Hydrogen Generation Market Size & Share Will Reach to USD 184.23 Billion By 2028, at 5.5% CAGR Rise

According to the research report, the global hydrogen generation market was valued at USD 120.60 billion in 2020 and is expected to reach USD 184.23 Billion By 2028, growing at a CAGR of 5.5% during the forecast period.

The increasing use of the product in the areas of chemical processing along with fuel cells and oil and refinery will be the major forces behind the rapid growth of the global industry during the forecast period. The emergence of green products will provide an opportunity for the further growth of this industry over the coming years.

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The product is used in the development of fuel cells. Fuel cells are being promoted worldwide as they have applications in electric cars and power production on a small scale for commercial buildings. Desulfurization will be another significant factor that will drive the growth of this industry over the coming years.

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Steam methane reforming is a widely used technology for production. In contrast, technologies such as water electrolysis are emerging technologies due to their ability to produce green products without the emission of greenhouse gases in traditional technologies such as steam methane reforming and coal gasification. The product has applications in ammonia production, methanol production, power production, transportation, oil refineries, and others.

The emergence of the COVID-19 pandemic is expected to slightly slow down the growth of the global market during the forecast period. There is a significant slowdown in the oil and refinery industries, which are substantial manufacturers of the product. The economic slowdown has negatively impacted power production as most commercial buildings have been shut down, limiting the growth of hydrogen-based fuel cells.

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Polaris Market Research has segmented the hydrogen generation market report on the basis of technology, systems type, application, and region:

Hydrogen Generation, Technology Outlook (Volume - Million metric tons; Revenue - USD Million, 2016 - 2028)

Steam Methane Reforming
Coal Gasification
Others

Hydrogen Generation, Systems Type Outlook (Volume - Million metric tons; Revenue - USD Million, 2016 - 2028)

Merchant
Captive

Hydrogen Generation, Application Outlook (Volume - Million metric tons; Revenue - USD Million, 2016 - 2028)

Methanol Production
Ammonia Production
Petroleum Refinery
Transportation
Power Generation
Others

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