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Hydrogen Generation Market Analysis

  • Report ID: GMI1107
  • Published Date: May 2023
  • Report Format: PDF

Hydrogen Generation Market Analysis

Hydrogen Generation Market Size By Delivery Mode 2021-2032 (USD Billion)

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The hydrogen generation industry size from the captive segment generated over USD 126 billion in 2022 and is foreseen to expand significantly till 2032 attributed to the large-scale adoption of captive fleet cars, and the substantial hydrogen usage in the metal sector. In January 2023, Hy24, a joint venture between Ardian and FiveT Hydrogen, launched 'The Clean H2 Infra Fund', a €2 billion infrastructure investment fund in several upstream projects, including renewable and low-carbon hydrogen production and downstream projects, such as captive fleets and refueling stations. Moreover, various technical breakthroughs are likely to drive process adoption in a wide range of applications.

Asia Pacific Hydrogen Generation Market Share By Process 2022

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Hydrogen generation market from the steam methane reforming process type will exceed USD 240 billion by 2032. The abundant supply of conventional fuels, which leads to lower operational costs, coupled with the improvements in economic and operational advantages, is likely to raise demand for SMR. The key advantage of steam reforming is that it generates the highest yield of hydrogen, which has boosted its use in most hydrogen production facilities, including central oil plants and gas refineries. Moreover, a growing emphasis on funding programs with the objective of tapping regional product demand will provide business growth opportunities.

Hydrogen Generation Market Share By Application 2022

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The industry revenues from the chemical sector amassed more than USD 84 billion in 2022 and is set to observe a rapid rate through 2032. The increasing need for energy goods, including industrial feedstocks, as well as the increased demand for ammonia and methanol production will boost segment growth.  However, cost-effectiveness and large-scale utilization in multiple verticals will drive the market development.

The North America captured more than 11.5% of the industry share in 2022. With around 10 million metric tons of hydrogen generated annually in the United States, the need for hydrogen for petroleum refining and ammonia manufacturing is increasing. In addition, favorable government actions to encourage the use of renewable fuels to minimize GHG emissions, in conjunction with energy restrictions, will strengthen the market statistics during 2023-2032.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of hydrogen generation was exceeded USD 158.3 billion in 2023 and is expected to grow at 6.6% CAGR during 2024 to 2032, owing to the growing preference for energy-efficient fuels globally.

The chemical sector generated USD 84 billion in 2022 and is projected to grow at a robust pace through 2032 driven by the increasing preference for energy goods.

North America held 11.5% global hydrogen generation business share in 2022 and is estimated to record exponential growth led by the increasing number of favorable government initiatives promoting the use of renewable fuels.

Air Products and Chemicals, Inc., Cummins Inc., Iwatani Corporation, Messer, RESONAC HOLDINGS CORPORATION, Ally Hi-Tech Co., Ltd., CALORIC, NUVERA FUEL CELLS, LLC, Plug Power Inc, and Nel ASA, among others, are among the top firms engaged in the hydrogen generation sector.

Hydrogen Generation Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 395
  • Countries covered: 19
  • Pages: 250
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