The global hydrogen generation market has grown strongly in recent years. It will grow from $141.88 billion in 2023 to $154.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. During the historical period, growth can be attributed to several factors including industrial hydrogen demand, compliance with environmental regulations, the adoption of hydrogen as a clean fuel, advancements in natural gas reforming, government incentives and subsidies, the ongoing global energy transition, and the development of fuel cells.
The global hydrogen generation market is expected to see strong growth in the next few years. It will grow to $210.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. In the forecast period, growth can be linked to various factors such as investments in hydrogen infrastructure, the expansion of hydrogen production capacities, decreasing costs associated with electrolysis, initiatives focused on deriving hydrogen from biomass, the initiation of green hydrogen production projects, increased adoption of hydrogen-powered vehicles, and the utilization of hydrogen for decarbonization efforts. Noteworthy trends anticipated in this period encompass technological advancements, substantial policy backing and investments, integration with renewable energy systems, heightened attention toward blue hydrogen, the recognition of hydrogen as an energy carrier, and the integration of hydrogen within heavy industries.
Anticipated growth in the hydrogen generation market is driven by increasing demand within the industrial sector. This sector relies significantly on hydrogen, serving as a key component in numerous chemical products and facilitating hydrocracking for petroleum product creation, such as gasoline and diesel. Notably, the International Energy Agency reported a 5% rise in global hydrogen demand to 94 Mt in September 2022, largely attributed to heightened activities in the chemical and refining industries. Additionally, 2021 saw a 60% surge in demand for hydrogen across various applications, including industry, transportation, and new uses, reaching approximately 40 kt H2.
The projected growth of the hydrogen generation market is propelled by the expansion of oil and gas pipelines. These pipelines, used for the long-distance transport of liquids or gases, have potential for repurposing to accommodate hydrogen, thus enhancing its cost-effective distribution. For example, in 2022, four significant natural gas pipeline expansion projects were announced in the USA, expanding the capacity of the Permian natural gas infrastructure. Such expansions, like the Gulf Coast Express and Whistler Pipelines, contribute to increased capacity, reaching up to 2.65 Bcf/d and enabling more efficient hydrogen transportation, furthering the importance of hydrogen as a clean energy source.
A notable trend in the hydrogen generation market involves the advancement of green hydrogen production technologies. Key market players are actively developing technologies to strengthen their market standing. For instance, in March 2022, Honeywell International introduced innovative catalyst-coated membrane (CCM) technology for green hydrogen production, focusing on Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs. These advancements showcased improved electrolyzer efficiency, increased electric current density, and cost reduction of the electrolyzer stack by an estimated 25%.
Major companies in the hydrogen generation market are concentrating on product innovation through the establishment of green hydrogen electrolyzer gigafactories. These facilities are dedicated to manufacturing electrolyzers utilized in green hydrogen production. For instance, in August 2021, Ohmium International inaugurated India's pioneering green hydrogen electrolyzer gigafactory in Bengaluru. The facility aims to produce proton exchange membrane (PEM) hydrogen electrolyzers, starting with an annual manufacturing capacity of 500 MW, scaling up to 2 GW. These electrolyzers are crucial in generating eco-friendly green hydrogen.
In June 2022, TotalEnergies, a France-based energy company, acquired Adani Enterprises' arm for the green hydrogen business for an undisclosed amount. Through this acquisition, the strategic alliance between the Adani Portfolio and TotalEnergies now covers LNG terminals, the gas utility business, the renewables business, and green hydrogen production. Adani Enterprises is an Indian-based conglomerate with diversified business interests in various sectors.
Major companies operating in the hydrogen generation market report are Air Liquide SA, Air Products Inc., Iwatani Corporation, McPhy Energy SA, Messer Group GmbH, Altergy Systems, Ballard Power Systems Inc., BayoTech Inc., Doosan Fuel Cell Co. Ltd., EKME S.A., Enapter AG, Engineering, Procurement and Construction, Frame Power India Pvt. Ltd., Giner ELX Inc., Green Hydrogen Systems AS, Greenlane Renewables Inc., GRZ Technologies Ltd., Horváth & Partners Ltd., Cummins Inc., ITM Power PLC, Linamar Corporation, Linde PLC, Nel ASA, Plug Power Europe GmbH, Plug Power Inc., Proton OnSite LLC, Siemens Energy AG, Taiyo Nippon Sanso Corporation, Teijin Engineering Ltd., Teledyne Energy Systems Inc., Toshiba Energy Systems & Solutions Corp., VRV SpA
Asia Pacific was the largest region in the hydrogen generation market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Hydrogen generation comprises on-site and portable methods utilizing sources like blue hydrogen, grey hydrogen, and green hydrogen. These are produced and distributed by dedicated merchants employing technologies such as steam methane reforming, coal gasification, electrolysis, and partial oxidation. These variations find application across industries like methanol and ammonia production, petroleum refining, transportation, power generation, and other sectors.
