Hydrogen Generation Market Expected to Grow at a CAGR of 6.9% and Amass a Revenue of $212,877.4 Million in the 2021-2028

The global hydrogen generation market is anticipated to rise at a stable CAGR of 6.9%, thereby garnering a revenue of $212,877.4 million in the 2021-2028 timeframe.

The global hydrogen generation market is predicted to grow hugely by 2028, primarily due to the growing demand for hydrogen owing to its high energy content. The Asia-Pacific region is predicted to be the fastest growing one in the forecast period.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/3647

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

𝐃𝐫𝐢𝐯𝐞𝐫𝐬: Huge demand for hydrogen as an energy carrier is predicted to be the main driver behind the growth of the hydrogen generation market by 2028. Moreover, hydrogen has the highest energy content than any other fuel by weight. This makes hydrogen a popular choice as a fuel which has furthered the market growth.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: The growing adoption of Carbon Capture, Utilization, and Storage (CCUS) Technology for generating hydrogen has enormous potential to offer opportunities for the hydrogen generation market by 2028. Furthermore, since hydrogen fuel is a clean fuel, there has been an upsurge in its usage as an alternative fuel for clean transportation and in space industry, etc. This has helped in offering opportunities to this market even more.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬: The high cost associated with transportation and storage of hydrogen is a major restraint in the full-fledged growth of the hydrogen generation market.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The COVID-19 pandemic severely impacted industries across all sectors of the economy, mainly due to the strict lockdown in various countries. Global energy demand reduced by around 25% in countries under complete lockdown. Thus, almost all energy generation markets including hydrogen generation market severely hit due to this unprecedented situation. However, as the pandemic situation improved and vaccination process gained ground, economies around the world kickstarted their industrial cycles, thereby causing a surge in energy demands.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report has fragmented the market into certain segments based on source, type, technology, application, end-use industry, and region.

Based on source, the blue hydrogen sub-segment of the hydrogen generation market is expected to have a dominant market share and garner a substantial revenue of $108,146.9 million by 2028. Blue hydrogen, a low-carbon fuel, is manufactured from natural gas. Using the steam reforming process, blue hydrogen is obtained by mixing natural gas with hot steam. Blue hydrogen is used for powering vehicles, generating different types of power, heating building etc. This varied application of blue hydrogen has helped this sub-segment to have such a dominant market share.


Based on the type, the merchant type sub-segment of the hydrogen generation market is expected to gather a revenue of $138,331.3 million by 2028. In merchant type of hydrogen generation, hydrogen is produced for various end-use industries such as oil and gas. It is also used in manufacturing and production of gasoline, agricultural fertilizers, plastics, etc. Merchant hydrogen, in some cases, has also been used in food and pharmaceutical industry.

Based on technology type, steam methane reforming sub-segment is expected to have the largest market share and is also predicted to be the fastest growing of the hydrogen generation market. It is expected to generate a revenue of $116,915.4 million by 2028. Steam methane reforming is a process wherein natural gas or methane is reacted with steam to produce hydrogen. Since the gas, thus produced, is 70-75% hydrogen on dry mass, this process is extremely efficient and hence this sub-segment is the most profitable one.

Based on application type, oil refining sub-segment of the hydrogen generation market is expected to have the most dominant market share with the fastest growth rate and surpass $87,682.7 million by 2028. Hydrogen gas is frequently used for lowering the sulfur content of diesel fuel. Hence, there is a huge demand for hydrogen from oil refineries, transportation industry and power generation sector. The high growth rate of this sub-segment is reflected in this high demand.

Based on end-use industry, the transportation sub-segment is predicted to be the fastest growing as well as the most dominant one of the hydrogen generation market. It is expected to garner a huge revenue of $132,592.9 million by 2028. The main reason behind this sub-segment's growth is the fact that hydrogen is a clean fuel. The rising awareness about global warming has triggered a wave around the globe regarding use of climate-friendly fuels to power vehicles and industries. This sustainable nature of hydrogen fuel cells has made the transportation sub-segment the fastest growing sub-segment.

Based on region, the Asia-Pacific hydrogen generation market in the Asia-Pacific region is predicted to be the fastest growing one, surging at a healthy CAGR of 7.5%. Establishment of new hydrogen generation projects and increasing investments in the clean energy industry have been the prime reasons behind the high growth rate of this market. For example, the developing economies of India and China are relying on the sustainable power generation capacity of hydrogen to help them increase their overall industrial output and GDP.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/3647

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Some leading market players of the hydrogen generation market are Cummins Inc., Iwatani Corporation, Air Liquide S.A., Linde PLC, Engie SA, Air Products and Chemicals Inc., Showa Denko, ITM Power PLC, Uniper SE, and Messer Group, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.

Finally, the Research Dive report also summarizes many crucial aspects of the hydrogen generation market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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