Hydrogen Generation Market Global Business Insights and Development Analysis by 2031

Hydrogen produced is mostly used by petroleum refineries and fertilizer producing companies. A total of 99% of hydrogen comes from fossil fuel reforming, as it is the most conventional and cost-effective method. However, it is not beneficial for the environment due to CO2 emission. Green hydrogen is produced from electrolysis. Electrolysis is the method used to produce green hydrogen as it uses electricity to split water into hydrogen and oxygen and gives out zero carbon emissions.

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Hydrogen produced is mostly used by petroleum refineries and fertilizer producing companies. A total of 99% of hydrogen comes from fossil fuel reforming, as it is the most conventional and cost-effective method. However, it is not beneficial for the environment due to CO2 emission. Green hydrogen is produced from electrolysis. Electrolysis is the method used to produce green hydrogen as it uses electricity to split water into hydrogen and oxygen and gives out zero carbon emissions.

The hydrogen generation market forecast is segmented on the basis of source, process, delivery mode, application, and region.
Based on source, the gray hydrogen segment accounted for the largest market share in 2021, contributing to nearly two-thirds of the global hydrogen generation market, and is estimated to maintain its leadership position throughout the forecast period. This is due to rapid globalization, industrialization, and increase in utilization of hydrogen in fuel cell operated vehicles along with surge in demand for gray hydrogen in the chemical industry for producing of various chemicals such as ammonia and methane. However, the green hydrogen segment is expected to manifest the largest CAGR of 7.6% from 2022 to 2031. This is due to its ability to reduce carbon emissions and contribution toward meeting rising demand for energy across the globe.

Based on process, the steam methane reforming segment contributed to the highest market share in 2021, accounting for more than three-fifths of the global hydrogen generation market, and will continue its leadership in terms of revenue throughout the forecast period. This is attributed to abundance of fossil fuel resources in the Middle-east and African countries. The report also analyzes the segments including coal gasification, electrolysis, and others.

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Based on delivery mode, the captive segment held the highest market share in 2021, accounting for nearly four-fifths of the global hydrogen generation market, and will continue its leadership in terms of revenue throughout the forecast period. This is attributed to rise in demand for hydrogen in the production of variety of the chemicals and petroleum industry for refining crude oil. However, the merchant segment is estimated to witness at the largest CAGR of 7.3% from 2022 to 2031.

Based on application, the chemical processing segment accounted for the largest market share in 2021, holding more than half of the global hydrogen generation market, and is estimated to continue its highest contribution throughout the forecast period. This is due to extensive usage of hydrogen for producing various chemical products and rise in demand for various ammonia fertilizers globally. The report also discusses the segments including transportation, petroleum recovery, power generation, and others.

The major companies profiled in this report include Linde Plc, Air Liquide, Cummins Inc., Uniper SE, Nel ASA, Siemens, Engine, ITM Power, Iberdrola, McPhy Energy S.A, Messer, Orsted A/S, Thyssenkrupp, Iwatani Corporation, Xebec Adsorption Inc., Ally Hi-Tech Co. Ltd, and Electrochaea GmbH.

Rapid development of industrialization, modernization and increase in awareness among the individuals regarding the environmental impact of fossil fuels fuel the demand for hydrogen. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection technologies have led to attain key developments in the global hydrogen generation market trends.

Key findings of the study
• As per hydrogen generation market analysis, by source, the grey hydrogen segment accounted for the largest share in 2021.
• By process, the steam methane reforming segment was the leading segment in 2021.
• By delivery mode, the captive segment held the largest market share in 2021.
• By application, the chemical processing segment held the largest market share in 2021.
• By region, Asia-Pacific is projected to exhibit CAGR of 7.3% from 2022 to 2031.

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