the demand for advanced driver assistance functionalities, such as seamless wireless connectivity, lane departure warning systems, blind-spot detection, and collision avoidance systems.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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Hydrogen Generation Market Growth & Trends

The global hydrogen generation market size is expected to reach USD 317.39 billion by 2030, registering a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The global hydrogen generation market is likely to be driven by the growing demand for cleaner fuel, coupled with increasing governmental regulations for the desulphurization of petroleum products.

Hydrogen is an effective energy carrier, and this quality is expected to contribute, significantly, to its further penetration into newer markets. The global electricity demand is anticipated to witness an increase by nearly two-thirds of the current demand in the forecast period. Focus on the projects, related to distributed power & utility, expected to bolster the demand for hydrogen generation market growth during the forecast period.

Access the Hydrogen Generation Market Size, Share & Trends Analysis Report By System (Merchant, Captive), By Technology (Steam Methane Reforming, Coal Gasification), By Application, By Source, By Region, And Segment Forecasts, 2024 – 2030

The Methane Reforming segment led the market in 2021. This was the dominant segment in 2021 and is expected to keep its position during the forecast period. Steam Methane reforming is a method for producing hydrogen, along with other gases including carbon monoxide and carbon dioxide. The steam methane reforming process is a mature and advanced technology in hydrogen generation. The growing demand for hydrogen generation across the globe is a crucial driving factor for steam methane reformers technology, as steam methane reforming is the most economical method for hydrogen generation.

In Application, the ammonia production segment led the market in 2021. The ammonia segment will keep its lead during the forecast period. The future growth of the hydrogen generation market is expected to have steady growth in all the segments as application cases for hydrogen increase.

In source, the natural gas segment led the market in 2021. Hydrogen is created from natural gas reforming which produces hydrogen, carbon monoxide, and carbon dioxide. Hydrogen production from natural gas is the cheapest method of producing hydrogen. Hydrogen production from natural gas is expected to keep its lead during the forecast period.

Based on systems, the merchant generation segment led the market in 2021. Merchant generation of hydrogen means hydrogen is produced at a central production facility. It is transported and sold to the consumer by bulk tank, pipeline, or cylinder truck. In many countries such as the U.S., Canada, and Russia there is an extensive existing natural gas pipeline network that could be used to transport and distribute hydrogen. The merchant generation segment is expected to keep its lead during the forecast period.

Growing investments in smart “energy-saving” residential and commercial buildings are expected to provide an impetus toward the adoption of hydrogen for energy generation. Hydrogen is a financially viable option to investors as they also comply with federal and environmental regulations, catering to the ever-increasing demand for energy. Factors including shifting trend toward cleaner energy and favorable government regulations are contributing to the development of the hydrogen generation market.

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Hydrogen Generation Market Report Highlights

Coal gasification hold a revenue share of 34.0% in 2023. The use of coal to generate hydrogen for the transportation sector is expected to aid America in reducing its dependency on imported petroleum products.

The ammonia production segment dominated the market and accounted for more than 21.0% of the revenue share in 2023

As of 2023, Asia Pacific accounted for about 35.14% revenue share in the overall market. The presence of a high number of refineries within major Asian nations such as China and India has resulted in hydrogen generation within the region. Further, governments in some of the Asia Pacific countries such as Japan and Australia are evaluating greener and cleaner technologies for hydrogen generation.

Various strategic initiatives were recorded during the past few years to boost the growth of the market. For instance, in 2019 Linde Plc announced that it has started a new gas production facility that supplies methane, carbon dioxide, and, hydrogen to Evonik Industries. The new plant is likely to incorporate advanced technologies that would enhance the plant’s efficiency and reliability.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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