Hydrogen Generation Market Overview, Segment Analysis, Growth Opportunities and Forecast to 2024

The key trend identified in the global hydrogen generation market is the growing investments in the research and development (R&D) of hydrogen production technologies. As per World Energy Outlook 2018 by the International Energy Agency (IEA), investments in water electrolyzers for the production of hydrogen have increased considerably in recent years. The investments in water electrolysis products for clean energy applications stood around $17.0 million in 2017 and are expected to increase to $40.0 million by 2020.

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Hydrogen is a chemical molecule that is non-metallic, colorless, non-toxic, odorless, and highly combustible in nature. It is commonly produced by processing syngas, which is a mixture of carbon monoxide and hydrogen. Additionally, it can be produced through the electrolysis of water, an environment-compatible process. Hydrogen can be stored in various forms, such as gaseous, liquid, and metal hydride. Besides, it demonstrates high energy efficiency and low boiling point and can be easily transported; these qualities make it ideal for use in industrial applications.

On the basis of production and delivery, the hydrogen generation market is bifurcated into captive and merchant modes. In the merchant delivery mode, the merchant supplies hydrogen to small and medium industries. The category held a significant share in the market during historical period owing to the increased consumption of the gas in small and medium industries. Moreover, the market is expected to witness considerable growth in captive generation during forecast period, owing to the increasing on-site production to meet the growing demand for hydrogen.

Growing demand for cleaner fuels and limited availability of high-quality light and sweet crude oil are the key factors driving the growth of the hydrogen generation market. The introduction of fuel-cell vehicles is resulting in the increased usage of renewables sources of fuel owing to the stringent environmental regulations to curb carbon emissions. As per the IEA’s World Energy Outlook 2018, 300 hydrogen fuel stations had been installed across the globe until 2018, with an investment of $200.0 million.

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The growth in the hydrogen generation market is moderately restricted by the high capital requirement for water electrolysis. The cleaner way to produce hydrogen is water electrolysis, but the method is quite expensive and involves heavy electricity cost. In contrast, production processes such as steam methane reforming and coal gasification are less expensive but emit a significant amount of greenhouse gases. These factors restrain the adoption of these techniques to some extent, which, in turn, impacts the market growth.

Some of the major players operating in the global hydrogen generation market are L’AIR LIQUIDE S.A., Air Products and Chemicals Inc., Iwatani Corporation, Hydrogenics Corporation, Linde AG, Praxair Inc., Messer Group GmbH, Showa Denko K.K., Caloric Anlagenbau GmbH, and CLAIND S.r.l.

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