Hydrogen Generation Market Size to Reach USD 308.8 Billion by 2032 growing at 8.5 % CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Hydrogen Generation Market, valued at USD 139.4 Billion in 2022, is projected to surpass USD 308.8 Billion by 2032, indicating a robust CAGR of 8.5%

The hydrogen generation market has grown significantly in recent years. Hydrogen is considered as a clean fuel. Hydrogen produces water when it consumed in the fuel cell. It is produced from the various methods, by using domestic resources. Names of the various domestic resources are nuclear power, natural gas, renewable power similar to wing and solar and biomass. These qualities are important at the time of transportation application or electricity generation. Additionally, it is useful for the portable power. However, less refueling infrastructure of hydrogen vehicle impede the market growth. Considerable charge require for operating hydrogen generation plant and buildings, so it make quite difficult to hydrogen generations to fulfill by fossil fuels. For the installation of the cost of feedstock, testing, maintenance, there is requirement of the cost investment. These factors may become pricey in investing hydrogen generation, significantly hamper the market growth. Furthermore, surging investment in low-emission fuel prompted the Hydrogen Generation market. As a consequence, market participants are looking into new technological advancements to meet both performance and new challenges indicating a growing trend towards sustainable energy solutions in the hydrogen generation market.

Hydrogen Generation Market Value

Hydrogen Generation Market Statistics

  • The global hydrogen generation market, generating USD 308.8 billion in 2022, projects a robust CAGR exceeding 8.5 % from 2023 to 2032
  • Asia Pacific leads with a substantial 36% market share in 2022
  • Asia Pacific anticipates impressive growth with a projected CAGR of 9%
  • Coal gasification segment dominance, holding a significant share in 2022
  • The merchant segment achieves notable share with 61% in 2022
  • The natural gas segment gathered significant revenue of USD 100.4 billion in 2022
  • The ammonia production segment occupied a share of 22% in 2022
  • A discernible trend in the hydrogen generation market is the growing technological advancements in the transportation industry

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Hydrogen Generation Market Dynamics

Increasing Demand for Clean Energy Solutions Fuels the Hydrogen Generation Market Value

The increasing demand for clean energy solutions is driving the growth of the hydrogen generation market. This demand for clean energy solutions is expected to rise in the forecast years. Leading countries such as China, India, and Southeast Asian countries account for 85% of the global demand for electricity. Additionally, there has been a reduction in fossil fuel usage in favor of low-emission power sources. For example, in 2023, low-emission energy sources accounted for 40% of the planet’s electricity generation, with further expansion anticipated by 2026. Therefore, this increase in demand for clean energy solutions is boosting the growth of the hydrogen generation market.

Expansion of Hydrogen Applications in Transportation, Industry, and Energy Storage Sectors Offer Significant Hydrogen Generation Market Opportunity

Hydrogen serves a diverse range of applications in transportation, industry, and energy storage sectors. In transportation, hydrogen is utilized in electric vehicles, where some employ batteries alone while others combine batteries with hydrogen fuel cells. Hydrogen plays a crucial role in powering electric vehicles, stored in tanks as fuel and subsequently converted into electricity through a process that involves energy storage and reaction with oxygen in fuel cells.

Moreover, hydrogen also plays a significant role in heavy-duty transportation. For example, a publication established in the Netherlands focuses on the delivery of hydrogen vehicles, highlighting the expanding presence of hydrogen in various transportation applications. These diverse applications of hydrogen in the transportation industry present promising opportunities for the hydrogen generation market in the forthcoming years.

Hydrogen Generation Market Segmentation

The global market for hydrogen generation has been segmented into technology, system, source, applications and region.

  • Technology segment is split into steam methane reforming, coal gasification and others
  • System segment is bifurcated into captive and merchant
  • Source sub-segmented into natural gas, coal, biomass, and water
  • Application segment includes methanol production, ammonia production, petroleum refining, transportation, power generation, and others
  • The hydrogen generation market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Hydrogen Generation Market Regional Outlook

The Asia-Pacific region stands out as the fastest-growing market in the hydrogen generation sector. With a projected Compound Annual Growth Rate (CAGR) of 9.0%, Asia-Pacific is poised for impressive expansion. Countries such as China, Malaysia, and India are playing significant roles in driving market growth within the region. This growth is fueled by the proliferation of production facilities, high population density, and notable advancements in fuel cell technology.

Moreover, the burgeoning transportation industry in Asia-Pacific is expected to further boost the demand for hydrogen generation. For example, research conducted by MIT indicates that by 2030, 40% of electric vehicles sold in China will contribute to this surge, spurred by the country's robust economic growth. Additionally, the China Ministry of Transport reported that by the end of 2022, over three-quarters (77% or 542,600) of all urban buses in the country were classified as "new energy vehicles." This increasing adoption of fuel cell vehicles powered by hydrogen presents a significant opportunity for growth in the forecast years.

Hydrogen Generation Market Players

Hydrogen generation companies profiled in the report include Air Liquide International S.A., Linde plc, Praxair, Inc., Messer Group GmbH, McPhy, Air Products and Chemicals, Inc., Inox, Hydrogenics, Weldstar, Inc., and LNI Swissgas.

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