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Hydrogen Generation Market Size - By Delivery Mode, By Process, By Application, Global Industry & Forecast, 2024 – 2032

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Hydrogen Generation Market Size

The global hydrogen generation market size was valued USD 158.3 billion in 2023 and is anticipated to grow at a CAGR of 6.4% by 2032. Hydrogen generation refers to methods and technologies designed to produce hydrogen gas (H?). As an energy carrier, hydrogen has great potential for many uses, such as fuel, industrial feed stock, and energy storage. It includes a diverse set of technologies and procedures, each with different merits and impacts.
 

Hydrogen Generation Market

Development of new methods like thermochemical water splitting and biomass gasification for hydrogen production along with establishing hydrogen hubs to achieve economies of scale and reduce costs will stimulate the product demand. Set targets and subsidies specifically for green hydrogen projects and growing emphasis on producing hydrogen via electrolysis using renewable energy will augment the industry landscape.
 

The growing use of hydrogen FCVs which includes vehicles such as buses, trucks, and even ships and the expansion of hydrogen refueling stations will stimulate process adoption. Increasing emphasis on hydrogen use in steel, chemicals and refining industries to lower their carbon footprints, supported by financial incentives, grants, and subsidies is set to stimulate the product demand. major countries including Japan, South Korea, and the EU will be able to focus on developing infrastructure and technologies for hydrogen which will, in turn, aid with a more optimistic business scenario.
 

Hydrogen Generation Market Trends

The market for hydrogen generation is evolving at an unprecedented rate due to constant influx of funding, technological innovations, and policies that support adoption. The changes in market dynamics are complemented with more technological private company investments and venture capital funding in hydrogen projects coupled with government funding for research, development, and deployment of hydrogen projects. International projects and partnerships to develop hydrogen supply chains, comprising the Japan-Australia Hydrogen Energy Supply Chain (HESC) will boost the industry landscape.
 

Hydrogen Generation Market Analysis

Hydrogen Generation Market Size, By Delivery Mode, 2022-2032 (USD Million)

Based on delivery mode, the hydrogen generation industry is segmented into Captive, and Merchant. Merchant is projected to grow by more than USD 49 billion by 2032 on account of growing demand across various sectors comprising transportation, industrial and power generation & storage. Large-scale merchant hydrogen production facilities benefit from economies of scale, reducing the cost per unit of hydrogen, leading to commercial adoption. Further, improvements in electrolyzer technologies enhance efficiency and reduce operational costs, will make merchant hydrogen production more economically viable. Moreover, increasing public awareness of climate change and the benefits of clean hydrogen fosters social acceptance and demand for green hydrogen solutions.
 

Global Hydrogen Generation Market Share, By Process, 2023 (USD Million)

Based on process, the Hydrogen Generation market is segmented into steam reformer, electrolysis and others. Electrolysis is projected to grow by more than CAGR 7% by 2032 on account of ability to support meet global and national decarbonization targets and balance the grid by using excess renewable energy. Advances in electrolysis technologies, such as Proton Exchange Membrane (PEM) and Solid Oxide Electrolyzers (SOE), have improved efficiency and reduced energy consumption. Innovations in materials and manufacturing processes are driving down the cost of electrolyzers, thereby leading to market growth.
 

Global Hydrogen Generation Company Market Share

Asia Pacific hydrogen generation market is anticipated to grow over USD 154 billion by 2032 driven by a combination of government policies, investments, and collaborations aimed at promoting clean energy and reducing carbon emissions. For instance, South Korea aims to become a global leader in hydrogen by 2040, with targets for FCVs, hydrogen refueling stations, and residential fuel cells. Various subsidies and incentives support the adoption of hydrogen technologies, including fuel cell vehicles (FCVs) and hydrogen refueling stations. Ongoing government investment in hydrogen production, infrastructure, and R&D activities coupled with partnerships to develop hydrogen fuel cell technologies and infrastructure will contribute to the business momentum.
 

Targets to establish a comprehensive hydrogen economy, ongoing hydrogen projects, collaborations amongst international players and significant funding for hydrogen projects will drive the U.S. market scenario. Introduction of hydrogen missions/targets by countries/states will contribute to sustainability.
 

Hydrogen Generation Market Share

Industry collaborations across the hydrogen generation industry are crucial for advancing technology, reducing costs, and accelerating the transition to a hydrogen-based economy. These collaborations are essential for addressing technical challenges, regulatory hurdles, and market barriers, ultimately paving the way for a sustainable and scalable hydrogen economy. In addition, collaboration among industry players, government bodies, and research institutions to develop hydrogen projects and policies will contribute to the business momentum.
 

Hydrogen Generation Market Companies

Eminent players operating in the hydrogen generation industry are:

  • Air Liquide
  • Air Products and Chemicals, Inc.
  • Ballard Power Systems
  • Ally Hi-Tech Co., Ltd.
  • Claind srl
  • CALORIC
  • HyGear
  • Iwatani Corporation
  • Mahler AGS GmbH
  • Messer
  • McPhy Energy S.A.
  • Nel ASA
  • NUVERA FUEL CELLS, LLC
  • Plug Power Inc.
  • RESONAC HOLDINGS CORPORATION
  • TAIYO NIPPON SANSO CORPORATION
  • Teledyne Technologies Incorporated
  • Xebec Adsorption Inc.
     

Hydrogen Generation Industry News

  • In October 2022, Air Products and Chemicals, Inc invested around USD 500 million to build, own and operate green liquid hydrogen production plant along with distribution & dispensing operations in New York. The plant is estimated to start commercially in 2026-27. In July 0222, this project was provided support by the New York Authority (NYPA) board permitting 94 MW of affordable St. Lawrence hydroelectric power for the plant. The investment allowed the company to showcase its portfolio across the industry.
     
  • In February 2021, Air Liquide and Itochu Corporation signed a Memorandum of Understanding (MoU) to jointly develop the hydrogen mobility market in Japan. Both the companies are focusing on establishing the retail hydrogen infrastructure for passenger and commercial vehicles. This collaboration will support the Japanese government to ban vehicles using fossil fuels after 2035 and expand the company’s market presence.
     

Hydrogen generation market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Billion)” from 2021 to 2032, for the following segments:

Market, By Delivery Mode

  • Captive
  • Merchant

Market, By Application

  • Petroleum refinery 
  • Chemical
  • Metal
  • Others

Market, By Process

  • Steam reforming
  • Electrolysis
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Netherland
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
  • Middle East & Africa
    • Saudi Arabia
    • Iran
    • UAE
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Chile

 

Authors: Ankit Gupta, Srishti Agarwal
Frequently Asked Question(FAQ) :
Why is the demand for electrolysis process-based hydrogen generation rising?
The electrolysis process segment in the hydrogen generation industry is estimated to record over 7% CAGR between 2024 and 2032, owing to their ability to support meet global and national decarbonization targets and balance the grid by using excess renewable energy.
What factors are driving the hydrogen generation market growth in Asia Pacific?
Why is the demand for merchant hydrogen generation rising?
How big is the hydrogen generation market?
Hydrogen Generation Market Scope
  • Hydrogen Generation Market Size
  • Hydrogen Generation Market Trends
  • Hydrogen Generation Market Analysis
  • Hydrogen Generation Market Share
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    Premium Report Details

    Base Year: 2023

    Companies covered: 18

    Tables & Figures: 53

    Countries covered: 21

    Pages: 290

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