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Increasing Demand For Hydrogen In The Industrial Sector Propelling The Growth Of The Hydrogen Generation Market: Critical Driver Shaping the Hydrogen Generation Market in 2025
Hydrogen Generation
Hydrogen Generation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for hydrogen production has experienced robust growth in the past few years. This growth trend is expected to continue from $153.42 billion in 2024, escalating to $166.5 billion in 2025, following a compound annual growth rate (CAGR) of 8.5%. The growth during the historical phase is due to factors such as the increasing demand for hydrogen in industries, environmental regulations, the use of hydrogen as a clean fuel, reforms in the natural gas sector, governmental incentives and subsidies, global shifts in energy sourcing, and fuel cell advancements.
Hydrogen Generation Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for a robust expansion in the hydrogen generation market in the impending years. This market is projected to augment to a value of $229.72 billion by 2029, with an 8.4% Compound Annual Growth Rate (CAGR). Factors driving this growth in the forecast period are diverse, ranging from investments in hydrogen infrastructure, escalating hydrogen production, reduction in electrolysis costs, sourcing hydrogen from biomass, projects focused on green hydrogen production, to vehicles powered by hydrogen and hydrogen's role in decarbonization. The outlook period is likely to witness distinct trends such as technological advancements, supportive policies and increased investments, integration with renewable energy systems, rising fascination for blue hydrogen, viewing hydrogen as an energy conveyor and the application of hydrogen in heavy industries.
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What Are the Drivers Transforming the Hydrogen Generation Market?
The hydrogen generation market's growth is anticipated to be driven by the escalating demand for hydrogen in the industrial sector. This sector, which comprises firms that support other businesses in producing, shipping, or manufacturing their merchandise, employs a significant amount of hydrogen. Hydrogen is a key component in various chemical products and is utilized in hydrocracking to produce petroleum items like gasoline and diesel. As an illustration, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported in May 2024 that global hydrogen consumption reached 95 million tons in 2022 - a nearly 3% increase from the year before. However, industrial activity in Europe was impacted by rising natural gas prices leading to a dip in their hydrogen usage. Therefore, the burgeoning demand for hydrogen within the industrial sector is propelling the hydrogen generation market's expansion.
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What Long-Term Trends Will Define the Future of the Hydrogen Generation Market?
Innovations in green hydrogen production technologies are emerging as a significant trend in the hydrogen generation industry. To maintain competitiveness, leading companies in the market are focusing on the advancement of these technologies. For instance, Honeywell International, an American technology firm, created a novel catalyst-coated membrane (CCM) technology for the production of green hydrogen in March 2022. The primary areas of concentration for this new tech from Honeywell are Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs. Honeywell's latest CCMs exhibit unique characteristics such as enhanced electrolyzer efficiency, increased electric current density, and an innovative membrane with robust ionic conductivity and high activity. There's an anticipation that these developments could lead to a 25% decrease in the price of the electrolyzer stack.
Which Segments in the Hydrogen Generation Market Offer the Most Profit Potential?
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
Subsegments:
1) By On-Site: Electrolysis Systems, Steam Methane Reforming (SMR), Gasification, Biomass Gasification
2) By Portable: Portable Electrolyzers, Hydrogen Generation Units, Chemical Hydrogen Generators
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Which Firms Dominate the Hydrogen Generation Market by Market Share and Revenue in 2025?
Major companies operating in the hydrogen generation market 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, Frame Power India Pvt. Ltd., Giner ELX Inc., Green Hydrogen Systems AS, Greenlane Renewables Inc., GRZ Technologies Ltd., Cummins Inc., ITM Power PLC, Linde PLC, Nel ASA, Plug Power Europe GmbH, Proton OnSite LLC, Siemens Energy AG, Taiyo Nippon Sanso Corporation, Teijin Engineering Ltd., Teledyne Energy Systems Inc., Toshiba Energy Systems & Solutions Corp., VRV SpA
Which Regions Offer the Highest Growth Potential in the Hydrogen Generation Market?
Asia Pacific was the largest region in the hydrogen generation market in 2024. 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.
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