This report provides hydrogen generation market statistics, including hydrogen generation industry global market size, regional shares, competitors with a hydrogen generation market share, detailed hydrogen generation market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen generation industry. This hydrogen generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydrogen generation market consists of sales of brown hydrogen, yellow hydrogen, turquoise hydrogen, and pink hydrogen. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The global hydrogen generation market is expected to see strong growth in the next few years. It will grow to $210.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. In the forecast period, growth can be linked to various factors such as investments in hydrogen infrastructure, the expansion of hydrogen production capacities, decreasing costs associated with electrolysis, initiatives focused on deriving hydrogen from biomass, the initiation of green hydrogen production projects, increased adoption of hydrogen-powered vehicles, and the utilization of hydrogen for decarbonization efforts. Noteworthy trends anticipated in this period encompass technological advancements, substantial policy backing and investments, integration with renewable energy systems, heightened attention toward blue hydrogen, the recognition of hydrogen as an energy carrier, and the integration of hydrogen within heavy industries.
Anticipated growth in the hydrogen generation market is driven by increasing demand within the industrial sector. This sector relies significantly on hydrogen, serving as a key component in numerous chemical products and facilitating hydrocracking for petroleum product creation, such as gasoline and diesel. Notably, the International Energy Agency reported a 5% rise in global hydrogen demand to 94 Mt in September 2022, largely attributed to heightened activities in the chemical and refining industries. Additionally, 2021 saw a 60% surge in demand for hydrogen across various applications, including industry, transportation, and new uses, reaching approximately 40 kt H2.
The projected growth of the hydrogen generation market is propelled by the expansion of oil and gas pipelines. These pipelines, used for the long-distance transport of liquids or gases, have potential for repurposing to accommodate hydrogen, thus enhancing its cost-effective distribution. For example, in 2022, four significant natural gas pipeline expansion projects were announced in the USA, expanding the capacity of the Permian natural gas infrastructure. Such expansions, like the Gulf Coast Express and Whistler Pipelines, contribute to increased capacity, reaching up to 2.65 Bcf/d and enabling more efficient hydrogen transportation, furthering the importance of hydrogen as a clean energy source.
A notable trend in the hydrogen generation market involves the advancement of green hydrogen production technologies. Key market players are actively developing technologies to strengthen their market standing. For instance, in March 2022, Honeywell International introduced innovative catalyst-coated membrane (CCM) technology for green hydrogen production, focusing on Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs. These advancements showcased improved electrolyzer efficiency, increased electric current density, and cost reduction of the electrolyzer stack by an estimated 25%.
Major companies in the hydrogen generation market are concentrating on product innovation through the establishment of green hydrogen electrolyzer gigafactories. These facilities are dedicated to manufacturing electrolyzers utilized in green hydrogen production. For instance, in August 2021, Ohmium International inaugurated India's pioneering green hydrogen electrolyzer gigafactory in Bengaluru. The facility aims to produce proton exchange membrane (PEM) hydrogen electrolyzers, starting with an annual manufacturing capacity of 500 MW, scaling up to 2 GW. These electrolyzers are crucial in generating eco-friendly green hydrogen.
In June 2022, TotalEnergies, a France-based energy company, acquired Adani Enterprises' arm for the green hydrogen business for an undisclosed amount. Through this acquisition, the strategic alliance between the Adani Portfolio and TotalEnergies now covers LNG terminals, the gas utility business, the renewables business, and green hydrogen production. Adani Enterprises is an Indian-based conglomerate with diversified business interests in various sectors.
