Global Hydrogen Generation Market Report and Forecast 2024-2032

Global Hydrogen Generation Market Outlook

The global hydrogen generation market reached a value of USD 165.77 billion in 2023. The market is further expected to grow at a CAGR of 9.3% in the forecast period of 2024-2032 to reach a value of USD 367.28 billion by 2032.

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The Asia Pacific to Provide Enhanced Growth Opportunities to the Hydrogen Generation Industry

Region-wise, the Asia Pacific is expected to witness a robust growth over the forecast period. The increasing demand for energy and the rising environmental concerns in emerging countries like India and China are expected to stimulate the market growth. In addition, the increasing efforts by governments to encourage the adoption of renewable fuels over fossil fuels are also aiding the market. For instance, China is making a USD 290 million investment in a hydrogen city to promote research and development of fuel cells and boost the construction of hydrogen stations, further achieving mass production of fuel cell vehicles by 2020. Furthermore, Japan has ambitious plans to have 100 fuel cell buses, including privately-operated vehicles, and 6000 fuel cell cars operating on city streets by 2020. Such developments are expected to drive the market forward in the region.

Hydrogen Generation: Market Segmentation

Hydrogen is the most abundant element in terms of industrial gases and is found in gaseous state in the atmosphere. It is obtained when steam is heated with natural gas. It can also be produced by carrying out the electrolysis of water as well as by other methods like biomass gasification. Hydrogen is a renewable energy source and can be efficiently used to generate electricity.

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The market is divided based on source into:

• Blue Hydrogen
• Green Hydrogen
• Grey Hydrogen

By technology, the market is divided into:

• Steam Methane Reforming
• Coal Gasification
• Partial Oxidation of Oil
• Electrolysis of Water
• Others

Based on system type, the industry can be segmented into:

• Merchant
• Captive

On the basis of application, the industry can be categorised into:

• Methanol Production
• Petroleum Refinery
• Ammonia Production
• Power Generation
• Transportation
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Focus on Decarbonisation and Favourable Government Regulations to Bolster the Growth of the Hydrogen Generation Industry

Decarbonisation means a decrease in the carbon footprint of primary energy over time. The decarbonisation of the earth's energy system is one of the biggest challenges we face today, and, thus, the demand for green energy technologies and cleaner sources of energy, such as hydrogen, has increased. This is aiding the growth of the hydrogen generation industry. Further, the favourable government initiatives to reduce the carbon footprint are significantly contributing to the market growth. Being a clean energy fuel, hydrogen is expected to reduce oil dependence over a period of time, thereby reducing greenhouse gas emissions and other pollutants. Hydrogen can be produced in large quantities from almost all energy resources such as biomass, wind power, solar power, nuclear power, and clean fossil fuels. The hydrogen produced can hence be used for energy generation and will balance the supply and demand of the future energy system.

Over the forecast period, the increasing funding for hydrogen-related research and development activities as well as the growing attention of leading automotive manufacturers towards the benefits of hydrogen as a fuel are expected to aid the market.

Key Industry Players in the Global Hydrogen Generation Market

The report gives a detailed analysis of the following key players in the global hydrogen generation market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Ally Hi-Tech Co., Ltd.
• Caloric Anlagenbau GmbH
• Linde AG
• FuelCell Energy, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report