Global Hydrogen Generation Market Overview

The growing demand for cleaner fuels is one of the major factors driving the hydrogen generations market. Global hydrogen generation demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. Hydrogen has long been recognized as a possible low-carbon transportation fuel, but incorporating it into the mix of transportation fuels has been a challenge. It has an advantage over fossil fuels and is becoming expensive day by day. There has been enormous demand for hydrogen for use in fuel-cell electric vehicles and rockets in the aerospace industry. In the transportation sector, fuel cell costs and refueling stations determine how competitive hydrogen fuel cell automobiles are, but lowering the supplied price of hydrogen is a top concern for truck manufacturers. There are a few low-carbon fuel options for ships and aircraft, providing an opportunity for developers of hydrogen-based fuels. Hydrogen fuel cells are widely used in lightweight vehicles, such as bicycles, cars, buses, trains, material handling equipment, boats, ships, commercial aircraft, auxiliary power units (APUs) of aircraft, marine vessels, and specialty vehicles. However, the risks associated with high initial investment for setting up hydrogen production plants and technological challenges in implementing hydrogen to natural gas networks have hindered the growth of the market in recent years and are expected to restrain the market’s growth during the forecast period.

Hydrogen Generation Market Size

The global hydrogen generation market is projected to reach USD 257.9 billion by 2028 from an estimated USD 158.8 billion in 2023, at a CAGR of 10.2% during the forecast period.

Key Market Players

Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Saudi Arabian Oil Co. (Saudi Arabia), and Shell plc (UK) are the market leaders in the hydrogen generation market.

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This research report categorizes the hydrogen generation market based on source, technology, generation and delivery mode, application and region.

On the basis of source:

• Blue hydrogen
• Gray Hydrogen
• Green Hydrogen

On the basis of technology:

• Steam Methane Reforming (SMR)
• Partial Oxidation  (POX)
• Auto Thermal Reforming (ATR)
• Coal Gasification
• Electrolysis

On the basis of application:

• Petroleum Refinery
• Transportation
• Ammonia Production
• Methanol Production
• Power Generation
• Others

On the basis of generation and delivery mode:

• Captive
• Merchant

On the basis of region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East
• Africa

Asia Pacific is expected to be the fastest-growing region in the hydrogen generation market.

Asia Pacific is expected to be the fastest growing region in the hydrogen generation market during the forecast period. The Asia Pacific region comprises major economies such as China, Japan, India, Australia, and South Korea. The hydrogen generation market in Asia Pacific is primarily fueled by the increasing number of petroleum refineries and usage of hydrogen in these refineries. Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. Japan and South Korea have been heavily investing in fuel cell adoption since 2009 because of the commercial deployment of Japanese fuel cell micro-CHP products. Japan is the first nation to commercialize fuel cells and is supporting projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet the global carbon emission standards.

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Objectives of the Study

• To define, describe, and forecast the hydrogen generation market based on source, technology, generation and delivery mode, and end user in terms of value
• To define, describe, and forecast the market across five key regions, namely, North America, Europe, Asia Pacific, South America, Middle East, and Africa, along with the country-level market analyses in terms of value
• To provide detailed information about industry-specific key drivers, restraints, opportunities, and challenges influencing the growth of the market
• To strategically analyze the hydrogen generation market with respect to individual growth trends, prospects, and contributions of each segment to the market
• To provide information pertaining to the supply chain, trends/disruptions impacting customers’ businesses, market mapping, pricing of hydrogen, and regulatory landscape pertaining to the market
• To strategically analyze the micromarkets1 with respect to individual growth trends, upcoming expansions, and their contributions to the overall market
• To analyze opportunities for stakeholders in the market and draw a competitive landscape for market players
• To benchmark players within the market using the company evaluation matrix, which analyzes market players on various parameters within the broad categories of business and product strategies
• To compare key market players with respect to the market share, product specifications, and applications
• To strategically profile key players and comprehensively analyze their market ranking and core competencies2
• To track and analyze competitive developments in the hydrogen generation market, such as expansions, product launches, partnerships, and acquisitions.