Hydrogen Generation Market Grows: 9.34% CAGR

Evolve Business Intelligence has published a research report on the Global Hydrogen Generation Market, 2021–2034. The global Hydrogen Generation market is projected to exhibit a CAGR of around 4.41%during the forecast period of 2021 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Hydrogen Generation Market: Linde, ITM Power, FUEL CELL ENERGY, Showa Denko, Messer Group, Uniper, Green Hydrogen Systems, Enapter, Starfire Energy, Air Liquide.

Market Highlights

The Hydrogen Generation Market size accounted for USD 153.22 Billion in 2023 and is estimated to account for 156.88 Billion in 2024. The Market is expected to reach USD 286.41 Billion by 2034 growing at a compound annual growth rate (CAGR) of 9.34% from 2024 to 2034. The global industry producing hydrogen gas for use in industrial processes, energy storage, and transportation fuels is included in the hydrogen generation market. There are several ways to make hydrogen, including water electrolysis, coal gasification, and natural gas reforming. Green hydrogen, which is made from renewable energy sources, is becoming more and more popular. The market is driven by the growing need for sustainable and renewable energy solutions, improvements in hydrogen production technology, and pro-carbon policies from the government. Key competitors in the market are investing in infrastructure and ramping up production capabilities to satisfy the increased demand. The market is growing because of the decarbonization movement and the use of hydrogen fuel cells in power generation and transportation.

Segmental Analysis

The global Hydrogen Generation market has been segmented based on Source, Application, Technology

Based on the Source, the market is segmented based on Blue Hydrogen, Green Hydrogen, Grey Hydrogen, Others. Gray Hydrogen dominates, as it is the most cost-effective and widely produced using natural gas, despite its carbon emissions, compared to blue and green hydrogen.

Based on the Application, the market has been divided into Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation, Others. Petroleum Refinery dominates, as hydrogen is widely used in refining processes to remove sulfur and improve fuel quality, making it the largest application segment.

Based on Technology , the market has been divided into Steam Methane Reforming (SMR), Partial Oxidation (POX), Coal Gasification, Electrolysis, Others. Steam Methane Reforming (SMR) dominates, primarily due to its cost-effectiveness and widespread use in industrial hydrogen production, despite being carbon-intensive.

Regional Analysis

The Hydrogen Generation market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia Pacific dominates the Hydrogen Generation market due to several factors. The Asia Pacific hydrogen generation market accounted for USD 44.5 billion in 2021 and is predicted to display a 43.50% CAGR during the study period. The presence of additional refineries in the region—particularly in significant countries like China and India—has led to an increase in the production of hydrogen. The governments of some Asia-Pacific countries, such as Japan and Australia, are also looking into greener, cleaner ways to produce hydrogen The North America region has been witnessing remarkable growth in recent years. From 2022 to2030, the hydrogen generating market in North America is anticipated to expand at a notable CAGR. Every technology and application has aided in the industry’s explosive expansion. The production of methanol and ammonia, which has had great expansion in countries like the U.S. and Canada over the past five years, is the industry with the quickest rate of growth. In addition, the hydrogen generating market in the US had the biggest market share, while the market in Canada was expanding at the quickest rate in the area.