Colombia Hydrogen Generation Market Growth & Trends
The Colombia hydrogen generation market size is expected to reach USD 766.97 million by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 10.6% from 2022 to 2030. The growth can be attributed to the rising demand for cleaner fuel and increasing governmental regulations for the desulphurization of petroleum products. Hydrogen is an effective energy carrier, which is expected to contribute significantly to its further penetration into newer markets. Colombia’s electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand over the forecast period. Focus on projects related to distributed power & utility is anticipated to bolster the demand for hydrogen generation in the country.
The steam methane reforming segment was dominant in 2021 with a revenue share of 95.21% and is expected to continue leading over 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 Colombia is a crucial driving factor for steam methane reformers technology, as steam methane reforming is the most economical method for hydrogen generation.
Based on application, the ammonia production segment led the market in 2021 with a share of more than 50.0%. The ammonia segment will keep its lead during the forecast period. The future growth of the hydrogen generation industry is anticipated to have steady growth as application cases for hydrogen increase. For instance, the development of a renewable ammonia project near the city of Barranquilla, on Colombia's Caribbean coast, has been agreed to by local power company Alumbrado Público Barranquilla (APBAQ) and Colombian fertilizer manufacturer Monómeros. A 350 MW offshore wind farm supported by Copenhagen Infrastructure Partners will power the manufacturing of ammonia and is anticipated to start producing power in 2026. The Colombian government unveiled an ambitious offshore wind energy program in March. The Caribbean coast holds the majority of the 50 GW potential.
Based on systems, the captive generation segment led the market in 2021. Captive generation of hydrogen is defined as on-site generation that abolishes several problems linked to the conveyance and distribution of hydrogen, and therefore the market is expected to grow substantially. Captive hydrogen production is the most commonly used supply route in Colombia and neighboring countries and the region is engaged with small volumes of merchant hydrogen production. The captive 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 trends toward cleaner energy and favorable government regulations are contributing to the development of the market for hydrogen generation in Colombia.
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Colombia Hydrogen Generation Market Report Highlights
- In terms of revenue, the steam methane reforming segment accounted for a prominent share in 2021 and is further expected to witness steady growth over the forecast period
- The ammonia production segment accounted for a leading share of more than 50.0% in terms of revenue in 2021
- Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, The Colombian government has released a Hydrogen Roadmap that lays out the next 30 years (until 2050) for the research, generation, and use of hydrogen as a cleaner energy source and supports Colombia's move toward clean energy
- The Inter-American Development Bank (IDB) provided funding for the development of the regulatory sandbox of this plan, which was created with the assistance of the consulting firm i-deals. The roadmap aims to give Colombia the resources it needs to benefit from the wind and solar energy projects it has been creating, due to a strong regulatory environment that includes significant tax advantages
Access Press Release@ https://www.grandviewresearch.com/press-release/colombia-hydrogen-generation-market-analysis
Colombia Hydrogen Generation Market Segmentation
Grand View Research has segmented the Colombia hydrogen generation market based on technology, application, and system:
Colombia Hydrogen Generation Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2019 - 2030)
- Steam Methane Reforming
- Coal Gasification
- Others
Colombia Hydrogen Generation Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2019 - 2030)
- Methanol production
- Ammonia Production
- Petroleum Refining
- Transportation
- Power Generation
- Others
Hydrogen Generation Systems Outlook (Volume, Kilo Tons; Revenue, USD Million, 2019 - 2030)
- Captive
- Merchant
List of Key Players in the Colombia Hydrogen Generation Market
- Linde plc
- Air Products and Chemicals, Inc
- Air Liquide
- Messer SE & Co. KGaA
- SOL SpA
- Claind srl
- HYGEAR
- Siemens Energy
- Engie
- Cummins Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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