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Hydrogen Generation Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033
Hydrogen Generation Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The expansion of oil and gas pipelines is expected to propel the growth of the hydrogen generation market going forward. Oil and gas pipelines refer to a type of system of pipes used for long-distance transportation of liquids or gases, typically to a market area for consumption. The expansion of oil and gas pipelines can drive the hydrogen generation market because these pipelines can be repurposed to transport hydrogen. This repurposing makes it more cost-effective to distribute hydrogen, helping the hydrogen generation market grow as hydrogen gains importance as a clean energy source. For instance, in 2022, four new natural gas pipeline expansion projects were announced to expand Permian natural gas capacity in the USA. The Gulf Coast Express Pipeline Expansion will expand compression on the pipeline, increasing capacity by 0.57 Bcf/d (billion cubic feet per day) to 2.55 Bcf/d. The Permian Highway Pipeline Expansion will also expand compression, increasing capacity by 0.55 Bcf/d to 2.65 Bcf/d. The Whistler Pipeline Capacity Expansion will expand compression by installing three new compressor stations on the pipeline, increasing capacity by 0.5 Bcf/d to 2.5 Bcf/d. The Matterhorn Express Pipeline will be 490 miles long and will be able to transport up to 2.5 Bcf/d of natural gas from the Waha Hub in West Texas to Katy, Texas. Therefore, the expansion of oil and gas pipelines is driving the growth of the hydrogen generation market.
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.
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Major Key Players of the Market:
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
Hydrogen Generation Market 2024 Key Insights:
• 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%.
• Increasing Demand For Hydrogen In The Industrial Sector Propelling The Growth Of The Hydrogen Generation Market
• Development Of Catalyst-Coated Membrane Technology For Green Hydrogen Production
• Asia Pacific was the largest region in the hydrogen generation market in 2023
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