Hydrogen Generation Industry Revenue to Hit $263.5 Billion by 2027

The global hydrogen generation market is projected to reach USD 263.5 Billion by 2027, at a CAGR of 10.5% between 2022 to 2027. The factors driving the growth for hydrogen generation market is Increasing hydrogen demand in the petroleum refineries and rising demand for hydrogen in transportation and power generation applications.

Key Market Players:

The global hydrogen generation market is dominated by a few globally established players such as Siemens (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

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Green Hydrogen is estimated to be the fastest growing in the source segment.

The hydrogen generation market, by source, is segmented into Blue hydrogen, Gray hydrogen and Green hydrogen. Green hydrogen is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because it is considered as useful fuel and emits low-carbon while generation.

The petroleum refinery segment is expected to be the most significant hydrogen generation market, by application.

The hydrogen generation market, by application, is segmented into Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation. The petroleum refinery segment accounted for the largest share of 10.7% of the hydrogen generation market in 2021. The rising applications of hydrogen in oil refineries to foster demand for hydrogen is expected to drive the petroleum refineries segment during the forecast period.

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Asia Pacific is expected to be fastest growing region the global hydrogen generation market

The Asia Pacific is estimated to be the fastest market for the hydrogen generation market, followed by North America. The North America is projected to be the second fastest-growing market during the forecast period. The oil refining and chemical industries and transportation and electricity sectors are experiencing significant demand for hydrogen in this region.

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