Hydrogen Generation Market Forecast to Surpass $263.5 billion by 2027 with a CAGR of 10.5%

According to a new market research report, 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.

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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.

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. One of the objectives that various nations have set for 2050 is the decarbonization of the earth. The generation of an element like hydrogen, which produces green hydrogen, is one of the key factors in achieving this goal because it now accounts for more than 2% of worldwide CO2 emissions. For instance, the European Union (EU) released a unique hydrogen policy in 2020 that combines initiatives to support green hydrogen generation capacities' rapid growth. By 2023, Florida Power & Light plans to have a 20 MW green hydrogen plant up and running. The 1.75 gigawatts Okeechobee gas-fired plant owned by FP&L will utilize this hydrogen in a 20% blend.

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Challenges: High costs associated with production of green hydrogen

Green hydrogen is obtained from renewable resources or low-carbon power. Green hydrogen can assist energy-intensive, difficult-to-decarbonize industries and sectors such as steel, chemical, transportation, shipping, and aviation in achieving net-zero carbon dioxide (CO2) emissions. However, production prices must be reduced to make it affordable for all nations. Blue hydrogen, created from fossil fuels and carbon capture and storage, now costs twice as much as green hydrogen (CCUS).

Hydrogen Generation Market Report Segmentation

This research report categorizes the hydrogen generation market by state, technologies, application, end-user, region.
On the basis of by source:

Blue Hydrogen
Gray Hydrogen
Green Hydrogen

On the basis of by technologies:

Steam methane reformin (SMR)
Partial Oxidation (POX)
Coal gasification
Electrolysis

On the basis of by application:

Petroleum refinery
Ammonia production
Methanol production
Transportation
Power generation

On the basis of by generatio and delivery mode:

Captive
Merchant

On the basis of region:

Europe
Asia pacific
North America
South America
Middle east
Africa

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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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