Press release
Hydrogen Generation Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033
Hydrogen Generation Market
Hydrogen Generation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1621.73 billion In 2028 At A CAGR Of 13.4% :
The hydrogen generation market size has grown strongly in recent years. It will grow from $141.88 billion in 2023 to $154.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to industrial hydrogen demand, environmental regulations, hydrogen as a clean fuel, natural gas reforming, government incentives and subsidies, global energy transition, fuel cell development.
The hydrogen generation market size is expected to see strong growth in the next few years. It will grow to $210.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to hydrogen infrastructure investments, scaling up hydrogen production, cost reduction in electrolysis, hydrogen from biomass, green hydrogen production projects, hydrogen-powered vehicles, hydrogen for decarbonization. Major trends in the forecast period include technological innovations, policy support and investments, integration with renewable energy systems, growing interest in blue hydrogen, hydrogen as an energy carrier, hydrogen in heavy industries.
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Hydrogen Generation Market Major Segments
The hydrogen generation market covered in this report is segmented -
1) By Type: On-Site, Portable
2) By Source: Blue Hydrogen, Gray Hydrogen, Green Hydrogen
3) By Generation And Delivery Mode: Captive, Merchant
4) By Technologies: Steam Methane Reforming, Coal Gasification, Electrolysis, Partial Oxidation
5) By Application: Methanol Production, Ammonia Production, Petroleum Refining, Transportation, Power Generation, Other Applications
Key Driver - Increasing Demand For Hydrogen In The Industrial Sector Propelling The Growth Of The Hydrogen Generation Market
The increasing demand for hydrogen in the industrial sector is expected to propel the growth of the hydrogen generation market going forward. The industrial sector refers to a sector of the economy made up of companies that assist other companies in the production, transportation, or manufacture of their goods. The industrial sector uses a large amount of hydrogen as it is a component of many chemical products and is used in hydrocracking, which produces petroleum products including gasoline and diesel. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the global demand for hydrogen increased by 5% to 94 Mt, primarily due to increased activity in the chemical and refining industries. In addition, the historical peak of 91 Mt for hydrogen consumption in 2019 was reached. The demand for hydrogen-based DRI, electricity, buildings, high-temperature heat in industry, transportation, and other new uses increased by 60% in 2021 to reach about 40 kt H2. Therefore, increasing demand for hydrogen in the industrial sector is driving the growth of the hydrogen generation market.
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Prominent Trend - Development Of Catalyst-Coated Membrane Technology For Green Hydrogen Production
The development of green hydrogen production technologies is a key trend gaining popularity in the hydrogen generation market. Major companies operating in the hydrogen generation market are developing technologies to sustain their position in the market. For instance, in March 2022, Honeywell International, a US-based technology company, developed a new catalyst-coated membrane (CCM) technology for green hydrogen production. The Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs are the focus of the new Honeywell technology. The unique features of Honeywell's most recent CCMs demonstrated the ability to increase electrolyzer efficiency and electric current density and a groundbreaking, unique membrane with strong ionic conductivity and high activity. The cost of the electrolyzer stack is expected to decrease by 25% as a result.
Hydrogen Generation Market Players
Major companies operating in the hydrogen generation market report are Air Liquide SA, Air Products Inc., Iwatani Corporation, McPhy Energy SA, Messer Group GmbH, Altergy Systems, Ballard Power Systems Inc., BayoTech Inc., Doosan Fuel Cell Co. Ltd., EKME S.A., Enapter AG, Engineering, Procurement and Construction, Frame Power India Pvt. Ltd., Giner ELX Inc., Green Hydrogen Systems AS, Greenlane Renewables Inc., GRZ Technologies Ltd., Horváth & Partners Ltd., Cummins Inc., ITM Power plc, Linamar Corporation, Linde plc, Nel ASA, Plug Power Europe GmbH, Plug Power Inc., Proton OnSite LLC, Siemens Energy AG, Taiyo Nippon Sanso Corporation, Teijin Engineering Ltd., Teledyne Energy Systems Inc., Toshiba Energy Systems & Solutions Corp., VRV SpA
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Largest And Fastest Growing Region In The Market
Asia Pacific was the largest region in the hydrogen generation market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Generation Market Report Structure
3. Hydrogen Generation Market Trends And Strategies
4. Hydrogen Generation Market - Macro Economic Scenario
5. Hydrogen Generation Market Size And Growth
…..
27. Hydrogen Generation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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