Major companies operating in the hydrogen generation market report are Air Liquide SA, Air Products Inc., Iwatani Corporation, McPhy Energy SA, Messer Group GmbH, Altergy Systems, Ballard Power Systems Inc., BayoTech Inc., Doosan Fuel Cell Co. Ltd., EKME S.A., Enapter AG, Engineering, Procurement and Construction, Frame Power India Pvt. Ltd., Giner ELX Inc., Green Hydrogen Systems AS, Greenlane Renewables Inc., GRZ Technologies Ltd., Horváth & Partners Ltd., Cummins Inc., ITM Power PLC, Linamar Corporation, Linde PLC, Nel ASA, Plug Power Europe GmbH, Plug Power Inc., Proton OnSite LLC, Siemens Energy AG, Taiyo Nippon Sanso Corporation, Teijin Engineering Ltd., Teledyne Energy Systems Inc., Toshiba Energy Systems & Solutions Corp., VRV SpA
Asia Pacific was the largest region in the hydrogen generation market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Hydrogen generation comprises on-site and portable methods utilizing sources like blue hydrogen, grey hydrogen, and green hydrogen. These are produced and distributed by dedicated merchants employing technologies such as steam methane reforming, coal gasification, electrolysis, and partial oxidation. These variations find application across industries like methanol and ammonia production, petroleum refining, transportation, power generation, and other sectors.
This report provides hydrogen generation market statistics, including hydrogen generation industry global market size, regional shares, competitors with a hydrogen generation market share, detailed hydrogen generation market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen generation industry. This hydrogen generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydrogen generation market consists of sales of brown hydrogen, yellow hydrogen, turquoise hydrogen, and pink hydrogen. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Hydrogen Generation Market Characteristics3. Hydrogen Generation Market Trends and Strategies31. Global Hydrogen Generation Market Competitive Benchmarking32. Global Hydrogen Generation Market Competitive Dashboard33. Key Mergers and Acquisitions in the Hydrogen Generation Market
4. Hydrogen Generation Market - Macro Economic Scenario
5. Global Hydrogen Generation Market Size and Growth
6. Hydrogen Generation Market Segmentation
7. Hydrogen Generation Market Regional and Country Analysis
8. Asia-Pacific Hydrogen Generation Market
9. China Hydrogen Generation Market
10. India Hydrogen Generation Market
11. Japan Hydrogen Generation Market
12. Australia Hydrogen Generation Market
13. Indonesia Hydrogen Generation Market
14. South Korea Hydrogen Generation Market
15. Western Europe Hydrogen Generation Market
16. UK Hydrogen Generation Market
17. Germany Hydrogen Generation Market
18. France Hydrogen Generation Market
19. Italy Hydrogen Generation Market
20. Spain Hydrogen Generation Market
21. Eastern Europe Hydrogen Generation Market
22. Russia Hydrogen Generation Market
23. North America Hydrogen Generation Market
24. USA Hydrogen Generation Market
25. Canada Hydrogen Generation Market
26. South America Hydrogen Generation Market
27. Brazil Hydrogen Generation Market
28. Middle East Hydrogen Generation Market
29. Africa Hydrogen Generation Market
30. Hydrogen Generation Market Competitive Landscape and Company Profiles
34. Hydrogen Generation Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
This report provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on hydrogen generation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for hydrogen generation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Report Scope
Markets Covered:
1) By Type: On-Site; Portable2) By Source: Blue Hydrogen; Gray Hydrogen; Green Hydrogen
3) By Generation and Delivery Mode: Captive; Merchant
4) By Technologies: Steam Methane Reforming; Coal Gasification; Electrolysis; Partial Oxidation
5) By Application: Methanol Production; Ammonia Production; Petroleum Refining; Transportation; Power Generation; Other Applications
Key Companies Mentioned: Air Liquide SA; Air Products Inc.; Iwatani Corporation; McPhy Energy SA; Messer Group GmbH
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Air Liquide SA
- Air Products Inc.
- Iwatani Corporation
- McPhy Energy SA
- Messer Group GmbH
- Altergy Systems
- Ballard Power Systems Inc.
- BayoTech Inc.
- Doosan Fuel Cell Co. Ltd.
- EKME S.A.
- Enapter AG
- Engineering, Procurement and Construction
- Frame Power India Pvt. Ltd.
- Giner ELX Inc.
- Green Hydrogen Systems AS
- Greenlane Renewables Inc.
- GRZ Technologies Ltd.
- Horváth & Partners Ltd.
- Cummins Inc.
- ITM Power PLC
- Linamar Corporation
- Linde PLC
- Nel ASA
- Plug Power Europe GmbH
- Plug Power Inc.
- Proton OnSite LLC
- Siemens Energy AG
- Taiyo Nippon Sanso Corporation
- Teijin Engineering Ltd.
- Teledyne Energy Systems Inc.
- Toshiba Energy Systems & Solutions Corp.
- VRV SpA
Methodology
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