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Hydrogen Generation Market Size

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

Hydrogen Generation Market size

Hydrogen Generation Market size surpassed USD 158.3 billion in 2023 and is anticipated to witness 6.6% CAGR from 2024 to 2032, driven by the growing preference for energy-efficient fuels globally.

 

Hydrogen Generation Market

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Due to hydrogen's flexibility and capacity to decarbonize difficult-to-abate industries, offer energy security, and redistribute renewable energy across geographies, the industry will gain significant momentum. The rapid transition from traditional fuels to renewable energy sources, as well as wide applications in sectors, such as semiconductors, will fuel industry expansion. Increasing crude oil consumption, along with increased expenditures in expanding existing refining facilities in developing nations, will present potential growth opportunities for market participants through 2032.
 

The hydrogen generation market will observe slow rise owing to the availability of cost-effective alternatives. In addition, the hydrogen production process is inefficient and costly when compared to other kinds of energy. Furthermore, high production costs, safety issues, poor infrastructure development, and constant changes in government regulations, are limiting the use of hydrogen. However, as public awareness of the product's benefits increases, hydrogen will gain popularity in the future.
 

 

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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