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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
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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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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.
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
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.
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.
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:
Hydrogen Generation Industry News
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:
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Market, By Delivery Mode
Market, By Application
Market, By Process
The above information has been provided for the following regions and countries: